The cannabis edibles industry is evolving at a rapid rate. Cannabis is a rapidly growing area in recreational as well as the medical market. The advantages of cannabis are now translating in various fields of tobacco, alcohol, pharmaceuticals, and medical research. Big companies like Green Organic Dutchman, Cronos Group, GW Pharmaceuticals, Scotts Miracle-Gro, etc. have already established their ground in the cannabis industry and now exploring new strategies to change drug development processes to develop treatments for wide variety of symptoms and diseases.
According to a recent article published by the ArcView Group. The legal cannabis market is expected to be much more than inhaling of smoldering cannabis flower as the cannabis edibles are taking the market by storm.
The Future of Edibles
According to a research, the legalized spending on cannabis would reach as close to about $64 billion by the year 2024. The days when pot brownies were the only captivating cannabis lovers had are now gone. These days, the cannabis market is full of a wide variety of edibles. From pastries to gummy bears, that feature your preferred marijuana strain. According to BDS Analytics and ArcView Market Research, the edibles market will reach about 4.1 billion dollars by the year 2022. That’s a pretty big leap from the projected 1 billion dollars that was expected for the year 2017. Investing in cannabis edibles is the hot topic these days mainly because this market is expected to quadruple.
But Why Edibles?
One might wonder why cannabis edibles is the only cannabis market that is expected to quadruple by the year 2022. The reason behind this is pretty simple; cannabis edibles are rapidly becoming a favorite amongst the majority of cannabis patients. As compared to various other cannabis consumption methods, utilizing edibles allows patients to micro dose with cannabis. Not to mention edibles can be consumed discreetly as they don’t produce a smell.
Banning for the Kids
There are certain states in the U.S. where cannabis has been legalized for recreational use. And even in some states that only allow cannabis for medical use. Certain types of cannabis edibles have been banned from the sales. In Colorado for example, gummy cannabis edibles are forbidden to be in the shape of anything that may appeal to kids such as the shape of bears or other animals. In certain states e.g. Washington, further steps were taken and the sales of all cannabis-infused candy products, chocolates, and gummies are now completely banned. This an important information that any entrepreneur thinking about investing in cannabis edibles market should keep in mind.
Consumer Preferences Are Also Expected to Change
According to the report by BD Analytics and ArcView Market Research, it is expected that there is going to be a major shift in the type of cannabis products that patients and consumers are buying in the coming years. According to the report, by the year 2022 recent trends suggest that cannabis flower will go from making up to 50% of sales to just 36%. The cannabis edibles on the other hand, will increase in sales from 12% to 14% during the same time.
Edibles, By the Numbers
• The global sales of cannabis-infused products, which was $9.5 billion in 2017, is projected to reach about $32 billion by the year 2022.
• Cannabis edibles’ share of the total cannabis market, which was 5.4% in 2011, has now increased to 12%. It has essentially more than doubled.
• By 2022, cannabis edibles are expected to grow from 12% to 14% of the total cannabis market. The flower that is making up to about 50% of the cannabis sales will drop to about 36%.
• About 64% of adult-use cannabis customers tried an edible; it’s about 55% in the entire California.
What Will Be the Next Revolutionary Consumption Method?
Could it be that more cannabis patients and consumers will turn to methods of cannabis consumption that does not require ingesting or inhaling cannabis? It could possibly because there has already been a major increase in the overall number of consumers that are turning to products such as cannabis-infused topicals instead of using edibles or flowers to relieve pain. Even though both produce a psychoactive effect.
One thing is for sure; however, it is that whether it is in a five-star meal, drinks, chocolate, gummies, or brownies. Cannabis consumption via edibles is an increasingly popular trend in the cannabis space. If you are thinking about investing in edibles, now is the right time.