A majority of Americans who use marijuana say they’re spending more on cannabis now than they were last year, and many expect to spend even more over the next year, according to a new poll shared exclusively with Marijuana Moment.
In an effort to gauge the strength of the marijuana economy, the survey from the cannabis telehealth platform NuggMD asked consumers about their own spending habits and expectations, with results that signal continuing growth in the sector.
About 61 percent of the 273 respondents said they’re now spending either “much more” (41 percent) or “more” (17 percent) on cannabis compared to last year. Only 22 percent said they’re spending less, while 16 percent said their spending levels are “about the same.”
Asked how they anticipate their purchasing behavior to change over the next year, 45 percent of the 411 respondents who faced that question said they expect to spend “a bit more” (27 percent) or “much more” (18 percent). By contrast, 25 percent they think they’ll spend less, while 31 percent said they don’t expect the amount they shell out for cannabis to change.
Via NuggMD.
NuggMD said that the data on the increased spending—and anticipated additional spending over the next year—reflects a combination of market dynamics influencing the price of marijuana products as well as an expanding appetite for cannabis among consumers.
“We believe that most cannabis use is rooted in wellness, whether or not the consumer has a recommendation for medical cannabis. So, when looking at this polling data through that lens, of course most consumers are going to pay what it costs—and costs for cannabis at the point of sale have increased during the past year. That may continue,” Andrew Graham, head of communications at NuggMD, told Marijuana Moment. “This and the continuing mainstream acceptance of cannabis use have driven and will drive spending higher, according to our poll.”
“The data says that the demand side of the market is durable and highly resilient, meaning cannabis may not get hit as hard as other consumer industries if there is a recession,” he added.
The medical marijuana recommendation company also released a poll in August finding that nearly 8 in 10 cannabis consumers say they purchase all or most of their marijuana from licensed retailers—seemingly supporting advocates’ arguments that enacting regulated markets can detract from illicit sellers.
A separate NuggMD survey released earlier this year, meanwhile, found that nearly a third of marijuana consumers say they would go back to the illicit market if cannabis was rescheduled and only made legally available as a Food and Drug Administration- (FDA) approved prescription drug.
A more recent poll from the company found that about 1 in 4 marijuana consumers use marijuana for pain management, and most say they prefer fruity-tasting strains.
Meanwhile, last month NuggMD released a separate survey that found a majority of voters who use marijuana said they’d be casting their vote for Vice President Kamala Harris in the presidential election this month that ultimately saw her lose out to former President Donald Trump.
While Trump endorsed of a Florida marijuana legalization ballot initiative ahead of the election, that evidently failed to convince his voters to get on board, according to separate poll showing that a vast majority of opposition to legalizing cannabis in the Sunshine State came from the former president’s supporters.
Separately, new survey data from Gallup found that Americans adults are now more likely to smoke marijuana than tobacco cigarettes.
In terms of public support for marijuana legalization—measured by the question, “Do you think the use of marijuana should be legal, or not?”—Gallup’s latest data also show a 68 percent favorability rate, down just slightly from 70 percent last year.
Kyle Jaeger via (https://www.marijuanamoment.net/most-marijuana-consumers-are-spending-more-money-on-cannabis-now-than-they-were-last-year-poll-finds/)
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