3 million Americans grow their own weed at home
In recent years, the legal cannabis business has seen an explosion in both private and public cultivation. But there are still a number of challenges standing in the way of realizing its full potential, including fending off an organized black market, securing financial backing from government agencies, managing a global pandemic, and now being wobbled by rising economic inflation.
The industry is more focused on retail and manufacturing while there are several undeveloped areas with little noise and huge potential.
Gone are the days when Americans associated cannabis with the stigma of reefer madness. Now the talk is about legalizing cannabis use, sale and possession. The majority of the adult population feels much more comfortable using cannabis than ever. They are even willing to share details about their consumption habits and where the products come from. Anecdotal studies show that home growing cannabis is a niche with scant details. This niche could be a crucial piece of the jigsaw puzzle for the cannabis market in a few years if explored.
Today, about 3 million residents grow cannabis at home — over $20 billion is expected to be spent on home-grow tools and supplies before the end of the decade. This growing trend is attracting a lot of attention from retailers, growers and operators of the system. Everyone wants to know how to tap into this emerging niche. Either by drawing Native Americans back into the pharmacy herd or by capitalizing on their self-cultivation efforts.
Grow cannabis at home
As previously mentioned, 3 million Americans grow their marijuana at home. Many home growers use cannabis for medicinal and therapeutic reasons. However, some state categorically that they use cannabis to improve their overall well-being. 73.5% say why domestic cannabis cultivation is on the rise is that they are taking up this new activity for pleasure, while some are doing it to save money. 33% of home growers say they do so because they believe they can make better cannabis products than those sold in pharmacies. While some do it because it’s more convenient and less risky.
In most jurisdictions where cannabis is legal, adults are allowed to grow a certain number of plants indoors; This is where the story begins and ends for the most part. Home-breeding has not been a market segment widely seen as useful over the last few decades of state-level legalization; Therefore, they are not heavily promoted in the broader legal business, or many resources are devoted to their education.
Current statistics show that homegrowing is here to stay
6% of the American cannabis consumer market grow their marijuana at home. This is a significant number of this population and is projected to increase even more before 2030.
Based on data released by New Frontier, consumers who prefer to see their cannabis at home spent over $2.5 billion on growing supplies in 2020. John Kagia, New Frontier’s Data Chief Knowledge Officer, explained that home growers spend a few dollars setting up efficient growing systems. You buy inputs like seeds, seedlings and fertilizers for each cycle and tools like pots, polythene bags and pruning shears.
Kagia added that the company’s projections for the next eight years are that the local community will invest nearly $30 billion on supplies alone. He stressed that the domestic market is much larger than most people imagine.
According to New Frontier Data, the cannabis homegrow market is diverse. It wasn’t so easy to pinpoint a specific demographic that preferred to grow at home. The data showed that home growers are not limited to any particular age or socioeconomic spectrum. Home growers can be married, single, rich, poor, average, regular users, inconsistent users, young adults or older adults, distributed proportionally across all jurisdictions.
50% of home growers are married, most have children. While 25% make at least $100,000 annually. 25% make $25-$49,000 and 46% make less than $50,000.
LEAF co-founder and CEO Jonathan Yoni Ofir agreed that the home grow market is large and gathering this data is difficult. He explained that consumers are not as keen on sharing their home grow experiences, although they do have the option to share anonymously.
People are just getting ready to talk about their habits. Home growing is more complex than regular cannabis growing in the college student closet. Toni ofir stressed that it was far from it. Only college students used to be the only ones who dared to talk about it.
New Frontier data shows that over 11 million pounds of dried cannabis was produced by home growers in the last seven months alone. By 2030, the homegrow market could produce at least 15 million pounds of dried flowers annually. Most home growers only produce what they can use.
For comparison, only one million pounds of cured cannabis was legally produced in Colorado this year. That means there are over 10x as many home growers as you might expect. It’s an excellent example of the volume of work being done by these hobbyists, Kagia said. With so many flowers, there is a real need for education on consumer-oriented genetics, fertilizers, aeration, temperature management, pruning equipment, curing technologies, and storage solutions.
Why is education important?
One thing holding the homegrow market back is the lack of education and experience. Most home growers in this sector have less than four years of experience growing cannabis plants in their homes. Less than 15% say they have up to three years of experience in this field. Everyone seems to learn as they practice. Although the homegrow market remains, participants must have the right education to achieve better yields with the resources at their disposal. The sooner this happens, the faster the expansion of the community will accelerate.
The cannabis sector has massive shortcomings in markets like growing supplies when it comes to providing marketable goods and services to hobby growers who can spend anywhere from a few dollars to more than $1,000 per crop.
In fact, a little less than 58% of home growers report spending less than $200 on each harvest. And more than half of home growers say they bought their supplies from neighborhood hardware or garden stores, and more than half say they get their seeds from flowers they bought. Investors should invest in growing inventories.
GROWING WEED AT HOME IS GREAT, READ MORE…
MARIJUANA HOME GROWING FOR ONLY $50 READ THIS!