The past couple of years have seen more than two dozen states pass some form of cannabis regulation, making marijuana more accessible to the public than ever. Customers are loving it — in just a few short years, consumers have purchased billions of dollars’ worth of legal cannabis. Based on the almost insane demand for cannabis, experts project that the industry will see significant growth in the future, achieving a valuation of $198 billion in 2028. Customers are especially attracted to cannabis due to its allegedly potent and versatile medical abilities.
Studies have found that cannabis can have therapeutic effects, including reducing pain, anxiety and depression. While the industry definitely needs more research into marijuana’s potential risks and benefits, there is plenty of proof that cannabis has positive attributes for health. This means that different people will consume cannabis for different reasons, be it to alleviate pain or induce sleep. According to a new survey, a growing number of cannabis consumers in the country prefer cannabis to alcohol.
Titled “Cannabis & Wellness: A New Consumer Paradigm,” the survey from New Frontiers Data looked at cannabis consumer trends and patterns of use. Although the most common reasons for using cannabis was, unsurprisingly, to relieve stress and relax, 23% of the respondents said they use the controversial plant to boost their overall wellness. Almost 80% of those who were surveyed said that using cannabis had a positive impact in their lives. Most importantly, one-half of the respondents said that they had began replacing alcohol consumption with cannabis.
Younger generations have been drinking less and less alcohol, so it’s not surprising that these younger consumers would turn to cannabis. Not only does the substance have zero of the side effects alcohol consumption induces, but it also has some therapeutic benefits. Players such as BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC) in the cannabis industry have been quick to notice this, developing a range of alcoholic and nonalcoholic cannabis-infused drinks to meet market demand for an alternative to alcohol.
The coronavirus pandemic saw a spike in cannabis consumption as people struggled to cope with the stress of being locked inside for long periods of time and potentially contracting a deadly virus. Field Trip Health ran a survey of 2,015 Canadians this year and found that a majority were feeling lethargic and depressed during the pandemic.
An estimated 50% of the respondents said they had upped their cannabis consumption while 44% increased their alcohol consumption. The study also found that more than 70% of those surveyed had increased their screen time and another 70% were overeating to cope with the pandemic.
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