While there’s increasing competition in cannabis retail, the space itself is blocked from the kinds of competitors who’ve made a business of taking over specialty segments. Retail giants such as Walmart, a company that sells nearly every product imaginable at unbeatable prices, and the online behemoth Amazon does the same and delivers, too, but they’re no competition. Here are some key takeaways from a recent report from BDS Analytics about cannabis retail.
Annual legal spending on cannabis reached $9.8 billion in 2018, and is forecast to grow by 30 percent to $12.8 billion in 2019.
Every U.S. state and territory is projected to legalize cannabis for medical use by 2024, and 23 will be fully adult-use legal.
64 percent of consumers in adult-legal states purchase cannabis from recreational dispensaries; 33 percent from a friend or family member; and 26 percent via a medical dispensary.
71 percent of consumers in adult-use states, and 37 percent in medical states describe cannabis consumption as recreational or social.
Four states make up 80 percent of the total active retail licenses nationally— California, Colorado, Oklahoma and Oregon.
Public Safety Power Shutoffs performed by PG&E, designed to reduce the number of wildfires during extreme weather conditions, come at a cost to businesses in the North Bay. The Sonoma County Economic Development Board conducted a survey of local establishments to get a better idea of how great that cost is.
More than 550 responses revealed the following:
An estimated economic loss of $50 to $70 million, during the first significant power shutoff, which took place Oct. 9 to 11 last year.
More than 63 percent of respondents suffered a power shutoff, and nearly 60 percent of business that lost power went without electricity for more than 48 hours.
The Sonoma County EDB will continue to monitor the effect of public safety power shutoffs and identify available resources to help business prepare and recover from their impact. With help from Moody’s Analytics, the EDB calculated the figure with data including the reported amount of residents without power, gross domestic product for the county and industry assumptions. It does not include lost wages.
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