It’s Time To Take Women’s Buying Power Seriously In Cannabis

By Lindsey Bartlett, Forbes on August 31, 2023

The feminine point of view has commanded 2023. Summer tours from Beyonce and Taylor Swift “unleashed the spending power” of women and created an “economic tsunami” of value in each city they visited. Barbie smashed the box office earning over $700 million in its opening week, $1.2 billion worldwide, and becoming the single highest-grossing Warner Brothers film of all time. Weed industry data echoes this sentiment.

The power of female cannabis consumers is on the rise. For adults aged 19 to 30, the percentages of those reporting past-year cannabis use and daily use reached their highest levels ever reported. 44% of those surveyed in 2022 in an NIH-funded study said they used cannabis in the last year. The number of women aged 25 to 54 years old working in the U.S. simultaneously hit a historic high of 77.8% in June, according to Bureau of Labor Statistics data.

Consumers want to buy weed from women. 46% of respondents to a 2021 Weedmaps consumer survey said they want to visit women-owned cannabis businesses. But the industry’s harsh landscape has made progress a challenge. The amount of women-owned businesses isn’t quite as high as it once was. In 2022, MJBizDaily data found just 23.1% of cannabis businesses were women-owned.

– Read the entire article at Forbes.