Cannabis Use Reaches All-Time High
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.