According to New Frontier Data, the legalization of cannabis may prove to be one of the most consequential social changes of our time, and governments, investors, and business owners across the world are making enormously consequential decisions that will form the foundation of a global, regulated cannabis industry.
With very little available data due to long periods of cannabis prohibition, many of these decisions are being based on anecdote and aspiration.
Despite the data limitations in quantifying the size of the current global market, New Frontier Data felt that it was imperative for the stakeholders who are defining the future of the legal cannabis industry to have the contextual scale of the industry’s potential opportunity. Therefore, leveraging more than 4 years of cannabis business insights and currently available data, they developed a new benchmark for the global consumer demand for cannabis.
As legal markets emerge across the globe, data collection and data harmonization across markets (by both industry and government) will be critical to refining our collective understanding of the size, growth, and evolution of the cannabis industry.
At the government level, metrics including overall industry sales, number of issued cannabis business licenses, medical program participation, industry taxes paid, and demographics of the people employed by the industry, will all provide a more comprehensive view of the market’s fundamentals.
At the operator level, metrics including product sales trends, consumer profiles, and purchase behavior, and wholesale and retail pricing will facilitate understanding of the evolving industry dynamics and emerging consumer trends.
“New Frontier Data is committed to collecting, curating, and analyzing the coming global, regional, country and substate data as it becomes available. We continuously refine our market models to reflect the latest industry intelligence and we will update our global model as our insights into this market grow.”