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New Frontier Data projects illicit market share to drop by over 15% as legal market expands nationwide
Washington, Oct. 21, 2020 (GLOBE NEWSWIRE) — New Frontier Data, the most trusted authority in cannabis data, analytics and business intelligence worldwide, releases its latest study, The U.S. Cannabis Report: 2020-2021 Industry Outlook, presented in partnership with NXTecK, the only big data-powered consumer behavior and engagement AdTech firm specializing in the cannabis sector globally. The study reports New Frontier Data’s latest projections and perspectives on the transformational growth and evolving dynamics of the U.S. cannabis industry. From the ongoing progression of the American legal and illicit markets, to the impact of the COVID-19 pandemic and social movements, and the legislative efforts preceding the November elections, the report surfaces key trends shaping the industry, with an in-depth analysis of the regulatory impact on citizens’ rights, nuances differentiating individual state markets, and the evolution of companies, consumers and product preferences respectively.
“In 2019, U.S. consumers spent nearly $80 billion on legal and illegal cannabis products, a material figure at any point, but certainly during a time of economic crisis,” said New Frontier Data Founder & CEO Giadha A. DeCarcer. “As established mainstream brands, particularly Food & Beverage and Health & Beauty CPG firms, look for growing consumer groups to engage with, the cannabis sector rises to the top of their target list, especially as known consumption previously within the illicit space more rapidly moves into the legal realm and thus an accessible space.”
Key findings from the report include:
- Total combined legal sales of medical and adult-use cannabis in the U.S. are projected to reach $35 billion by 2025.
- Total U.S. illicit cannabis market reached an estimated $66 billion in 2019.
- Five additional states could pass legalization measures in November 2020, adding a further $3.3 billion in annual legal sales before 2025.
- Jurisdictions with the highest density of cannabis consumers are Oregon, D.C., Colorado and Vermont.
- 67% of Americans support full federal legalization, an increase from 41% in 2010.
- 230 Million Americans live in states with legalized medical or adult-use cannabis, representing 70% of the U.S. population.
The U.S. Cannabis Report: 2020-2021 Industry Outlook is available for download at no cost: www.NewFrontierData.com/US2020
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the global cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policy makers. 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: https://www.NewFrontierData.com.
About NXTecK:
NXTecK enables digital and programmatic advertisers and leading AdTech companies to better understand, target, reach and engage with the legal cannabis consumer audience globally for increased campaign performance. Leveraging New Frontier Data’s deep domain expertise in the cannabis industry and almost a decade of consumer reporting, NXTecK enables both legal cannabis brands and mainstream CPG enterprises, such as Food & Beverage and Health & Beauty brands, to deliver targeted, tailored and scalable advertising. For more information, visit https://www.NXTecK.com.
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