Cannabis-infused edibles are a booming market. The near-endless array of cannabinoid-rich foods and beverages are coupled with positive sales figures, suggesting that edibles should stick around as a market leader in the years to come.
Why Does It Matter?
Edibles have been a steady gainer in many markets as flower and concentrates continue to hold the top sales spots.
Industry statistics for 2022 placed edibles as the third-highest-selling cannabis category (9%) behind concentrates (22%) and flower (61%), according to Flowhub.
An October 2021 report from Headset projected the US to generate $3 billion in sales this year.
The years ahead should see further growth.
BDSA‘s 2022 infused beverage and food report stated that edibles made up approximately 15% of the market spending this year, with figures projected to increase 2.2x by 2026.
The report cited various reasons consumers turn to edibles, including improved sleep, relaxation and pain relief.
Edibles market growth appears fueled by potential regulation changes. “This slight increase in share estimates changing regulations in markets such as Pennsylvania that don’t currently sell edibles,” said Dana Mason, VP of wholesale marketing for Cresco Labs Inc CRLBF.
In April 2022, state representative Dan Laughlin proposed a bill allowing edibles into Pennsylvania’s medical program.
Anna V. Pham, a licensing and economics specialist at firm Vicente Sederberg LLP, said the pandemic had fueled the market interest. She noted shifts to non-smoked or vaped products during the pandemic’s peak.
“We have not necessarily seen the peak of edibles market share but a stasis given the current regulatory regimen,” said Pham who added that she feels the market has room to grow as state markets expand.
Select findings suggest that edibles sales are not a fad.
Data firm GOODQUES dove further into the habits of edibles consumers, noting that 35% of Americans between 21 and 54 are in that category. Of those users, 38% reportedly consume at least once a week or more.
Holland Martini, co-founder and chief insights officer agrees that edibles are an entry point for many cannabis-curious consumers.
“A lot of people who are frequent cannabis consumers don’t even smoke or never have,” Martini said.
Others offered similar opinions. “We’ve seen an influx of new cannabis users throughout the pandemic; however, many new users prefer more simple ways to consume cannabis rather than smoking,” said Blake Schroeder, CEO of Medical Marijuana Inc MJNA.
Schroeder reported that gummies and beverages were the most popular consumables purchased.
To Read The Rest Of This Article By Andrew Ward on Benzinga
Published: May 20, 2022
Founder & Interim Editor of L.A. Cannabis News