89% increase in first-time Social Equity customers and 72% increase in value of goods sold, offering important lessons to brands, investors, and regulators
SAN FRANCISCO–(BUSINESS WIRE)–Eaze, the nation’s largest cannabis delivery marketplace, today released its seventh annual Eaze Insights State of Cannabis Report. The 2022 report, “All About Equity: What Brands, Investors, And Regulators Need to Know About Cannabis Consumers and Social Equity Brands,” looks at aggregate consumer trends driving the world’s largest cannabis markets. Released in conjunction with Eaze’s celebration of Black History Month, the report shows significant consumer interest in cannabis brands produced by Social Equity licensees.
The report aggregates Eaze’s proprietary data to illustrate the behavior of the over 380,000 consumers who purchased via the platform in 2021. With 8 million legal deliveries completed to-date, Eaze can offer unique insights uncovering patterns that can be generalized to markets nationally and globally.
Key findings include:
- Consumer support for Social Equity brands is massive, and growing. Eaze saw an 89% increase in first-time Social Equity customers year-over-year (YOY) 2020-2021.
- The dollar value of Social Equity brands is skyrocketing. Eaze saw a 72% YOY increase between 2020 and 2021 in dollar value of goods sold.
- Brands are diverse—and so are their customers. SE products gained significantly in popularity across a diversity of geographies, politics, and incomes.
- Generation TikTok is the biggest buyer. Gen Z and young Millennials account for the biggest share of Social Equity purchases.
“The proof is in the numbers. Cannabis consumers are incredibly enthusiastic about social equity brands, and at Eaze we’re proud to make them available through our social equity menu and partners program,” said Eaze’s Director of Diversity and Inclusion, Darius Kemp. “We’ve developed a real, working, and sustainable program to give consumers what they want while also elevating brands owned by entrepreneurs hurt by the War on Drugs.”
Eaze’s 2022 State of Cannabis report also includes a breadth of market insights beyond social equity sales, including deep dives into:
- Concentrate popularity and potency
- The most popular edibles by category
- Which strains had a breakout year
- Overall sales and product preferences by age, location, and gender
The full report can be found here.
Eaze delivers good with the goods. As the nation’s largest cannabis delivery marketplace, we bring enjoyment and convenience to our customers, break down barriers to access, and cultivate community in everything we do. With eight million cannabis deliveries to-date, we are committed to creating a more diverse and sustainable industry through our Momentum business accelerator and Social Equity Partners Program. www.eaze.com
Elizabeth Ashford, Eaze