Research shows that marijuana users have a stronger affinity for concentrates
As the marijuana industry continues to mature, new products and different offerings continue to be introduced. The once highly popular marijuana cigarette, or joint, is losing ground to a variety of alternatives, known as concentrates, which offer all of the benefits of cannabis without the high associated with THC.
Last week, Arcview Market Research released a report that showed that concentrates have become a $2.9-billion industry. Already in the second half of the year, cannabis concentrate sales have increased by 49% and the growth continues.
The VP for extraction at San Diego, CA-based OutCo Labs, Dr. Markus Roggen, revealed in an email with High Times, “Concentrates are the obvious future of cannabis because they allow for novel products such as oils, sauce, live rosin, tinctures, edibles, and topicals, which new consumers are more comfortable with than flower, as [it] removes the classic ‘stoner’ image from cannabis consumption.”
Cannabis concentrates are predicted to be 27% of the cannabis market y the end of this year. Four years ago, concentrates only made up 10% of the market. By the year 2022, sales of concentrates are expected to soar to $8.4 billion annually, almost equal to the $8.5 billion seen by the marijuana flower market.
Arcview Group CEO Troy Dayton explains, “As the cannabis industry matures, we’ll likely see new product categories catch fire with consumers,” said Dayton. “Concentrates are the first category to do that, but it’s just the beginning of a revolution in how cannabis is consumed now that it’s becoming legal around the world.”