June 27th, 2018
Exclusive, Feature Stories, News
Women control about $30 trillion in annual spending in categories ranging from home purchases to automobiles, but most companies still either ignore the demographic or patronize them by focusing on stereotypes.
The cannabis industry is no different despite indications that female consumption is on the rise. Some studies have found that women have surpassed men in cannabis consumption, while they also control about 85 percent of health and wellness spending.
Let’s take a closer look at why cannabis companies, and investors, should be focused on when and some opportunities in the space.
How Women Have Become Leading Cannabis Consumers
Most people assume that men make up the majority of cannabis consumption, but new surveys are starting to challenge that assumption.
The Cannabis Consumers Coalition (CCC) found that 53 percent of women have used cannabis compared to just 42 percent of men. The report follows a 2013 Gallup poll that found a narrowing gender gap with eight percent of men and six percent of women saying they’ve used cannabis on a daily basis. These surveys suggest that female cannabis consumers are growing at a faster rate than male consumers.
Women could also have a greater influence on cannabis purchases than men. According to HBR, women control nearly $30 trillion in annual consumer spending and contribute about $18 trillion in yearly earnings to household income. Women make the decision in the purchases of 94 percent of home furnishings, 92 percent of vacations, 91 percent of homes, 60 percent of automobiles, and 51 percent of consumer electronics.
How Do Women Consume Cannabis?
BDS Analytics’ surveyed more than 1,000 women across four states where cannabis sales are legal to see how they’re using the drug. In December 2017, the results were published in the Women’s Health Consumer Insights Survey.
The results may be somewhat surprising:
- More than half of those surveyed use cannabis at least once a week.
- Two-thirds of those surveyed were mothers with children at home.
- Nearly half of women used cannabis for medicinal purposes, with more than half being mothers with children under 18 living at home.
- About half of those surveyed use cannabis as a natural alternative to mood swings and sleep issues due to menstruation, menopause, or mental health conditions.
- Women between 21-35 years old were more likely to purchase inhaled cannabis products, while those aged 35 and older preferred edible and topical products.
- Women that use cannabis recreationally primarily consume cannabis to enhance their sexual experiences.
Cannabis flower remains the most preferred by of cannabis consumption with 35 percent of women using it, but these trends are likely to change as cannabis consumer packaged products become more ubiquitous and brands start to emerge.
How to Capitalize on These Trends
It’s no secret that most companies target male consumers. For instance, the vast majority of automobile ads feature speed and performance rather than convenience when hauling around small children — and that’s despite women making 60 percent of automobile purchasing decisions!
The same is true within the cannabis industry: Many companies fail to realize the rising number of women using cannabis and the purchasing power that they have when it comes to their household — and not to mention their parents and children.
48North Cannabis Corp. (TSX-V:NRTH) recently went public as the first cannabis company to focus on female consumers. The company aims to become the trusted ally of women making a meaningful impact on their health and wellness with innovative, trusted, cannabis-based products created through joint ventures with leading consumer packaged good companies and their already-trusted brands.
CFN Media recently spoke with CEO Alison Gordon about the company’s focus and where it’s headed within the industry:
CEO Alison Gordon became the first female CEO of a publicly-traded cannabis company in early-June when shares began trading on the Canadian Stock Exchange. After working in both Canada and California, she recognized that the industry was heading from production footprints to a consumer branding focused and began positioning the company as a leader.
While the company will never be the leading producer in the space in terms of kilograms of dried cannabis per year, the team is already in discussions with consumer brands outside of the cannabis industry that are interested in the space. By joint venturing with these companies, and offering their production footprint and cannabis expertise, the company hopes to build relationships with consumers early on and launch leading health and wellness brands.
For more information, visit the company’s website at www.48nrth.com.
The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers