Despite the chaotic events of 2020, the cannabis industry continued to grow. However with a changing environment, customer behavior changed as well. Year over year growth in cannabis sales decreased from the youngest to oldest generations from 2019 to 2020 and the oldest generation, the Silent Generation, had negative year over year growth.
When we looked at year over year growth trends, it’s clear that Gen Z will continue to play an important role in the growth of the cannabis industry. Headset predicts by 2022, Gen Z will become the third largest age group in our dataset, since they will easily surpass Baby Boomers as more age into the market this year. Gen Z will likely pass Gen X by the end of next year to become the second largest age group behind Millennials.
We also saw a growing number of Female consumers emerge in 2020. By the end of 2021, it’s expected Females will make up greater than 1/3 of total cannabis sales. Finally, we observed growth in the Vapor Pen category. The overall market share of Vapor Pens will continue to grow, driven largely by Gen Z’s preference for this product type.
Show Notes: A look at cannabis demographics & consumer behavior in 2020 https://www.headset.io/industry-reports
Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/
Episode 635 of The Talking Hedge: Your Cannabis Business Podcast. Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com
Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats
Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data
Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.
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