Millennials Currently Account for 80% of All Cannabis E-Commerce and Delivery Purchases in California
Cannabis Sales in California Expected to Surpass $6 Billion by 2025
WASHINGTON - September 5, 2017 (Investorideas.com Newswire) New Frontier Data (www.newfrontierdata.com), an independent, technology-driven analytics company specializing in the cannabis industry, in partnership with greenRush.com, the world's largest online marketplace for cannabis products, today unveiled "Cannabis On Demand: Evolving Trends in California's Medical Market," a groundbreaking new market data report on California's fast-growing online cannabis e-commerce and delivery segments, for which millennials currently account for an astounding 80% of total sales.
"Significant changes are already underway in California for medical cannabis and adult use laws, which we see will have major implications for the cannabis industry, including ecommerce and delivery services in the state," said Giadha Aguirre de Carcer, New Frontier Data CEO. "As the largest state in the country - and the largest potential market for cannabis products - the implications for the growth of the industry because of California's adult use market cannot be overstated."
Topics covered in the report include market-growth forecasts, top sales markets within California, consumer demographics, transaction trends, product trends and more.
Key findings for the cannabis e-commerce and delivery market:
- Young adults between the ages of 18 and 34 account for 80% of online cannabis purchases, reflecting millennials' higher rates of cannabis use and online interaction.
- Cannabis flower products still dominate online cannabis sales, representing 70% of products sold through the greenRush.com platform.
- Cannabis concentrates represent 22% of online cannabis sales through the greenRush.com platform, with their market share expected to grow year-over-year as consumers increasingly embrace non-flower and liquid vaporization products.
- Smaller product package sizes dominate sales. One-eighth ounce flower packages accounted for 60% of total volume flower sales – indicating consumers prefer the flexibility of purchasing smaller quantities, but more frequently.
"At its core, greenRush is a data-driven, collaborative company that unites consumers, patients, dispensaries, brands, technologists and marketers in one easy-to-use marketplace," said Paul Warshaw, founder and CEO of greenRush.com. "When I founded greenRush.com in 2015, I looked forward to moments like these, when we would possess the tools and information to collaborate with superior analytics partners, like New Frontier Data. Together, we are proud to publish a report that highlights not only the results of greenRush's energetic growth within the world's largest, most dynamic on-demand cannabis economy in the state of California, but also a look into how greenRush leads California's Cannabis on-demand economy through the constant innovation of scalable, cutting-edge digital marketing tools that make it easier to order and deliver cannabis for consumers and dispensaries alike."
Other findings for the California cannabis market-at-large include:
- Legal cannabis sales in California are projected to reach $2.8 billion in 2017 and $6.6 billion by 2025, with a compound annual growth rate of 12% over the next eight years.
- Prices are expected to eventually decline as they have in other adult-use markets, but activating the market in California may actually lead to near-term price stagnation or increases. Price should fall considerably if more licenses become available, or mega-producers enter the market, which could happen in the next five years.
- Specific demographic and product segments are leading demand and will have a major impact on product packaging, brands, new service providers, and backing-investors entering the space.
To view the "Cannabis On Demand: Evolving Trends in California's Medical Market," report presented by New Frontier Data and greenRush.com, please visit https://newfrontierdata.com/product/2017-cannabis-on-demand-report/.
To participate in New Frontier Data's "Cannabis On Demand: Online Ordering Trends in California," webinar on Thursday, September 7 at 4:00 pm ET, which will be moderated by New Frontier Data's Executive Vice President of Industry Analytics John Kagia and feature greenRush.com's Vice President of Analytics and Strategy Jude Widmann, greenRush.com's Vice President of Business Development Rachel Shipp, and New Frontier Data CEO Giadha Aguirre de Carcer, please visit https://register.gotowebinar.com/register/2637984966185979651.
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators and policymakers. New Frontier's data and reports have been cited in over 50 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver. For more information or media inquiries please visit www.newfrontierdata.com or email us at email@example.com.
New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate is to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry.
greenRush.com is the world's largest online marketplace for cannabis products, with hundreds of dispensary partners and tens of thousands of cannabis products available for delivery and express pick-up with a few simple clicks throughout California, Nevada and beyond. With millions of dollars of transactions logged on the platform every year and growing, greenRush.com's proprietary data offers unique insight into online cannabis purchase behavior and trends within the global medical cannabis market. For more information about greenRush.com or any of its partners, please visit www.greenRush.com or email us at firstname.lastname@example.org.
Disclosure: New Frontier Data and Electrum Partners, LL are featured companies on the 420 Cannabis Investor Ideas of 2017 at www.420cannabisinvestorideas.com
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