Cannabis Consumer Survey: Q2 2020

Hypur commissioned a 3rd party to survey cannabis consumers regarding their purchase habits at medical and recreational marijuana dispensaries during Q2 2020.

The survey included questions about how they prefer to pay for cannabis for various purchase methods (in-store, online, delivery, etc.).

Below are the results of the survey. The results show that consumers increasingly prefer electronic forms of cannabis payments.

Results of similar cannabis consumer surveys:

Q1: How has COVID-19 changed your mind about regularly paying for your cannabis products with cash?

No, I still prefer paying with cash41%
Yes, I want to pay electronically from now on if given the option45%
Unsure8%
I’ve never paid with cash beforehand6%

Q2: What is your preferred payment method IN STORE for your cannabis purchases?

Cash48%
Credit card20%
Debit card27%
Mobile wallet4%
Other1%

Q3: What is your preferred payment method ONLINE for your cannabis purchases?

Debit card51%
Credit card36%
Mobile wallet8%
Other5%

Q4: Is security a concern when choosing a payment method?

Yes49%
No26%
Not Sure7%
Not really18%

Q5: What security features are most important to you? (check all that apply)

Email/text verification54%
4-digit passcode70%
Thumbprint35%
Facial recognition24%
Voice recognition13%
None5%

Q6: Would you sign up for a mobile payments app if it required the last 4 digits of your SSN?

Yes47%
No52%
Unsure1%

Q7: Why wouldn’t you feel comfortable using just the last 4 digits of your SSN?

I don’t know my last 42%
I don’t feel safe40%
I’m concerned it stores and shares my information with a third party39%
I’m very private18%
Other1%

Q8: What do you believe is the safest IN-STORE payment method for cannabis purchases?

Cash60%
Credit card16%
Debit card18%
Digital/Mobile6%
Other0%

Q9: What do you believe is the safest ONLINE payment method for cannabis purchases?

Credit card39%
Debit card41%
Digital/Mobile17%
Other3%

Q10: What reasons for carrying or handling cash make you feel uncomfortable (check all that apply)?

I feel like a target for theft35%
I feel like it easily transmits infectious germs35%
It’s easier to lose42%
I don’t like carrying it at all18%
Always having to go to the bank or ATM26%
No issue22%

Q11: If CASH is most preferred for your cannabis purchases, why?

I don’t have a bank account5%
Convenience44%
Privacy33%
Always on me – I use cash for most purchases14%
No other option4%

Q12: If a DEBIT card is most preferred for your cannabis purchases, why? (check all that apply)

Not applicable / Not accepted31%
It’s my main payment method for most purchases37%
I get rewards on my purchases21%
I can only spend what’s in my account20%
Convenience19%
Other1%

Q13: If a CREDIT card is most preferred for your cannabis purchases, why? (check all that apply)

Not applicable / Not accepted40%
It’s my main payment method for most purchases28%
I get rewards on my purchases32%
I can only spend what’s in my account11%
Convenience15%
Other1%

Q14: If a DIGITAL/MOBILE payment solution is most preferred for your cannabis purchases, why? (check all that apply)

Not applicable / Not accepted47%
It’s my main payment method for most purchases19%
I always have my phone on me31%
It’s safer13%
It’s convenient24%
Other1%

Q15: Overall, my PREFERRED payment method for cannabis purchases is?

Cash50%
Credit card20%
Debit card25%
Digital/Mobile5%
Other0%

Q16: If your dispensary offered you a safe/secure mobile solution (like ‘Hypur’) to pay directly from your bank account, would you:

Sign up for  a free account32%
Not want to pay with mobile/digital from my bank account25%
Unsure, need more information43%
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