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Breaking Down The Consumer Demand For Social Equity Cannabis Brands…

February is Black History Month.

In 1926, Black author, historian, editor, and publisher, Dr. Carter G. Woodson suggested there be a time dedicated to reflecting the historical accomplishments of Black individuals and groups.

Both Abraham Lincoln, who issued the Emancipation Proclamation, and former-slave-turned activist, writer, speaker, and aboloitionist, Frederick Douglass, were both born in Febraury — which is why we celebrate Black History during this month.

California cannabis delivery company, Eaze, released a timely report earlier this week about consumers and social equity in the cannabis space.

Note: This data is sourced from Eaze’s customers only, but with nearly 8 million sales to date, you can bet the numbers likely translate to the national market, at least to some degree.

The key findings:

Support For Social Equity Brands. Eaze saw an 89% increase in first-time social equity customers year-over-year from 2020 to 2021.

Increased Prices: The dollar value of social equity cannabis brands continues to increase with a 72% increase in the last year alone.

Flower Is King: Dried flower continues to dominate in the cannabis industry with with a 36% increase in social equity flower sales in 2021 compared to 2020.

Support From The Youth: Gen Z and Millenials bought the most cannabis with 42% of social equity sales in 2021 from consumers 21-30 and 36% were 30-40.

Rising Sales: Eaze tracked $300,000 in social equity sales in 2019, growing to a massive $3.78 million in 2020 and $6.5 million in 2021.

Breaking down demographics

Statista found 41% of the people who consume cannabis in the United States today are between 25-34 years old, with over 50% of cannabis sales are made by someone aged between 21-40.

Eaze took this one step further by providing a breakdown of the form factors of cannabis each of these demographics has a preference for today.

Gen Z

Vapes

Edibles

Flower

Prerolls

Accessories

Concentrates

Drops

Topicals

Interestingly, Gen Z is the only group were vapes are #1 choice, with Millennial’s, Gen X, Baby Boomers having the same preferences when it comes to their preferred form factors of cannabis products.

Edibles

Vapes

Flower

Prerolls

Accessories

Concentrates

Drops

Topicals

Is the cannabis future female?

While 56% of social equity cannabis sales were made by men in 2021 and 59% in 2020, 38% of new cannabis consumers were women in 2018, going up to 46% in 2019 and reaching 48% in 2020 and 2021.

A January report from Headset showed a 55% increase in sales from female consumers from Q1 2020 to Q4 2021. Women also make up 36% of the cannabis workforce, though that number is expected to continue growing.

As such, it’s safe to say women have a place in cannabis, both as consumers and professionals in the cannabis industry.

Product preferences

In summary, men opted for concentrates and flower, while women went for edibles and pre-rolls in 2021.

16% of women went for pre-rolls and 12% of men.

30% of women chose vapes compared to 32% of men.

23% of women preferred edibles, compared to 18% of men.

1.75% of women chose concentrates, compared to 2.6% of men.

27% of female consumers chose flower, compared to 32% of men.

Our Take

In the cannabis industry, the only constant is change and it’s great to see this change resulting in greater & greater support for social equity brands.

There is an internal effort to equalize the good fortune of the legal cannabis industry by uplifting social equity brands. It’s inspiring to see more people given the opportunity to contribute to the creation of the legal cannabis industry.

Even today, data says minorities are disproportionately represented in legal cannabis, however, states such as New York are seeking to step up to ensure the cannabis industry is an industry where opportunity is equal for all.