Cresco Archives - Green Market Report

StaffApril 20, 2021
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7min17791

One in four Americans currently consume cannabis, reporting they’ve tried some form of cannabis within the past twelve months. That’s a significant increase since 2018* when just 16% of U.S. adults reported current consumption, representing a 56% increase in just two years. What’s more, 23% of current cannabis consumers say they tried cannabis for the first time over the past year, suggesting the COVID-19 pandemic, combined with expanded state legalization, has rapidly accelerated cannabis acceptance and adoption in America.

These findings are part of a national study conducted by global public opinion and data company YouGov in partnership with Sunnyside, the national retail dispensary brand of Cresco Labs. The study, conducted in March 2021, examined cannabis use, attitudes, and purchase behaviors of nearly 5,000 Americans representative of the U.S. population.

Key findings from the study indicate that cannabis is attracting new consumers from a variety of demographics:

  • 44% of cannabis-using parents with children under 18 tried it for the first time in the past year.

  • 43% of Seniors (65+) who use cannabis tried it for the first time in the past year.

  • Men and women are using cannabis equally as often during the year, month, week, or day.

  • 62% of women believe that the 420 is no longer only for “stoners” / heavy cannabis consumers.

  • 62% of parents who consume cannabis believe celebrating 420 has become more acceptable.

“We were curious to learn how current conditions have impacted consumer attitudes and cannabis consumption behaviors ahead of what we expect to be an unprecedented 420 celebration,” said Cris Rivera, SVP of Retail Marketing & Customer Experience at Cresco Labs. “Whether it’s the stressors of a global pandemic or increased accessibility due to expanded state decriminalization, cannabis has become the leading CPG category for exploration as people flock to dispensaries to discover the range of novel formats and modern products available to them.”

Earlier this month, New Mexico became the 18th state to enact legislation to regulate cannabis for adult use, on the heels of adult-use legalization announcements from New York, New Jersey and Virginia. A total of 37 states and the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands have approved comprehensive, publicly available medical cannabis programs.

As cannabis legalization continues to sweep the U.S, beliefs and behaviors surrounding 420, once considered a “stoner holiday,” are shifting to become much more mainstream and inclusive. In fact, according to the YouGov study, 44% of cannabis consumers believe 420 should be recognized as a national holiday.

How will America celebrate 420 this year?

  • 57% of cannabis consumers view 420 as a national day of rest, relaxation, and wellness.

  • 50% of people 21-54 will try or will consider trying a new product on 420 this year.

  • 60% of young cannabis consumers (21-34) plan to try out a new form of cannabis on 420.

  • 57% of cannabis consuming parents with children under 18 plan to try a new form of cannabis on 420.

  • 46% of men plan to try a new product on 420, while 25% of men plan to shop deals.

  • 20% of women are planning a day of wellness.

  • 53% of cannabis consumers plan to celebrate 420 with others this year, either in person or virtually.

“As one of America’s leading retailers of medical and adult-use cannabis products, we are on a mission to normalize and professionalize the shopping experience so consumers feel comfortable and confident adding cannabis to their everyday wellness,” said Rivera. “We believe that 420 should be a mainstream and inclusive holiday, and this data set shows that people all over America are planning to embrace it in new ways this year.”

According to YouGov, people’s cannabis preferences vary by region:

  • The Northeast is the most likely (64%) to consume cannabis for anxiety/stress relief.

  • People in the South and West Coast consume cannabis for social occasions more than the rest of the country.

  • The South is more likely (32%) to consume cannabis for intimacy than the rest of the country.

  • The Midwest (61%) is consuming edibles and beverages more than the rest of America.

  • 74% of Midwestern users, and 64% of all cannabis consumers, believe if more people embraced cannabis, the world would be a better place.


StaffFebruary 12, 2019
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5min17310

The First Cannabis Focused Tech Company to Move Beyond The Industry

Denver, CO – February 12, 2019 – Cannaregs, Inc. the leading web-based data technology platform providing up-to-date access to comprehensive cannabis-related legal data including rules and regulations from municipal, county, state and federal sources, has just announced the completion of a $2 million capital raise  to expand services and features nationally as well as beyond cannabis under the umbrella of Regs Technology (RegsTech).

RegsTechplans to deploy the capital strategically expanding its CannaRegs platform to enable the Company to scale nationally and expand its data platform beyond cannabis into other highly regulated hyper-local industries like shared transportation, electric and autonomous vehicles and emerging mobile telecom technologies.

“We’ve built a terrific set of advanced data services for our CannaRegs subscribers and are proud to be working with the best companies in the cannabis industry.” explained Founder and CEO Amanda Ostrowitz. “With this infusion of capital we’re confident that we will take RegsTech to the next level.”

Lead investors include Phyto Partnersand Panther Opportunity Fundalong with other high profile tech and cannabis VC investment. “By simplifying local legal search, Cannaregs helps all industry participants understand and comply with the laws saving time money and potential regulatory scrutiny.” said Larry Schnurmacher managing partner of Phyto.  “As the cannabis economy continues to expand to more states, the need for this type of legal resource grows and we think cannaregs will capture that market.” said Larry Schnurmacher, Managing Partner of Phyto Partners.

“We are excited to be investing in RegsTech after following Amanda Ostrowitz over the last two years and seeing her grow her team and company to be the leading provider of local compliance and regulatory tracking software, stated Jordan Tritt, Principal at Panther Opportunity Fund. “Amanda and her team are very well respected among cannabis operators, consultants and government entities, and this capital raise will allow RegsTech to expand its reach within the cannabis industry as well as other highly regulated and localized industries.”

CannaRegs is regarded as the most trusted resource for cannabis regulatory and policy  information. With over 500 users comprised of cannabis companies (e.g. Cresco, Kiva Confections, Caliva, Canndescent), law firms (Akerman, Thompson Coburn, Buchalter), governments (San Francisco, Sacramento, Mendocino County), consultants (3C Consulting, Green Wise Consulting, Muniservices), Real Estate Professionals (Kidder Matthews) and various other ancillary providers (Eaze, Hawthorne Gardening), its reach is far broader than the typical law firm audience of most legal tech platforms.

This capital raise ensures that CannaRegs is now able to offer even more information, new features, and enhanced user experience, while expanding nationally and with an eventual launch of additional Regs Techportals.

The next portal on the horizon for RegsTech is TransitRegs which will cover autonomous vehicles, electric vehicles and charge stations, app-based ride share, scooters, dockles bicycles and robotic deliveries.

About Regs Technology:

Regs Technology is a legal technology platform for highly regulated industries that are hyper-localized in nature. Its first product offering, CannaRegs, is a subscription platform that enables cannabis operators, law firms, investors, real estate professionals, consultants, and Governments to track cannabis regulation and policy, in real-time, providing users with critical information they need to make strategic business decisions, identify new opportunities and maintain compliance in an ever-evolving regulatory landscape. CannaRegs currently provides comprehensive cannabis laws for the states of California, Colorado, Florida, New Jersey, Nevada, Massachusetts, Michigan, Illinois, Ohio, New York, Missouri, and Pennsylvania to be followed by all other states that permit medical and/or recreational marijuana. For more information visit www.cannaregs.com.

 


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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