Non-flower products grow to 50% of cannabis market in Illinois
August 9, 2018
Washington – New Frontier Data, the global authority in data, analytics and business intelligence in the cannabis industry, releases 2018 Cannabis Industry Trends Report: Market Insights. This report examines trends in the burgeoning cannabis industry across the United States and explores market demand, federal and legislative action, compliant banking and the opioid epidemic. In Illinois, monthly revenues from dispensary sales increased by 54% over 12 months from April 2017 to April 2018, yet growth was not equal across all product categories -- while flower sales increased 40% in that span, revenues from edibles and concentrates meanwhile grew by 71%, reflecting the strong demand for these value-added products.
“After edibles and concentrates became more widely available for purchase in 2016, patients in Illinois demonstrated an appetite for the product category, mirroring consumer behavior in other legal markets,” said John Kagia, New Frontier Data Chief Knowledge Officer.
As the state’s medical market increasingly matures, total spending per patient is expected to rise as consumers spend more of their monthly cannabis expenditures on the higher-price-point, non-flower product categories.While more consumer research and customer segmentation are needed, increased data transparency across the industry has allowed for a deeper understanding of cannabis consumption. By identifying sales drivers, product manufacturers have started developing products aimed at specific subsegments within the market and tailed to consumers evolving preferences.
Visit www.newfrontierdata.com/trends to download the full report.
About New Frontier Data: New Frontier Data provides objective, rigorous and comprehensive analysis and reporting about the nascent and underserved cannabis industry worldwide. New Frontier Data’s analytics and reports have been cited in over 65 countries around the world to inform industry leaders, investors, policymakers and others. New Frontier Data, the premiere and only Big Data shop in the sector, looks beyond plant cultivation and distribution to raise the industry bar and improve visibility into what will inevitably soon be a mature and more complex global market. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. and has additional offices in Denver, Colorado.
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. For more information about New Frontier Data please visit: www.newfrontierdata.com.