By High Yield Insights
Editor’s Note: Esteemed Beachwood college football correspondent and consumer and market research analyst Mike Luce is embarking on a new business venture, High Yield Insights. Mike is really smart, y’all. And he writes college football like a dream. Now he’s the King of Pot Intel. Hit him up for all your market research needs.
Chicago – Even in states where recreational use has been legalized, nearly half (44 percent) of cannabis consumers self-identify as using cannabis for medical purposes, including for pain relief (69 percent) and sleep assistance (65 percent), and to manage anxiety (54 percent), according to a new report from consumer behavior experts High Yield Insights.
In a first-of-its kind survey of medical cannabis user behaviors and product preferences, High Yield Insights’ report found medical users are twice as likely to check CBD levels when they purchase cannabis, with 47 percent verifying CBD concentrations versus 25 percent of recreational users.
The Medical Cannabis User report also found that medical users express demand for convenient or discrete cannabis product forms, such as edibles, topicals, oils and tinctures. Notably, medical users are twice as likely as recreational consumers to use topicals (22 percent vs 11 percent) and over three times as likely to use tinctures (17 percent vs 5 percent).
“The industry generally understands that the adult use consumer differs significantly from the medical user. We saw an opportunity to quantify this customer segment’s behaviors and preferences in a way to yield deeper understanding and reveal untapped market opportunities,” said Mike Luce, co-founder of High Yield Insights and a 15-year veteran in consumer and market research.
“Flower will always play a significant role, but medical users are seeking solutions that feel familiar and accessible. With edibles, we’re seeing a demand for low- dose, fast-onset options that meet users’ needs for discretion and convenience. CBD-focused companies also have an opportunity for growth if aligned with medical cannabis users’ interest in what today are niche product forms.”
High Yield Insights’ report is the first to shed light on micro-level medical industry demographics, product and form preferences. The report provides proprietary intelligence based on exclusive feedback from current medical marijuana users in fully legal states.
By limiting results only to current users, the findings best represent the mindset of today’s medical cannabis consumer.
In addition to preferences on products, strains and forms, High Yield Insights uncovered valuable data on consumers’ perspectives on the social impact of legalization and associated changes in usage and behavior.
This report is the second installment of U.S. cannabis consumer analysis from High Yield Insights, following on the heels of its widely received Recreational Cannabis Consumer report.
Later this summer, the firm will issue the first true deep dives into key cannabis categories with reports on Edibles, Smoking & Vaping, and Topicals.
About High Yield Insights
High Yield Insights is a Chicago-based market research firm fostering constructive discussions in the cannabis market that produce well-grounded strategic decisions. From consumer behavior and product design to market viability, High Yield Insights provides customers with actionable intelligence and strategic recommendations. Founded by leading executives with 30+ years of combined experience working with consumer brands, pharmaceuticals, retail, and financial services, the firm is the first of its kind to focus on micro-level consumer behaviors and preferences.
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See also:
* Lessons In Marijuana Legalization For Illinois (Part One of Two).
* Marijuana Business Daily: Report: Rec Marijuana Consumers Use Less Alcohol, Pain Medications, Sleep Aids.
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Comments welcome.
Posted on June 14, 2018