The COVID-19 pandemic has caught the world completely off guard. It changed the way everything works, and it made a significant impact on most industries all over the globe. The cannabis industry also saw some massive changes due to its impact.
Millions of people entered a lockdown, which led to huge shortages in cannabis supplies as sales increased by 54%. That includes sales of medical edibles that grew by 60% in the last year alone. Edibles are now the most popular cannabis products in seven states in the US.
The Increasing Need for New Products
Ever since cannabis use became legal in some US states, the market has practically exploded overnight. Colorado is the first state that fully allowed recreational use of cannabis, which led to a massive increase in sales and revenues.
As the market keeps growing, so does the need for new products. The COVID-19 pandemic has put things into overdrive, and cannabis products became far more popular than anyone expected. The increased need has put growers under pressure as they struggle to meet the orders. Many shops ran out of supplies, so some users switched to alternative options such as edibles.
The edibles market already started growing in 2019, but 2020 was the best year so far. Cannabis companies found themselves in a new situation where they can’t produce enough products to satisfy customer needs. That’s why they decided to develop new cannabis products and improve existing ones, focusing on non-inhalable forms of consumption.
Who Buys Edibles the Most?
Cannabis edibles are becoming popular among veteran users. Furthermore, many people new to it want to experience the health benefits of cannabis but without inhaling smoke or vapor. That provides the industry with the perfect opportunity to develop new products and grow its user base faster than ever.
New Consumers
Cannabis is nothing new, but the sudden surge in demand showed that the industry still has plenty of room to grow. The number of new consumers keeps growing every day, but most of them don’t want to smoke cannabis. Many companies recognized these new industry trends, so they dedicated a lot of time and effort to developing fast-acting edibles designed for the non-smoking cannabis community.
That resulted in a flurry of different products that offer a wide range of THC levels in a single serving. New products have a THC range between 2.5 and 30 milligrams, allowing both new and experienced users to jump on the train.
Companies already know how to make most cannabis products, and now they are focusing on the science behind the plant. That will lead to a new generation of cannabis products designed according to the best practices and increased purity, ideal for new and old consumers.
Experienced Consumers
Many veteran cannabis users are making a move towards edibles after years of inhalable products. The cannabis plant offers all kinds of health benefits, but smoking the plant isn’t recommended by medical professionals as inhalation of smoke may irritate the lining of the lungs. It’s no surprise that experienced smokers are looking for safer alternatives.
Tinctures and edibles saw a 14% market share increase in 2020. The range of products expanded rapidly, and today the market has thousands of popular edibles to offer. Some of them are designed to mask the taste of cannabis, while others are designed to highlight the original flavor.
The Future of Edibles
New cannabis users have a wide range of products to choose from, so they often go with edibles rather than inhalable products. Many of them care about what they eat and consume, which directly impacts the quality of cannabis products. Companies have to work harder, with many providing 100% organic or natural options to accommodate new consumers’ needs.
That means cutting down on the use of sugar and artificial ingredients that harm health-conscious consumers. The market is growing, and most companies expect a massive increase in sales once the pandemic is over. People will want to celebrate, and cannabis is going to be a big part of that.
With a little bit of careful planning and product development, the markets will soon see a new generation of cannabis products that will forever change the industry.
The Bottom Line
The year 2020 was the first to see the cannabis edibles sector grow faster than the cannabis flower sector. The pandemic has changed the way people think about health, which has a considerable impact on the cannabis industry.
Cannabis companies have to adapt to the new rules of the game and provide customers with the type of product they’re willing to pay for. The future of cannabis products was never more exciting than it is today. We can’t wait to see what innovations are on the horizon.
