(Bloomberg) — Cannabis use is taking off at the same time that quarantines are reshaping consumer behavior. That could mean big opportunities for other industries looking to capitalize on pot’s growth.
It’s not just snack-food makers that stand to benefit — though the munchies have indeed led to higher sales in states where recreational use is legalized. A new study from market research firm Mintel suggests a whole new set of cross-promotional cannabis opportunities is on the horizon for companies not put off by the stigma around a federally illegal drug.
“There’s a broader opportunity for media and music companies to connect with consumers and expand past some of the established associations and stereotypes around cannabis,” said Caleb Bryant, an associate director at Mintel involved in the study.
Marijuana users have long been thought of as burnouts listening to the Grateful Dead in their basement. But that image is growing more outdated as the pandemic lockdowns help broaden weed’s audience. In 2020, roughly one in three adults in states with legal recreational cannabis had consumed it in the last three months — up from 28% the prior year, according to the study, which drew on polls of 2,000 internet users in states where cannabis is legal.