With companies creating everything from sleep-enhancing pills to brownies, butters, carbonated lemon-lime drinks and bags of caramel corn, the edibles marketplace is the most dynamic marketplace within cannabis. It’s not the biggest — that’s flower — nor the fastest-growing – that’s concentrates, but no other large cannabis category competes with edibles’ range of product diversity. It’s a cannabis cornucopia.
How many products contain cannabis? Hundreds. Flower – of course – and pre-rolls. Vape pens and concentrates like shatter and Live Resin. Creams and massage oils. Chocolate chip cookies, coffee sodas, pills, strawberry taffy, powders for adding to hot tea or cold juice. Companies are rolling out a myriad of new products in pot-friendly states every week — it’s remarkable.
The recently launched industry intelligence publication, The State of Legal Marijuana Markets, 6th Edition, points out in its sweeping analysis of worldwide cannabis markets one trend that is likely to continue -- the slow, but inexorable decline of flower’s reign on legal retail.
Summer 2018 will bring more than warmer temperatures — the season will also turn up the heat on the cannabis market. As Colorado and Washington enter their fifth summer of legal recreational cannabis sales, and California prepares for its first, it is time to examine What’s Hot in Pot(TM).
California’s Race to the Pot of Green Gold
The path towards California’s cannabis pot of gold may be lined in green — moolah and ganja. But the legal commercial ferment could even be more effervescent - the pot of gold that much heavier - if not for regulations and taxes.
How in the World Will People Consume $57 Billion Worth of Legal Cannabis? Every Which Way They Can Imagine!
Cannabis with your cup of tea?
Increasingly, consumers are saying, “Yes, please.”
Cannabis-infused tea drinks are hot in the marketplace, and the thirst for pot tea is a fairly new phenomenon. According to data from BDS Analytics, a leading source of consumer data in the cannabis industry, it’s a 2017 thing.
But so far in 2017 (with data through March in Oregon, February in Colorado and January in Washington) we find tea capturing 8 percent of the $3.10 million beverage market, with $250,000 in sales. For all of last year, dispensaries sold just $351,000 worth of tea products — at this rate, sales of tea in 2017 will quickly surpass last year’s mark.
The tea trend has not caught on in Washington, where market share in January of this year of 2 percent (on sales of $140,000) is the same as tea’s market share for all of 2016. In the past four months, sales of coffee products have overtaken tea demonstrating Washington’s known affinity for coffee.
Compared to market behemoths like flower, candy and pre-filled vaporizer cartridges, tea remains a teacup amidst barrels. At the rate it is growing, however, the dainty cup might soon morph into something more like a thermos. One thing is for sure: the trend is warming the hearts of cannabis tea entrepreneurs in Colorado and Oregon.