- The demand for legal cannabis products in the U.S. remained virtually unchanged in August
- Cannabis product demand increased by 11.6% over a one-year period
- Voters in three out of four states approved marijuana ballot initiatives during the 2018 midterm elections
FOR IMMEDIATE RELEASE
EAST LANSING, MI—November 7, 2018—The demand for legal cannabis products in the United States was flat in August 2018, according to the monthly AndCan Index, which closely monitors demand across every U.S. state.
“This marks the first month of flat results following six consecutive months of sustained growth,” said Traci Giroux, who oversees the AndCan Index.
Following the November 2018 election, marijuana use will be legal in some fashion in 33 states. Michigan voted to legalize recreational use of marijuana, becoming the tenth state to do so. Meanwhile Missouri and Utah voted to legalize marijuana for medical use. “Given last night’s elections results, we expect U.S. demand for cannabis products to maintain an overall steady rise in the months to come,” said Giroux. “Nearly one in four Americans now live in a state with a fully legal regime for marijuana use.”
Michigan and North Dakota both had initiatives to legalize recreational marijuana. Michigan’s Proposal 1 passed with 55.8% in favor to 44.2% against, while North Dakota voters shot down Proposition C with 40.6% in favor to 59.4% against. In Missouri, one out of the three measures to legalize medical marijuana passed. Voters in Missouri approved Amendment 2 by a wide margin with 65.5% in favor to 34.5% against. Utah voters passed by the most narrow margin out of the three measures that passed with 53.2% in favor and 46.8% against.
Blunting growth: August ended six consecutive months of growth in U.S. demand for cannabis products.
The AndCan Index was launched in June 2017. It builds from three years of comprehensive coverage of the U.S. cannabis market and assessments of demand by Anderson Economic Group; a rigorous methodology that has been presented in technical papers at two conferences of professional economists; and more than two decades of business consulting experience worldwide. Comments from other economists from these conferences, as well as additional research by Anderson Economic Group consultants, have been incorporated into the AndCan Index.
Editorial note: Anderson Economic Group expects to issue a benchmark revision to the AndCan Index in early 2019.
About Anderson Economic Group
Since its founding in 1996, Anderson Economic Group has become one of the nation’s premier boutique consulting firms, specializing in business valuation, expert testimony, and public policy. AEG has assisted governments, universities, large corporations, and businesses across the U.S. and abroad. All of the firm’s work is based on its core values of Professionalism, Integrity, and Expertise.
AEG has offices in East Lansing and Chicago.
AEG—East Lansing, Michigan