2019 is a big year for cannabis, a clear majority of Americans want to see the plant become fully legal and entrepreneurs have to stay up-to-date on leading products to capitalize on the world’s fastest-growing market.
10 years ago the most popular way of consuming cannabis was smoking the bud. However, times are changing and so are the methods of consumption. Here are the 7 fastest growing cannabis products shaping this year’s weed market.
5. Live resin
Live resin is a type of high-THC cannabis concentrate. It’s made through a process by which the cannabis plant is frozen to preserve the terpenes, which give weed its flavor. Between 2017 and 2018 resin sales increased 66 percent in Colorado and 128 percent in Oregon.
Vaping is a convenient and discreet way for users to consume marijuana, which is appealing to many patients and customers. Many vape pens are designed to fit in small places, such as pockets and purses, and the vapor that’s emitted is often odorless. Sales of vapes grew 69 percent by the end of the first quarter of 2018, making vapes the fastest growing high-THC cannabis products in California.
3. Cannabis Chocolate
Chocolate is no longer the most popular type of cannabis-infused edible, but it’s still one of the hottest cannabis products thanks to the rise in CBD chocolates. Between the first quarters of 2017 and 2018, chocolate edibles sales increased 166 percent. By contrast, the Chocolate Cannabis market grew 530 percent in the same time frame.
2. Cannabis gummy bears
Edibles sales reached over $1 billion in 2018 alone, and are predicted to be worth $4.1 billion by 2022. Cannabis Gummies have been the most popular edible in Colorado since 2016. Especially those infused with CBD, as CBD gummies are the hottest cannabis product right now. CBD gummies are so popular that they were the third most searched food term in the U.S. on Google in 2018 according to their annual search data report.
1. CBD Tincture
A Cannabis Tincture is a dietary supplement that comes in liquid form and has a very potent CBD content. Tinctures are among the most popular CBD cannabis products due to their versatility. CBD tinctures can be added to virtually any food or drink, used for topical lotion and beauty products or just taken by themselves. According to cannabis industry analysts the Brightfield Group, the hemp-CBD market alone could hit $22 billion by 2022.
Growth of cannabis products
The recreational cannabis market becomes larger by the year. More Americans than ever before are taking cannabis in its various forms. The trend in 2019 is moving away from flower and towards cleaner, more convenient, non-smokable forms of ingestion. Edibles, vapes, and tinctures will continue to take part of the cannabis market share in 2019, with CBD leading the charge.