The consumption of cannabis-related products continues to scale up – especially around edibles and oils. The trend of smoking cannabis – particularly medical marijuana continues to grow. However, it is important to know that there is also an increase in cannabis products. It is because many CBD companies want their consumers to avoid burning their products.
Different states in the US have legalized the recreational use of cannabis. Similarly, the judiciary has legalized its medicinal use. The legalization of cannabis edibles will bring a new set of rules and regulations. Recent reports show that more than 50% of Americans are in favor of consuming cannabis edibles as a smoke-free alternative.
Cannabis edibles are actually food products – containing cannabinoids and phytochemicals, which are consumed for both recreational and therapeutic use. For instance, chocolate edibles. Experts say that cannabis-infused edibles will occupy a key position in the market – and could reach a billion-dollar business in the near future.
There are various reasons for the popularity of cannabis edibles. First and foremost is the strict regulations on smoking in the country. Second, smoking itself is becoming less popular. Therefore, the cannabis edibles market will significantly take its place as one of the lucrative and fastest-growing section in the industry.
Recent survey studies have shown the escalation of the market growth rate of cannabis edibles. The consumption of edibles will increase rapidly in the US by 2021. The estimated market value in 2021 is $7.8 billion. At the same time, experts estimated that worldwide sales will swell from $9.8 billion in 2019 to $38 billion.
Every 6 out of 10 cannabis consumers in the US are shifting from smoking marijuana to edible products. Baked products like cookies and brownies will be consumed by 51% whereas cannabis-infused chocolate edibles will considerably the second most favored edibles that Americans will wish to try.
The popularity of cannabis has also caused the deterioration of smoking. In fact, smoking is bound to decrease or diminish in popularity. Many people want to try cannabis because of its enormous health properties, however, they are afraid of smoking it – as they think inhaling it would affect their lungs.
In addition, inhalation for many first-time users may become an inedible consumption method. So, alternatives like drinking, edibles, or vaping are ways for many people to attain the benefits of marijuana – and that is of course, without the smoke. This is opening up an enormous new base of users/consumers for companies processing cannabis.
Coca Cola and other beverage companies are keeping an eye on the intense growth of non-psychoactive cannabis as a great ingredient in wellness beverages – as per the report of Bloomberg.
Today, cannabis edibles are available as brownies, cookies, gummies, cereal bars, and candy bars, and chocolate edibles. Many people have started making their own products while for many other people, it is easy and convenient to buy edibles from a dispensary.
In 2018, people in California alone spend $180 million of cannabis edibles. It has been estimated cannabis-infused edibles will generate more and more revenue for CBD companies in the near future. Again, the reason is the shift from smoking to the safe consumption of cannabis.