During the early days of the pandemic, consumers were more discrete when using cannabis.
Sales of edibles skyrocketed across the nation in 2020 as consumers shied away from inhalable forms of cannabis during the COVID-19 pandemic in favor of more discreet consumption methods.
The surge is prompting edibles manufacturers to invest in research and development and new product lines for 2021.
End-of-year data from Seattle-based cannabis analytics firm Headset shows that for all of 2020, sales of adult-use and medical edibles grew by 60 percent across seven state markets – to $1.23 billion in 2020 from $767 million in 2019. That performance meant edibles outperformed the total cannabis market, which grew a hefty 54 percent last year. The seven states were California, Colorado, Massachusetts, Michigan, Nevada, Oregon and Washington.
According to Headset data analyst Cooper Ashley, edibles increased their market share from 10.65 percent in 2019 to 11.07 percent in 2020. The increase is leading cannabis companies to pour efforts into developing new product types, including faster-acting and strain-specific edibles.
“We’re seeing the edibles space get a little more sophisticated, and we expect that to continue,” Ashley said.
Cannabis edibles makers cited a number of factors behind the greater market shares, including:
- Both new and mature consumers are trying edibles for the first time.
- Consumers are shying away from inhalable products and looking for more discrete options amid the coronavirus pandemic.
“We are seeing continued movement toward edibles and noninhalable forms of consumption,” said Joe Bayern, CEO of multistate marijuana operator Curaleaf, based in Massachusetts.
Published: January 25, 2021