Ernst & Young and Lift Study: CBD Products Could Attract 3 Million New Customers in Canada

Ernst and Young and Lift & Co. conducted a survey and issued a report. The report explores consumer segmentation, preferences, and views on future marijuana products, and it also provides insights and perspective for license holders and retailers. The study was also discussed in a press release.

The study estimates that there could be an addition three million Canadian consumers purchasing cannabis products, once they become available. Monica Chadha, an EY Canada Cannabis Leader, shared in the press release

“New product offerings will open the doors for experimentation among current and non-consumers giving cannabis companies the opportunity to capture a larger market share. But companies should keep in mind that these consumer segments will have very different attitudes towards cannabis and product formats, ultimately driving the need for differentiated customer experiences.”

The study also determined that it can be valuable for retailers and companies to understand the values and interests of their customers, and to also have tools to make those determinations. Matei Olaru, the CEO of Lift & Co. stated in the press release,

“Understanding the nuances of your customers' values and interests, and having the right tools to determine these, are key. The right data will allow companies to continually innovate, create value for consumers and build customer loyalty.”

Marijuana potency and price were also addressed in the study. It determined that contrary to current consumers, the non-consumer segment is not as concerned with potency and price of marijuana products. Rather, they are more concerned with clinical research and recommendations from health care practitioners.

Chadha stated in the press release,

“Current non-consumers need more information before they feel comfortable trying cannabis products. Deciphering through online information for what's credible can be a challenge. Companies will need to determine the best way of building awareness and educating targeted consumer segments as one way to help inform the purchasing decision and build brand loyalty.”