Cannabis Homegrow Market Could Soar To Nearly $4 Billion By 2030, Says Report
As the market continues to expand, the legal cannabis market has ushered in a new era of opportunity for home cultivation. According to a new report, the cannabis homegrow market could reach nearly $4 billion by 2030.
That figure takes into account higher (7%) participation rates in fully legal markets in medical (5%) or illicit (4%) markets. Published by top cannabis researcher New Frontier Data, the report, entitled The U.S. Cannabis Homegrow Market: Motivations, Processes and Outcomes, boasts a slew of noteworthy findings.
They include as follows:
*Three million (6%) of cannabis consumers grow their own flower in the U.S.;
*Homegrowers across the U.S. are estimated to produce 11 million pounds of dried flower in 2022—more than 13 times Colorado’s legal flower market—increasing to over 15 million pounds by 2030;
*Cannabis consumers who grow at home are significantly more likely to have a “green thumb” (71% have outside edible gardens) and 53% purchase supplies from a local hardware or garden store, suggesting new opportunities for mainstream suppliers;
*With 65% of homegrowers either married or in a relationship, and 46% having children under the age of 18, messaging showing cannabis can be safely and responsibly grown at home should be emphasized as the sector works to expand; and,
*With more than half of homegrowers earning over $50,000 a year, and a quarter earning over $100,000, premium suppliers will find opportunities to serve more affluent growers.
To check out the full report, visit here.