The team at Emerging Insider recently conducted research on 600 highly affluent current cannabis users to understand their wants, behaviors, spending and sentiments on the quickly developing industry.
The luxury cannabis products and services market is about to get an influx of activity as the landscape continues its massive growth across new U.S. states and countries and begins targeting high net worth audiences with novel brands, products, and accessories. As products begin to undergo more traditional differentiation across unique categories, the sentiments of different audiences will begin to form complete market research for luxury cannabis startups as well as larger brands moving into the space.
Key findings on cannabis users with over $150K HHI?
-74% of respondents would be willing to spend over $300 for new cannabis products or accessories while 31% of the total respondents claimed they would spend between $500-$1000
-Cannabis strains that were considered to be either rare or were from a well-known brand were of highest interest to the affluent respondents with 41% willing to spend more on brand-name strains and 36% more open to spending on a rare strain
-Privacy is important to affluent cannabis users. 78% would only smoke at home rather than outdoors or in any potential designated businesses in legalized states.
Want more? Check out our infographic: EI Affluent Cannabis Infographic