Consumer consumption sets cannabis records!

The speed at which cannabis is establishing itself in the mainstream is record-breaking.

Since the first state legalized cannabis in 2016, consumers have been switching to legal marijuana. Now that over 50% of the country has access to it, things are starting to change. And consumer use is setting records as all age groups begin using cannabis and are using more and more. States where cannabis is fully legal generate more revenue from marijuana than from alcohol. And it's all driven by consumers.

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The latest record holder is Michigan, a solid Midwestern state. In the first year marijuana was available to the public, the state generated $1 billion in sales. Now the Great Lakes state is setting a record with over $295 million in monthly marijuana sales. And it's not what you think: Marijuana isn't just used for relaxation, but also for its medicinal benefits. Baby boomers, the generation that helped drive the war on drugs, have used marijuana for its medicinal benefits to treat inflammation, chronic pain, insomnia, and more. And their Gen Z grandchildren use marijuana to combat anxiety. Their generation has the highest sales of any generation.

Photo by Hans via Pixabay

The other record is that cannabis is taking some of the edge off beer. Beer sales are down, especially at the beginning of the week as people turn to vaping and gummy bears for a quick, low-calorie fix after a busy start to the week. Year-on-year growth is strong. In 2022, sales were $30 million and in 2024, they are expected to be $38 million. While beer sales are still far above cannabis sales at $117 billion, sales fell again by 5.1% in 2023. Another reason why major spirits companies are entering the cannabis market.

But the industry is still struggling, and the Biden/Harris administration has reneged on its 2020 promise to help the industry. Biden is one of the most experienced politicians in Washington, with 50 years of service, so it seems the DEA's failure to take action before the election was planned. The DEA's rescheduling was originally planned to provide no relief to the industry in 2024, as the DEA won't make an announcement until December. Since this is after December, it could give the current administration backing to take action. Or if Republicans win the presidential election, Speaker Mike Johnson (R-KY) has made it clear he will take action to reduce the industry burden.