Brightfield Group is helping business leaders respond to cannabis legalization by offering new market research products tailored to this evolving industry. According to the research firm, California's recent legalization of recreational cannabis could have a profound economic impact. Brightfield's projections show that by 2020 Los Angeles alone would sell $1.4 billion per year in legal marijuana. These insights are critical for investors as they consider the opportunities and impact of this emerging but opaque industry.
The research firm's new products include consumer insights, market insights and brand insights. These products reveal the impact in previously legalized states as well as those that approved legalization on November 8th. Montana, North Dakota, Arkansas, and Floridaapproved medical marijuana while four additional states, Maine, Nevada, Massachusetts, and California, legalized recreational marijuana. Each state's complicated regulatory, distribution and consumer conditions make it difficult for analysts to create viable business strategies. Brightfield's research clarifies these conditions for investors, as well as analysts researching the impact on peripheral industries like alcohol and tobacco.
According to Director of Research, Bethany Gomez, "Millennial medical marijuana patients in California spend almost $100 per week on cannabis - 16% more than older patients. Despite growing popularity of dabbing, 42% prefer edibles compared with only 21% for concentrates. In fact, Baked Goods alone are as popular with Millennials as all types of concentrates combined. This is the type of research we are able to feature in our Consumer Profiles, which delve into demographics, psychographics and marijuana usage patterns of the modern cannabis consumer."
Their Company Profiles are equally thorough. A recent profile revealed that Kiva Confections infused chocolates are some of the most popular edibles in California- they are present in 52% of California dispensaries (68% of Bay Area dispensaries), and are wildly popular with affluent single women. Kiva stands to benefit from legalization but will need to consider the impact of external and internal competitors flocking to California's attractive new market.
Brightfield Group distinguishes itself by using multi-sourced market research methods. A unique combination of surveys, point-of-sale, consumption models and other proprietary methods provide qualitative and quantitative data on trends and growth opportunities. The firm has reports on all of the legal cannabis markets.
Brightfield Group's revamped website features a subscription portal with tiers of access to dynamic reports and data analyses. Within the portal, users can easily customize their research needs with data sets and reports on the key takeaways of market, brand and consumer insights.