According to the report by Arcview Market Research and BDS Analytics: “The Road Map to a $57 Billion Worldwide Market”, spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The recreational cannabis market will cover about 67% of the spending while medical cannabis will take up the remaining 33%.
The North America legal cannabis market amounted to $12 billion in 2018, growing by 30 percent on the year. The largest market was the United States, which totaled $10.4 billion. It was followed by Canada with $1.6 billion. Analysts predict the overall cannabis market for legal adult-use and medical sales in North America to reach $24.5 billion by 2021 with the compound annual growth rate to almost 28%.
Between the 180 cannabis provisioning centers in Michigan, more than $281 million in revenue was generated in 2019. Now that the market is opened for recreational use, Michigan is one of the top states for cannabis companies to target. It is expected for Michigan’s market to reach $1.3 billion in 2021.
Our target customers are sophisticated cannabis enthusiasts and the cannabis-curious between the ages of 25-35.
This age of millennial consumers has the highest amount of cannabis users as well as brand influencers. People have gradually become more conscious with their buying decisions. They want to know what they’re buying, what’s in the product, who they’re buying from, and if the company’s values align with theirs. These conscious shoppers tie into our marketing strategy because they are the highest contributors to word-of-mouth advocacy marketing. They are credible recommenders with followings of people that trust their choices and judgements. The most interesting part about our target customer is that, for the most part, not many of them exist…yet!
Although there are some cannabis consumers that have a wide range of knowledge and passion for the plant and its benefits, the majority of America knows little of cannabis because of its abolition and the propaganda that has demonized it and the culture for so long. We plan to create sophisticated cannabis enthusiasts that will take advantage of the plant in its entirety, enjoy it responsibly, and be inspired to share the experience.