The use of Cannabis extracts is becoming more popular in the US legal cannabis market, and by 2022 sales of cannabis extracts will surpass flower sales,
Cannabis flowers still make up the majority of sales in the US legal cannabis markets, but the extracts quickly close the gap, mainly through the increasing use of evaporation pens .According to a new report from market research companies Arcview and BDS Analytics, cannabis extracts will become the most popular product in the legal market by 2022.According to the report, sales of cannabis extracts are expected to grow by 50% this year (2018) to reach $ 3 billion, out of total legal cannabis sales expected to reach $ 11 billion.In 2022, according to the findings, sales of the extracts will exceed $ 8 billion out of the total sales of cannabis expected to reach $ 23 billion.
Sales forecast for the various cannabis products in the legal market, 2018-2022
Cannabis extracts not only sell well, they are also more profitable for the industry. The cannabis from which the extracts are produced is often grown in an outgrowth that is much less expensive for the growers than for the interior, and there is no need for either drying or aging, which further reduces costs and increases profit compared to flowers.The reduction in production costs is critical for the legal market, which in many countries is still competing in the black market and is facing heavy taxation from countries.According to the report, consumers see evaporation of Cannabis extracts as a healthier alternative to smoking flowers, and a more discreet way of consuming than smoking.
In countries such as California, one can already see the evaporation of the evaporation pens to cannabis consumption on the legal market.The evaporation pens, which account for 60% of the flavor market in the United States, can not be filled with crushed cannabis flowers and come from a "Cartridge" containing a summary of all ingredients in the flower, according to different varieties depending on the flowers they were produced or in cannabinoids and terseness Of the producing companies.In California, these cartridges account for 32% of all cannabis sales in the country.This is particularly interesting considering that the California cannabis industry has been operating for only 7 months - and a third of consumers have switched to evaporation pens . During the same period in Colorado (7 months after sales began), evaporation pens accounted for only 8% of cannabis sales - a figure that has since risen.In California, the use of evaporation pens is almost twice as common, as can be seen in the following chart of sales of cannabis products in California, Colorado, Washington, and Nevada:
Sales of cannabis in various US countries are divided by product type
According to a study published this month (September 2018) in the Journal of the American Medical Association, about 9% of children and youth ages 9-19 in the US used cannabis in the form of evaporation pens in 2016.