Consumer spending confirms marijuana debt consolidation

It's a historic move for a country where there was a ban, but consumers are using their wallets to show they support it.

Culture wars are an American tradition – from the battle over TicTok to alcohol prohibition in the 1920s. It was said that the only thing that came out of the anti-alcohol era was that it taught good citizens how to break the law. But generally speaking, if the public wants it, the public will have it, legal or not. The perfect example is the Pornhub ban in Utah and Texas, which drove up VPN sign-ups. And consumer spending largely justifies the switch to marijuana.

RELATED: Beer sales decline thanks to marijuana

Some politicians and leaders believe in the nanny state option. This includes some governors led by Ron DeSantis, Mitch McConnell and some other interest groups. But the Biden administration's decision to reclassify cannabis is consistent with public sentiment. Over 85% believe it should be legal in some form, and more importantly, they invest their money in what they want. Leading analyst firm BDSA said the public's spending behavior is consistent with their thoughts on debt restructuring.

Photo by Anton Petrus/Getty Images

Following tradition, cannabis sales rose again this year. Revenue was $167 million as of April 20, 2024, an increase of 33% year-over-year. Trends like “California Sober” are on the rise and Generation Z continues to turn away from alcohol and toward marijuana vapes and gummies. Lifestyle habits are shifting slightly away from alcohol and more low-alcohol drinks, mocktails and cannabis are engulfing the traditional market. Alcohol is much more aggressive to the body, so many people opt for a somewhat healthier option.

This is an advantage for cannabis-only states, as even Missouri generates significant tax revenue from cannabis. Most governors agree with re-planning because it not only reflects the will of the public, but also protects state coffers and actually helps in other areas. Even New York State generated some income with over 1,500 non-taxable illegal businesses making money. They have less than 100 licensed pharmacies generating over $175 million.

RELATED: How to Microdose Marijuana

On an interesting note, for example on holidays, there are some holidays when cannabis consumption is high. Here are the biggest ones for 2023

1. 420
2. Green Wednesday
3. Black Friday
4. St. Patrick's Day – Saint Patrick's Day
5. Veterans Day

In comparison, the days with the greatest consumption of alcohol are:

1. New Year's Eve
2. St. Patrick's Day
3. 4th of July
4. Day before Thanksgiving/Blackout Wednesday/Drinksgiving
5. Black Friday

Let’s see how the next 12 months work out for the industry, the government and the public.