Cali-based Eaze, launched in 2014, allows patients to get medical marijuana delivered by friendly, background-checked drivers from local dispensaries in under 20 minutes. Using data from more than 250,000 California cannabis consumers on the Eaze platform, and over 5,000 survey respondents, the second annual Eaze Insights "State of Cannabis" data report is out. It's huge. It's packed with data. There's too much to cover in one blurb, so here's some super high-level data to give you an idea of the research:
- NorCal is growing faster than SoCal
- Vaporizers are growing in popularity, flowers are shrinking
- Baby Boomers are fastest growing segment, Millennials are shrinking
- Cannabidiol (CBD) is on the rise
Medical MJ market exploding
The global medical marijuana market is expected to reach a value of $55.8 billion by 2025, according to a new report by Grand View Research, Inc. In 2016, Washington D.C. along with 28 states legalized marijuana for medical uses. In 2016, states such as Arkansas, Florida, North Dakota, Ohio, and Pennsylvania were approved to use the drug in medical applications such as chemotherapies and pain management. The growing number of states and countries getting approval for using it in therapeutic applications will be crucial factors driving the demand over the coming few years.
Who's funding the cannabis industry?
Funding for the cannabis industry has skyrocketed over the past four years with 2015 hitting a high of over $220M in equity financing to private companies, says CB Insights. The uptick in funding corresponds to the loosening of marijuana restrictions.
The number of verticals being funded within the cannabis sector, including e-commerce, healthcare, and information service solutions, has also grown as startups begin to fill pain points within the cannabis supply chain.
CB Insights data was used to examine the most active investors in the cannabis industry globally. Many of these are either accelerators or cannabis-focused funds, highlighting the difficulty of attracting institutional dollars and the relative nascency of the space.
Check out the infographic that lays it all out.