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- Female Buyers Overtake Men In Cannabis, Industry Reacts ♀️
Female Buyers Overtake Men In Cannabis, Industry Reacts ♀️
Women take lead in cannabis consumption, Utah’s market buzzes, and global news from China, Argentina, and Germany—plus key earnings reports ahead.
Nicolas Rodriguez & Patricio Liddle
October 23, 2024
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Hey everyone! Nicolás Rodríguez and Patricio Liddle here. Today, we’re diving into how female consumers are reshaping the U.S. cannabis industry, outpacing men in both spending and influence. We’ll also take a closer look at Utah’s buzzing medical cannabis market, upcoming earnings reports, and global headlines— from a VW executive’s cannabis trouble in China to Argentina’s new hemp regulations and a spicy surprise in Germany. Let’s go!
For the first time, young women are outpacing men in cannabis consumption, and companies are quickly adjusting. Data shows female consumers now account for 55% of users on Jointly, with average purchases of $91 versus $89 for men.
Tilray Brands Inc., with a $1 billion market cap, is boosting its female-focused offerings, like Solei Cannabis and beverages, which hold a 45% market share. High Tide Inc. has followed suit, acquiring Queen of Bud, a brand targeting women with higher THC products.
Female buying power is reshaping the market—and companies are taking note. Yet, women remain underrepresented in cannabis leadership and ownership. Flowhub reports that women hold 16% of ownership positions in cannabis businesses, down from 21% in recent years. In executive roles, women account for 39%, highlighting a clear gap between consumer influence and industry participation.
Despite strict regulations, Utah's cannabis market is buzzing with potential. Utah’s medical cannabis market, with 83,421 registered patients as of March 2024, faces price pressures from neighboring states like Colorado and Nevada. Utah residents pay an average of $12.15 per gram, significantly higher than Colorado’s $8.37 and Nevada’s $8.58.
Monthly spending in Utah averages $109.10, close to the national average. With only 14 dispensaries and strict regulations limiting access, 25.5% of patients travel out of state for cannabis. While 50% of Utahns now support recreational legalization, the market remains underserved, presenting substantial potential for investors if regulations evolve.
Cannabis investors should gear up for key earnings reports from Chicago Atlantic, NewLake Capital, and Cresco Labs.
Managing a $383.3 million loan portfolio, Chicago Atlantic will report on Nov. 7, with a Q2 yield of 18.7%. NewLake Capital, with its strong industrial property acquisitions, reports on Nov. 14. Cresco Labs, a leading MSO with a $184 million Q2 revenue and a 29% EBITDA margin, will release its results on Nov. 8. Investors will be watching closely for updates on Cresco's growth in key states like Ohio and Florida.
The international cannabis industry saw some head-turning headlines this week. Volkswagen's chief marketing officer in China was deported after testing positive for cannabis post-vacation in Thailand, a stark reminder of the country's strict zero-tolerance policy.
Meanwhile, Argentina has introduced its first regulations for industrial hemp, setting the stage for potential global exports, given the country's agricultural strength.
And over in Germany, things got... spicy. A Düsseldorf pizzeria’s best-seller, “pizza No. 40,” turned out to come with a little extra on the side: cocaine. Police, tipped off by the pizza's popularity, ended up busting a drug ring and even discovered cannabis plantations during their raids.
Great news for veterans! The first comprehensive guide on psychedelic-assisted therapy for veterans has just been released. Developed by the Heroic Hearts Project and author Matt Zemon, The Veteran's Guide to Psychedelics blends ancient healing practices with modern science to help veterans explore psychedelics for PTSD and other mental health issues.
Veterans have been at the forefront of advocating for psychedelics legalization, and this guide underscores their crucial role in transforming mental health treatment for themselves and others.
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Nicolás holds a B.A. in International Relations, an M.A. in International Affairs, and an M.Phil in Public Policy. He is a doctoral student in Public and Urban Policy at The New School in New York City. After working for the United Nations in 2014, Nico pivoted his research to studying the relationship between the cannabis industry and economic development.
Patricio is a development economist with extensive experience in IT, finance, and banking. He writes about the economic and social opportunities obscured by over half a century of failed drug prohibition. Beyond his professional expertise, Pato is a committed advocate for social change, passionately working to promote harm reduction and reform drug policies.
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