Reports Show Cannabis Tourism Industry Valued at $17 Billion

Reports Show Cannabis Tourism Industry Valued at Billion
High Times

The cannabis tourism industry is reported to be valued at $17 billion and could begin to grow rapidly post-COVID. A report featured in Forbes states that 50% of millennials think that adult-use cannabis access is important when making plans to travel, and that 43% of millennials specifically choose a destination because of legalization. According to Emerald Farm Tours Co-founder Victor Pinho, cannabis tourism has a lot of potential. “They’re tourists and they’re shopping—they are here to spend money in the mecca of weed,” he told Forbes of his business, which is located in Northern California. He also estimated that tour participants sometimes spend $300-$400 when they visit dispensaries, which is much more than the average adult-use consumer. In 2016, MMGY Travel Intelligence reported that “the net impact on consumers’ decision to travel to states with legalized cannabis use was minimal.” However, an MMGY study conducted in 2020 stated that 18% of American travelers were interested in cannabis experiences while traveling. When the survey data was reduced to include only those who are over age 21, and with an annual income of $50,000, the percentage of who are interested in cannabis experiences while on vacation increases to 62%. Forbes estimates that $4.5 billion of the $25 billion collected in 2021 cannabis sales revenue was connected to cannabis tourism and related purchases such as hotels, food, local attractions, and more. With nearly 20 states that have legalized adult-use, the opportunity for cannabis-related tourism rises. States such as Colorado, which was the first state to legalize recreational consumption in 2014, has a strong reputation of adult-use consumption that doesn’t require marketing. The Colorado Tourism Office only offers a little advice on safety and consumption, and doesn’t currently have any specific data in regards to cannabis-related tourism. “Cannabis is not one of the major…

Excerpt only …
Source : Reports Show Cannabis Tourism Industry Valued at Billion

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.