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 myriad new products in pot-friendly states every week — it’s remarkable.
Cannabis Ingestibles cover a lot of ground, including everything from pills to slices of pie to bottles of THC-infused cold-brewed coffee. But one style of ingestible dominates the market: the gummy.
As more U.S. states move towards legalization, cannabis consumers are taking advantage of the unique opportunity to address medical needs through the available products at their local dispensaries. Though medical cannabis is generally not covered by most U.S. insurance plans, trends indicate increased use of cannabis as an alternative to more traditional forms of medication. Here are BDS Analytics' Top 5 Insights into the impact of legal cannabis sales on the over-the-counter (OTC) and prescription drug channels:
Consumer spending on legal cannabis worldwide reached $10.9 billion in 2018. This number is especially significant considering the variables at play: the California market transition from lightly regulated medical-only to fully regulated adult-use; the maturation of first-in, adult-use markets in Colorado and Washington; and the lackluster rollout of legal adult-use cannabis in Canada. As legalization continues to spread, the global market is expected to grow at a compound annual growth rate (CAGR) of 24% between the end of 2018 and 2024, reaching $40.6 billion. So yes, the worldwide cannabis market will hit a staggering $40+ billion within 5 years.
Whether or not you keep up with the cannabis industry, you’ve likely heard the term “CBD” recently. Seemingly overnight, CBD is appearing everywhere from beauty product lines to burger joints. As it turns out, there’s legitimate reasoning behind “today’s” latest hype.
The holiday always stokes robust sales. But this year’s 4/20? It’s gonna be big.
Our research on the roll-out of adult-use legalization in Canada, published today in the Cannabis Intelligence Briefing titled Canada Leads the Way on Global Cannabis Legalization, is the first research of its kind. The report models each of the 10 Canadian provinces individually. At a countrywide-level, consumer spending is now forecast to grow from $569 million in 2018 to $5.2 billion in 2024.
Epidiolex Approval Queues Up Pharmaceutical Versus Dispensary Cannabinoids Competition
By the time it drew to a close, California’s first year of legal adult-use cannabis had matured into an industry behemoth.
--Updated August 2019--