Financial & Banking

How Cannabis Users Spend Their Money: A Breakdown

Written by Colby McCoy

In 2017, U.S. cannabis sales totaled at a staggering $9 billion. Still a budding industry, cannabis has been projected to reach $20 billion in sales by the middle of 2020. Globally, the legal cannabis market grew by 37%.

On average, users spent $645 annually on cannabis (2016). A close to a quarter of consumers averaged between $1000-2500 per year. Coming in at a close second are users who spent between $500-$1000.Lastly,just 2.2% of customers spent more than $5000.

Examining the average amount spent at a single dispensary trip, the median spend was $33. The largest percentage of consumers spent between $10-$25 at dispensaries while only 6.0% spent $10 or less. But, what products in particular are users purchasing most?

In a recent survey which analyzed a quarter of Washington’s cannabis market, it was found that 48.7%of total sales were in flower, andedibles account for 13.1% . Both vapor pens and concentrates added up to roughly 18% of all sales.

Specifically, within the category of flower, hybrids accounted for 25.2% out of the 48.7% of all flower sales. Both indica’s and sativa’s totaled in around 11% each. The consumer preference for hybrids continues with pre-rolls, which make up about 5.5% of sales.

Although flower continues to be king other categories of cannabis products have seen a rise in popularity. Primarily vaporizers, beverages, and live resins. Only time will tell as to how much the numbers may change. Regardless, cannabis is doing just fine.

Samuel-becker. (2017, July 25). Marijuana Money: How Much Do Cannabis Consumers Spend Annually? Retrieved from https://www.cheatsheet.com/money-career/average-cannabis-consumer-spend.html/

U.S. Legal Weed Industry Generated $9B in Revenue in 2017. (2018, January 31). Retrieved January 2, 2019, from https://ktla.com/2018/01/31/u-s-legal-weed-industry-generated-9b-in-revenue-in-2017/

What are the most popular cannabis products? (n.d.). Retrieved from https://www.headset.io/                   blog/what-are-the-most-popular-cannabis-products

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Colby McCoy

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