Boulder, Colorado — As cannabis flowers into a multi-billion-dollar industry, with legal sales blossoming in more and more states, stakeholders remain at a loss for details about cannabis consumers: why they buy cannabis, how marijuana fits into their lives, who they are, and much more.
But important questions about cannabis consumers now are poised to receive answers, as BDS Analytics launches the industry’s first-ever scientifically rigorous and trended consumer research survey dedicated to cannabis consumers.
Finally, brands, entrepreneurs, investors, dispensaries, growers, advertisers and media will gain vital insights into cannabis consumer profiles, trends and habits.
“Extremely valuable information about cannabis consumers has never been revealed and explored, which has put industry stakeholders at a disadvantage. The number one rule for all businesses is, `Know your customer,’” said BDS Analytics founder and CEO Roy Bingham. “As the cannabis industry’s leading market research firm, we decided to invest in serious consumer research on behalf of the industry. It is time for the many people and companies involved in this flourishing industry to get to know their customers.”
Linda Gilbert, a market research veteran, will lead the new division. Linda has more than 30 years of experience conducting in-depth consumer research for Fortune 100 companies and emerging industries, including natural foods, supplements, pharmaceuticals and beverages.
The work commenced with focus groups in Denver detailing everything from dispensary experiences to the reasons for consuming cannabis, including pain relief, sleep, sex enhancement, relaxation and exhilaration. Next, a quantitative trend study is launching in Colorado, Washington, Oregon, and California interviewing thousands of people. By the time the study is concluded in the early fall, BDS Analytics and study partners will understand more about cannabis consumers in legal marijuana states than anybody else in the United States. The work will continue, with detailed updates every six months.
“This will be projectable data. It’s going to be tracked over time so we can see not only where consumers are, but where they have been and where they are headed,” said Gilbert. “Among the questions we are trying to answer are, Why are people using marijuana? How does it improve their overall sense of well-being? Who is reaching out to marijuana to relieve pain and anxiety, enhance social interaction and even improve sex? How does it help older consumers deal with stress, anxiety, arthritis, depression and boredom? How does it affect alcohol use, and influence dependency on pharmaceuticals and over-the-counter pain relievers?”
Results of the ongoing study are available to subscribers, who are invited to become involved now. Among other things, early subscribers gain the ability to help shape important questions about cannabis consumption.
“We are eager to better understand the wide range of people who buy and consume cannabis, from young men in suburban Denver without college degrees to retired women executives living in urban centers,” said Bingham. “Industry stakeholders need to know so much more about their customers. It is absolutely critical for success in this increasingly competitive commercial landscape.”
Added Gilbert, “the industry is young and has high risks. We aim to provide the hard data needed to accelerate success.”
About BDS Analytics: Relying upon powerful technologies, partnerships with cannabis companies and a team of data and business veterans, BDS Analytics provides the cannabis industry with the most precise, reliable and sweeping data analysis and market research in the marketplace. The consumer research division answers important questions about consumers and consumer behavior for industry stakeholders. And for most companies competing in the blossoming world of commercial cannabis, BDS Analytics’ GreenEdge™ service offers vital business information — essential intelligence for marketplace success.
Contact High Communications