Cannabis Use Reaches All-Time High

April 15, 2020

As the seriousness of the coronavirus outbreak reached Americans, they responded by stockpiling essentials like toilet paper, hand sanitizers, and flour. They also bought marijuana like it was 4/20. Though cannabis sales aren’t as high as they were following a coronavirus-related spike, the same can’t be said about consumers.

 

According to a Cowen and Co. survey, marijuana use reached an all-time high this March, coinciding with the lockdown orders across the country.

 

 

The company polled 2,500 consumers with 33% saying they had tried marijuana at some point in their lives. Within the past month, 12.8% of participants said they had used cannabis, up from the 2019 average of 12.5%.

 

Data from Headset Analytics showed that weekly average marijuana sales increased by 64% in the week ending March 16. Edibles saw the most dramatic spike in purchases, with a 27% increase in market share. That coincided with a decline in pre-rolled joint sales.

 

Cowen and Co. determined marijuana sales have leveled out to pre-coronavirus averages due to a “more pronounced deterioration in job security for past-month cannabis consumers relative to the general population,” analysts led by Vivien Azer reported.

 

According to the survey, marijuana consumers working full time declined 290 basis points to 42.4% in March. This was a bigger drop than seen in general population totals. In addition, marijuana consumers were less comfortable with their financial situation, in part explaining why cannabis sales have decreased as well.

 

 

 

Please reload