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WASHINGTON, May 31, 2023 (GLOBE NEWSWIRE) — New Frontier Data, the leader in actionable cannabis data and business intelligence, releases Cannabis Trends in 2023: Products, Consumers, and the Impact of Prohibition on the Industry. The report examines trends across cannabis and how the history of cannabis prohibition continues to impact the industry as a whole.
“Cannabis prohibition continues to have a profound impact on every face of the cannabis industry, even as more states bring legal markets online and consumption normalizes,” said Gary Allen, New Frontier Data CEO. “From product preferences to social equity programs and everything in between, prohibition has shaped the cannabis narrative. As the cannabis industry seeks to set the record straight, it must address the harms of prohibition head on while meeting the needs of modern cannabis consumers.”
Key findings from the report include:
Because of prohibition, cannabis consumers may equate potency with quality and default to flower as their product of choice. However, growing up with regulated access has younger consumers looking for a wider variety of products.Potency and effect continue to dominate product purchase decision-making in regulated markets. Manufactured products that provide more standardized dosing, predictable effects and lower dose options are meeting consumer demand.States are funding technical assistance and education for equity applicants and businesses as they move away from fee waivers and early access to licensing offered in earlier programs. The goal is not only to bring equity businesses into the industry but to support their long-term success.Cannabis lounges are addressing inappropriate consumption, public health and safety concerns, and the needs of the emerging cannabis tourism market. Currently, most consumers use cannabis alone and stay home during and after the experience, but there is high interest in participating in cannabis activities outside the home.Hemp-derived cannabinoids like Delta-8 THC are most known and used in illicit markets due to the lack of access to natural, regulated cannabis products. Those in legal markets are less likely to consume them, highlighting the impact legalization has on providing access to a safe supply of regulated products and demonstrating that prohibition does not prevent people from seeking out and accessing intoxicating products.
Cannabis Trends in 2023: Products, Consumers, and the Impact of Prohibition on the Industry contains many more details and findings on the lasting impacts of cannabis prohibition; download a complimentary copy at: https://info.newfrontierdata.com/cannabis-trends-in-2023
About New Frontier Data
New Frontier Data is the premier data, analytics and technology firm specializing in the global cannabis industry, delivering solutions that enable investors, operators, advertisers, brands, researchers and policy makers to assess, understand, engage and transact with the cannabis industry and its consumers.
Our mission is to inform policy and commercial activity for the global legal cannabis industry. We maintain a neutral position on the merits of cannabis legalization through comprehensive and transparent data analysis and projections that shape industry trends, dynamics, demand and opportunity drivers. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with a presence in Europe, Latin America and Africa. For more information about New Frontier Data, please visit us at https//www.NewFrontierData.com.
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