Even as Americans fork out more cash for upscale forms of caffeine and alcohol, there’s one thing they increasingly want in bulk, for cheap: marijuana.
In Tilray’s fourth-quarter call last week, Chief Executive Officer Irwin Simon said that Covid-19 prompted more people to shop for marijuana online, and that worked against premium brands. That contrasts with the “premiumization” trend of consumers trading up to higher-priced products that companies including Molson Coors and Starbucks talked about in earnings calls last week.
Tilray isn’t the only one noticing: A Stifel survey of almost 500 marijuana users across the U.S. and Canada came to the same conclusion.
Gotta save on household expenses, somehow, eh?