Cannabis Marketplace Report: Los Angeles Consumers Aren’t Stoners They’re Professionals
Green Market Report [February 9, 2018]
With recreational cannabis now legal in the state of California, the Los Angeles Greater Metropolitan Area is poised to become one of the largest cannabis markets in the world. In such a highly competitive market, the companies that succeed are going to be the one that are able to capitalize on business intelligence, such as consumer data.
In the latest Cannabis Marketplace Report published by Consumer Research Around Cannabis, researchers give us a snapshot of the Los Angeles Greater Metropolitan Area and provide some interesting insights about the consumers living in the second largest cannabis market in the United States.
According to the report, there are approximately 13.7 million adults over the age of 21 and approximately 5.3 million of those people are cannabis consumers. An estimated 45.6%, or 6.24 million, of Los Angeles area residents, approve of both recreational and medical cannabis and another 19.1% approve solely of medicinal cannabis.
In terms of monthly expenditures, cannabis consumers spend the most on flower. On average, roughly 1.7 million LA cannabis consumers purchase flower every month, spending approximately $85. Edibles and pre-rolled cannabis come in second (1.5 million) and third (1.2 million), respectively, for a number of average purchasers; but consumers overall spend more money per month on cannabis pills ($64) and vape oils ($63).
Compared to everyone else in the market, cannabis consumers are exceedingly average. The average age of an adult cannabis user 21 years or older in the Los Angeles area is 47, the average age of an LA cannabis consumer is 46. Likewise, the average household income is $63,852, compared to $61,148 for cannabis consumers. The average home value of a cannabis consumers is $463,031, compared to the market average of $469,380.
However, there are some differences between cannabis consumers and non-consumers. Cannabis consumers are four times more likely to be employed full-time, forty-three times more likely to be B2B decision makers, and are seventy-two times more likely to be a business owner, partner or corporate officer.
LA cannabis consumers are also five times more likely to work a white-collar job, ten times more likely to frequent restaurants, and twenty-two times more likely to plan on taking a college course within the next twelve months.
Despite the public perception of being couch dwelling burnouts, cannabis consumers are what many advocates have been saying for a long time: normal people. They’re middle-aged, middle income, and own their own home. As cannabis becomes more mainstream, most businesses would do well to heed this lesson; especially those who wish to become successful in the highly competitive market of Los Angeles.