Cannabis Edibles Market

Posted on 10 September, 2022 by Micheal Alexander

Cannabis edibles market can include a wide range of product types, such as cannabis-infused beverages, gummy bears, brownies, cotton candy or mints. Most of the states that have legalized cannabis for recreational purposes restrict the amount of THC to five or 10 milligrams per serving. Some states allow for higher amounts of THC for medical users. Cannabis Business

According to Arcview Research, after recreational cannabis legalization, the edibles market went from $17 million to $53 million in the first 2.5 years in Colorado and soared 121% within first year in Washington state. In 2014 when adult-use just launched in Colorado, over 70% of sales came from dried flower; in 2016, that was down to 55%. In contrast, concentrate sales were $20 million in 2014, or 13% of sales. By the end of 2016 they had jumped to $85 million and 25% of sales. Edibles (including candy, beverages, tinctures, and all food) more than tripled during the same period, moving from 11% to 14% of sales. The contribution of sales from flower dropped to less than 50% in 2017 and to 44% in 2021 and increased from concentrates to 28% and 31% correspondingly in Colorado’s cannabis industry.

In Colorado and Oregon, chocolate bars led ingestible products sales at first (in 2014 and 2016 respectively), but then surpassed by gummies. In California, however, gummies started leading from the beginning when the state permitted adult-use sales in 2017.

Edibles sales grew roughly 25% year-over-year from 2019 to 2021 and represented roughly 15% of sales in the U.S. legal cannabis market, according to a report from BDSA. Candies sales represented 67% of all ingestible products sales with gummy sales share of about 57%. Tinctures dominated ingestible products sales in a candy-free market, with about 30% of sales including 18% for two main kinds of tinctures – droppers and oral sprays. Cannabis Delivery Business

According to a report by Arcview Market Research in partnership with BDS Analytics, consumer spending on cannabis concentrates and edibles in the United States reached more than $8 billion and $3 billion last year.