As the market continues to grow, the legal cannabis market has ushered in a new era of home growing opportunity. According to a new report, the cannabis home growing market could reach nearly $4 billion by 2030.
That figure takes into account higher (7%) participation rates in fully legal markets in medical (5%) or illegal (4%) markets. Published by top cannabis researcher New Frontier Data, the report, titled The US Cannabis Homegrow Market: Motivations, Processes and Resultshas a whole host of remarkable findings.
They include as follows:
*Three million (6%) of cannabis consumers grow their own flower in the US;
*Home growers in the US will produce an estimated 11 million pounds of dried flowers in 2022 – more than 13 times the legal flower market in Colorado – rising to more than 15 million pounds by 2030;
*Cannabis consumers growing at home are significantly more likely to have “green fingers” (71% have outdoor edible gardens) and 53% purchase supplies from a local hardware or garden store, suggesting new opportunities for mainstream suppliers;
* With 65% of home growers married or in a relationship, and 46% with children under 18, emphasis should be placed on messages demonstrating that cannabis can be grown safely and responsibly at home as the industry expands ; and,
*With more than half of home growers earning more than $50,000 a year and a quarter making more than $100,000, premium suppliers will find opportunities to serve more affluent growers.
To view the full report, visit here.