LIFT.V) (LFCOF) today presented a first-look at Canadian cannabis consumer trends, kicking off the Lift & Co. Cannabis Business Conference (“LCBC”) and Expo in downtown Toronto.
“Cannabis having been illegal for nearly 100 years here in Canada and much of the world, it doesn’t have a historic data point,” said Matei Olaru. “But this is how the industry will mature: pointed, strategic thinking that pulls in data from a number of sources, and really paints an accurate picture of what will be an incredibly lucrative, incredibly massive, incredibly global industry.”
Key highlights include:
- With the Ontario government expected to announce 50 new retail store licenses in the next few days, it was notable that Ontario is currently lagging behind other provinces for cannabis consumption as a percentage of population. This is likely due to the challenges consumers face finding places to purchase.
- Distinct consumer segments are emerging, not only cutting across age, gender and region but also consumer experience level, and desired outcomes of consumption.
- The main recreational cannabis consumer continues to be millennial-aged males, who consider themselves to be connoisseurs. This segment is responsible for 43 per cent of current legal market spend.
- Another emerging segment is the “canna-curious,” a new consumer more likely to be female and over the age of 45. They are more interested in low THC or CBD-only products and are willing to spend more per shopping trip ($107 on average) and more per item ($24 on average). This consumer is very interested in edibles, extracts and topicals as they are more health conscious and looking for non-smoking consumption alternatives.
press kit for the full presentation. Interviews are available.” data-reactid=”21″>Please see the Lift & Co. Cannabis Expo press kit for the full presentation. Interviews are available.
Lift & Co. and EY Canada titled Consumer Preference Trends in Edibles – All the Data You Can Eat on the Main Stage.” data-reactid=”22″>Additional consumer data will be released at the Lift & Co. Cannabis Expo on June 7, 2019 at 12 p.m., in a co-presentation by Lift & Co. and EY Canada titled Consumer Preference Trends in Edibles – All the Data You Can Eat on the Main Stage.
LIFT.V) (LFCOF) is a publicly traded technology company modernizing the cannabis industry.
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