The majority of Americans who use marijuana reported that they have been spending more money on cannabis since last year, with many expecting to increase spending over the next year, according to a recent poll conducted by the cannabis telehealth platform NuggMD to gauge the strength of the marijuana economy. The survey asked marijuana consumers about their spending habits and expectations, with the results pointing to continuing growth in the sector.
NuggMD reported that 61 percent of the 273 respondents said they are now spending either “much more” (41 percent) or “more” (17 percent) on cannabis in comparison to last year. Only about 22 percent of respondents reported that they are spending less, with an even smaller percentage (16) stating their spending levels are “about the same.”
When asked how they anticipate their purchasing behavior to change over the course of the next year, 45 percent of the 411 respondents who were asked reported expecting to spend “a bit more” or “much more.” On the other side of the spectrum, 25 percent of the respondents believe they will spend less, while 31 percent said they don’t expect the amount of their spending money to change.
Why the Increase in Spending
NuggMD stated that the data of increased and anticipated increases in spending reflects a combination of market dynamics that are influencing the price of marijuana products, as well as the growing demand for cannabis among consumers.
“We believe that most cannabis use is rooted in wellness, whether or not the consumer has a recommendation for medical cannabis. So, when looking at this polling data through that lens, of course, most consumers are going to pay what it costs—and costs for cannabis at the point of sale have increased during the past year. That may continue,” Andrew Graham, head of communications at NuggMD, told Marijuana Moment. “This and the continuing mainstream acceptance of cannabis use have driven and will drive spending higher, according to our poll.”
“The data says that the demand side of the market is durable and highly resilient, meaning cannabis may not get hit as hard as other consumer industries if there is a recession,” he added.
Other Polls Point to Secure Cannabis Future
The medical marijuana recommendation company also released a poll in August that found nearly 8 in 10 cannabis users stated they purchase all or most of their marijuana from licensed retailers, which seemingly supports advocates’ arguments that regulated markets can help deter cannabis users from heading to illicit sellers.
In another survey released by NuggMD earlier this year, a third of marijuana consumers reported that they would go back to the illicit market if cannabis was rescheduled and made marijuana legally available only as a Food and Drug Administration-approved prescription drug.
A more recent poll from NuggMD reported that about 1 in 4 marijuana consumers stated they use marijuana for pain management, as well as preferring fruity-tasting strains that they can indulge in any time of the day rather than at scheduled times. NuggMD’s survey asked more than 6,500 marijuana consumers about their preferences and habits around use intentions, flavor profiles, desired effects, and time of consumption.
“The data suggests that many millions of U.S. adults are using cannabis for health and wellness reasons, even when they do not have a medical cannabis recommendation,” said Deb Tharp, head of legal and policy research at NuggMD.
In a different survey from Gallup, data revealed that many American adults are now more likely to smoke marijuana over tobacco cigarettes. Gallup’s latest data also showed a 68 percent favorability rate when it measured public support for marijuana legalization, which was measured by the question, “Do you think the use of marijuana should be legal or not?” This figure is down just slightly from 70 percent last year.
