13 Million Annual Cannabis Users and a $9.8B USD Cannabis Market in Latin America

June 2, 2020

New Study Estimates the Global Cannabis Market at Over $340 Billion USD

June 2, 2020

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April 17, 2019

Washington, April 17, 2019 (GLOBE NEWSWIRE) — Washington (April 17, 2019) – New Frontier Data, the global authority in data, analytics and business intelligence for the cannabis industry, releases Cannabis Consumer Series: Alcohol vs. Legal Cannabis Consumption in North America. The first installment of this series examines the intersection of consumer preference for alcohol and cannabis, with particular emphasis on how decreased stigma and greater access to legal cannabis products are shaping the way younger generations spend money. The study further explores the increasing involvement of big alcohol brands as they continue to take positions across the cannabis industry in the U.S. and abroad.

“Young adults approaching legal drinking age represent new potential consumers for alcohol brands, but New Frontier Data’s research reveals a noticeable shift in younger generations’ preference of cannabis over alcohol,” noted Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data. “Whether such a shift is indicative of potential sustained behavior over time or a short-term spur in consumption remains to be seen, and is something we are currently looking into, but in the meantime, it could materially impact the alcohol industry.”

Some of the study’s key findings show:

45% of survey participants said they were likely to replace some of their drinking with cannabis in the future
65% of survey participants said, given a choice, they prefer cannabis to alcohol
47% of survey participants said their drinking had not changed in the past two years
31% of survey participants said they now drink less than they used to; 23% said they drink more

“The challenges California is now facing licensing cannabis businesses has slowed the market’s growth, but not the enthusiasm for legal cannabis. With 72% of American adults under 35 now supporting cannabis legalization, the growing acceptance and legalization of cannabis is a durable generational trend that the state’s famed wine and beer industries should be paying very close attention to,” said John Kagia, Chief Knowledge Officer for New Frontier Data.

To download the study, visit: http://info.newfrontierdata.com/cannabisandalcoholbrief

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, researchers and policymakers. New Frontier Data’s reports and data have been cited in over 80 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, CO, and London, UK.

New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data, please visit: http://www.NewFrontierData.com.

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