By Beta Research Corporation
What Don’t We Know About Medical Cannabis?
There is an abundant amount of research on the ever-changing landscape of the cannabis industry. Most studies cover state regulations, post-election outlook and predictions, sales forecasts, pricing changes or top medical marijuana stocks ― and yet, very little research profiles the medical cannabis user on a personal level. To provide a profile of medical and recreational cannabis users, Beta Research Corporation introduces the Cannabis Users Research Evaluation (CUREsm) Study.
Why Should We Care About Medical Cannabis?
The entire North American cannabis industry generated an estimated $7.1 billion in 2016, and is projected to grow to $21.8 billion by 20201. National projections for medical marijuana retail sales are staged for significant growth in the next few years with more states being approved, and many new start-up retail businesses emerging. Retail sales projections for the next few years in states like California, Florida, Colorado, Michigan, Arizona and Oregon promise a windfall by 2020 with at least several states in the multi-billion dollar range. This is rather impressive, considering the cost of medical cannabis has dropped over the past few years, and this trend is likely to continue in the coming years.
What Challenges Does The Medical Cannabis Industry Face?
This will be a welcome windfall to patients. However, it will likely weigh heavily upon retail facilities and dispensaries that are facing a highly competitive market. Over 1.2 million people already use medical cannabis for a wide variety of medical issues. Nine in ten Americans support the legalization of marijuana for medical purposes if prescribed by a doctor. 2
Wholesale and retail sales volumes for medical marijuana will continue to flourish in states where usage is already legalized, and the continuing increase of legalization across the country will fuel exponential growth in this rapidly expanding industry. However, it is important to recognize and understand the challenges the industry still faces due to changing dynamics that include the federal government’s current stance on the industry, the growing number of U.S. states legalizing cannabis use, and consumers’ perceptions and acceptance of cannabis in general.
How Will Cannabis Marketers Benefit from the CUREsm Study?
The CUREsm Study from Beta Research is the first comprehensive study of its kind for the cannabis industry. It provides the critical information to assist marketers in this emerging industry. The study profiles statistically significant current and prospective cannabis user groups in the United States. For manufacturers, distributors and retailers, the CUREsm Study delivers revealing insights of cannabis consumers and their preferences, offering a distinct and rare advantage in this exciting new environment.
What Is The CUREsm Methodology?
An online study fielded in the summer of 2016, provides a comprehensive view of the cannabis consumer in three segments based on state legality:
Legal States: Medical and Recreational Usage (5 states; base: 230)
Medical Only States (24 states; base: 201)
Yet To Be Legalized (23 states; base: 201)
The online sample was provided by Lightspeed GMI – total sample: 632..
What Is Covered in the CUREsm Medical Cannabis Report?
In the next installment of this report (due to be published this week), we will be focusing on these areas of the medical cannabis consumer:
- The health conditions and treatments
- Understanding their motivations of medical cannabis users
- Preferences on use, strains, accessories and spending
- Data to help sellers in their marketing practices
Gail Disimile, Executive Vice President, Beta Research Corporation
Kathleen Schmidt, Vice President, Beta Research Corporation