Dry January Seen As Fueling Cannabis Sales
February 6, 2024Leading cannabis companies like Curaleaf, Green Thumb Industries, Verano, Tilray, and Canopy Growth are expected to see a boost in the first quarter of this year, Bloomberg reported, as younger consumers participating in the Dry January trend increasingly substitute with cannabis. The above-mentioned marketers are likely to see about 6% sales growth on average in the first quarter, according to Bloomberg’s analysis.
It’s been found that around a third of consumers under 25 who are participating in Dry January use cannabis during their month of alcohol abstinence. Meanwhile, only about 50% of 18 to 25-year-olds reported drinking alcohol over the past month, Bloomberg noted, down by 10 percentage points from 2015. That has translated into bigger sales increases for cannabis during the month of January in some states, such as Oregon and Colorado.
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