Even for the eternal optimist, finding any bright spots in 2020 has proven extremely difficult. Fortunately, the cannabis industry has a habit of persevering through adversity. This year, the industry found a way not only to endure the COVID-19 pandemic but to thrive.
Recently released cannabis data indicates the industry is poised to take its growth and momentum into 2021.
In its most recent “Cannabit,” report, an overview of the cannabis industry for 2020, New Frontier Data noted the November elections provided good news for the industry, even in areas not traditionally associated with the cannabis movement.
“In the fall elections, five new states mandated new legalization programs, including traditionally conservative stalwarts Mississippi and South Dakota,” New Frontier said.
New Frontier found 42 percent of cannabis consumers increased their rate of usage as 2020 progressed. This also led to significant increases in consumer spending at dispensaries. For instance, in the long-established Colorado market, shops experienced a 72 percent rise in consumer spending from August to October of this year. In Massachusetts, New Frontier identified a 56 percent rise in consumer spending during the same time period.