According to Arcview Market Research, in California alone, consumers gobbled up more than $180 million worth of cannabis-infused edibles in 2016 — comprising 10 percent of the state’s overall marijuana sales.
Industry analysts have predicted that the market for edibles alone will exceed $100 million in sales by the end of 2018 in the Golden State even with strict new regulations in place.
The report also states that legal marijuana sales in California is expected to grow more than 25 percent annually to hit $6 billion by 2021.
In fact, it’s not just California that’s witnessing a quickly growing edibles market.
Sales of pot-infused products increased nearly 120% in Washington state in 2016.
The industry that barely existed 10 years ago — now shows no sign of slowing down!
Today, there are dozens of medical marijuana companies in the state seeking to bring a epicurean’s delight to cannabis infused treats that just a few years ago were merely “edible.”
As the popularity of these cannabis edibles has skyrocketed, there seems to be immense opportunity in the market for the manufacturers, plenty of them are looking outside the traditional chocolates, brownie, and cookies.
As the edibles market is diversifying, many companies are coming up with healthy, organic, vegan and gluten-free options, and making low-potency and even low- dose serving edibles for patients and newbies.
The variety of products on the market is increasing daily, with companies churning out everything from standard chocolate brownies to sugar, CBD gummie bears, pills, oil and even CBD water.
There are a few high-end edibles startups which believe that there will soon be a market for high-end cannabis foods. They are trying to push the whole culture forward by introducing the regular marijuana edibles in a new way and creating high-end edibles, targeting a new kind of cannabis consumer.
As of now, they have started to tap in the health benefits of chocolate because it is loved and admired by everyone, and there’s science behind how cannabis and chocolate both affect the endocannabinoid system and provide people an elevated experience. Matt Fosburg, founder of Ez THC believes that focusing on taste and quality will give him a competitive edge in the edibles market. He plans to bring in the high-end retail experience to the world of marijuana treats.
Competition and demand have definitely stepped up the edibles game and some cannabis entrepreneurs are looking beyond retail sales of edible products and envisioning a kind of foodie revolution, where marijuana aficionados can enjoy cannabis-infused foods at cafes or restaurants.
In the near future, there probably would be a cannabis edible version of everything that you can imagine.
Source: The Weed Blog