Micah Tapman Of BDSA Lays Out Cannabis Data In The Northeast

Micah Tapman, CEO of BDSA, a leading provider of market research solutions for the global cannabinoid industry, stopped by last week's Cannabis Capital Conference in New York to review the cannabis market of the northeast. He provided and an update on the size and drivers of the legal cannabis market, growth trends and implications of cannabis regulations in the northeast. 

The CEO explained how BDSA works with different product areas to achieve this goal: track; market forecast; and, consumer insights, which is “what is moving through the POS systems at the actual stores.”

2021 Is Showing A Substantial Growth

The legal cannabis market in California grew 25% in 2021, considering this is a mature market, the figure is staggering. The largest single cannabis market in the world.

Washington and grew 19%, above Colorado, whose cannabis market increased over 13%, representing a $3 billion state cannabis market.

However, the big winner was the market of Massachusetts, experiencing exponential 127% growth in 2021, followed by Illinois, with 101%, Florida with 40% and with a 37% increase.

When looking at the average spend and the number of citizens in the state, BDSA predicts that the northeast is slated to provide huge revenue opportunities.

Tapman highlighted the discrepancies between market size and average spending.

In California, where the market is above $7 billion, the average spend remains around $271. However, the average spending is considerably …

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