With cannabis legalization across multiple states in the U.S. and other countries around the world, there’s been an explosion of research firms looking into the industry. ArcView Market Research became famous for its market-size predictions, Viridian Capital Advisors acquired notoriety for its Cannabis Deal Tracker and Cannabis Stock Index, and New Frontier Data gained a reputation for its extensive (collaborative) reports.
However, few analysts seem to have focused on the consumer-level to the extent that market researchers usually do in other industries. At least, that was the case not too long ago, when Consumer Research Around Cannabis emerged, claiming to be “the only national research firm providing local consumer-level data for the emerging cannabis market.”
Unlike other firms out there, CRAC offers insights into cannabis users’ consumption habits and other non-marijuana-related conducts, like which cars they drive, how much they make per year, how much their house is worth, what kind of insurance they have, etc.
As the data covers more than 85 markets in the U.S. and Canada, picking a topic and geography to hone into was both easy (in terms of options) and difficult (choices are hard). Looking at some of the information and charts shared by Vice President Jeff Stein, a data set caught Benzinga's eye.
The New York Case
About three months ago, the state of New York finally started permitting the prescription of medical marijuana for the treatment of chronic pain, adding the ailment to a short list that previously included only a few other conditions like epilepsy, HIV, AIDS and multiple sclerosis. Following the policy adjustment, CRAC conducted consumer habits studies in the Buffalo and Albany metro areas, concluding that “an estimated 46,668 adults in the heavily populated Buffalo-Niagara Falls metro area listed the ‘treatment of chronic pain’ as an important reason for their purchase of medicinal marijuana.”
Furthermore, CRAC said, “In the smaller Albany-Schenectady-Troy Capital Region, the number was 28,734 adults, totaling over 75,000 people in just those two metros.”
What’s more interesting, though, is the deeper analysis of the responses, which counter-intuitively revealed that these medical cannabis users seeking relief of chronic pain are “upscale, insured, and visit a variety physicians.”
“This target group is also growing due to the recent changes in state laws, representing a business growth opportunity in New York,” a recent report read.
Story Source: The above story is based on materials provided by BENZINGA
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