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Notably, homegrow is a <br />primary source of <br />cannabis for just under <br />3% of frequent users in <br />adult-use states, and is <br />not the threat to retail <br />cannabis that some had <br />worried it may become <br />pre-legalization. <br />In adult-use states today, many dispensaries <br />are fighting over the same pool of consumers <br />who already participate in the regulated <br />market. Regulated dispensaries are trying to <br />poach consumers from nearby regulated <br />dispensaries or delivery services from other <br />delivery services. <br />But the heaviest consumers are not yet <br />participating regularly in the legal market, <br />and though there are challenges to reaching <br />them, converting them to the regulated <br />market represents immense potential growth <br />for the industry and retailers that can serve <br />them. <br />One quarter (27%) of consumers in adult- <br />use markets who use cannabis at least once <br />a month primarily source cannabis outside <br />of regulated retail channels (typically from <br />friends, family, or dealers). Those relying on <br />dealers are the heaviest and most frequent <br />consumers, and their lack of participation in <br />the regulated market is limiting its success. <br />COMPARING ARCHETYPES 13© New Frontier Data, All Rights Reserved. <br />Adult-use states: Moving gray market <br />consumers to the regulated market <br />Page 264 of 322