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Change comes fast in the cannabis business and entrepreneurs have to stay up-to-date on leading products to capitalize on the world’s fastest-growing market.
Back in 2014, whole flower was by-far the most popular product and, naturally, the technologies of choice for consumption were pipes, bongs and rolling papers. Just a few years later, the most popular cannabis products are different than they were when weed legalization started. Today, other methods of consumption are experiencing rapid growth and CBD has emerged as a distinct product.
Determining the hottest cannabis products.
There are a lot of variables that make tracking product sales difficult. For one, cannabis is illegal federally, which means that consumption methods and data are regional. On top of that, the cannabis industry relies heavily on cash due to federal restrictions. This makes it more difficult to track of sales, especially since normal business considerations like opening a bank account are not the same for weed businesses.
The industry is still young. From an entrepreneur’s perspective, this is an advantage because it offers an opportunity to capitalize on a brand-new industry. But for statistics, estimates on growth can vary and can only take a few years of data (at most) into account.
With that in mind, here are the six fastest growing cannabis products shaping this year’s weed market.
Cannabis edibles are an increasingly popular method of ingestion. Specifically, edibles sales reached over $1 billion in 2018 alone, and are predicted to be worth $4.1 billion by 2022.
Gummies have been the most popular edible in Colorado since 2016. Sales grew 53 percent between 2017 and 2018. Sales of infused gummies in Colorado were up 43 percent for Valentines Day Weekend this year compared with sales from 2018, per data from point-of-sale system Flowhub.
Live resin is a type of high-THC cannabis concentrate. It’s made through a process by which the cannabis plant is frozen to preserve the terpenes, which give weed its flavor. Typically, live resin is more psychoactive than other forms of ingestion, meaning that you’ll experience more of a high.
Between 2017 and 2018 resin sales increased 66 percent in Colorado and 128 percent in Oregon. Though live resin accounts for a smaller market share than vapes, it now represents 13 percent of concentrate sales in Colorado, according to recent data, and will continue to grow in 2019.
For the first time ever, vapes are more popular than flower in California. Sales of vapes grew 69 percent by the end of the first quarter of 2018, making vapes the fastest growing high-THC cannabis products in California.
More generally, cannabis oil of all types is a booming market. First quarter data shows CBD vape sales rose a staggering 105.5 percent, driven by consumers are choosing cannabis oil over flower for a cleaner, more convenient experience.
The current CBD boom is expected to continue into 2019, creating an even bigger recreational and medicinal vape market.
Tinctures are among the most popular CBD cannabis products due to their versatility. A classification under CBD oil, CBD tinctures can be added to virtually any food or drink or taken by themselves, which drove sales of CBD tinctures up 111.5 percent between Q1 of 2017 and Q1 of 2018.
With the passage of the Farm Bill, extracting CBD from hemp is federally legal, though still closely regulated. This means that 2019 will be an even bigger year for CBD tinctures and other high-cannabidiol cannabis products. Overall, the CBD market is projected to be worth $22 billion by 2022, according to Brightfield Group.
Though chocolate is no longer the most popular type of marijuana-infused edible, it’s still one of the hottest cannabis products thanks to the rise in CBD chocolates. Between the first quarters of 2017 and 2018, chocolate edibles sales increased 166 percent. By contrast, the CBD chocolate market grew 530 percent in the same time frame.
Keep in mind that the CBD chocolate market is significantly smaller than the entire infused chocolate market, though it will represent an even larger share in 2019.
Both THC and CBD-infused gummies are growing in popularity, but CBD gummies are the hottest cannabis product right now. CBD gummies are so popular that they were the third most searched food term in the U.S. on Google in 2018 according to their annual search data report. It came in behind unicorn cake and romaine lettuce but ahead of keto pancakes and keto cheesecake.
Specifically, CBD gummy sales grew 925 percent in a year. Growth is expected to remain strong as legal hemp provides a legitimate source for CBD and ever more people learn about the benefits of taking CBD in its most popular form.
Almost all cannabis products surge in popularity.
When it comes to legal weed, the biggest question isn’t whether the market is flourishing, but which cannabis products are growing the fastest.
The recreational cannabis market becomes larger by the year. And within the states that have legalized weed, more Americans than ever before are taking cannabis in its various forms.
And the trend in 2019 is moving away from flower and towards cleaner, more convenient, non-smokable forms of ingestion. Edibles, vapes, and tinctures will continue to take part of flower’s market share in 2019, with CBD leading the charge.
March 6, 2019 at 02:18PM