Wax, live resin, shatter, sugar, distillate...these are just some of the names that are used for marijuana concentrates. Concentrate sales rose by 40% last year alone, and according to Headset, a Seattle-based data analytics firm, sales reached almost $800 million in 2020. But why is this golden-hued product seeing such rapid growth?
The Fall of the Vape
Because of its ease of use and portability, vaping has long been a popular option when it comes to cannabis consumption, however, due to recent health scares, vape sales have been on the decline.
Randy Bachman, CEO of Emerald Growth Partners, recently told MJBiz Daily, "The whole vape scare really had people pause and think about what they're ingesting in their bodies."
This has left people who are not fans of flower or edibles looking for a safer alternative. Concentrates are often free of additives and retain the flavorful terpenes that many vapes were missing.
A Higher Level High
Concentrates are...well...concentrated cannabis. This means that a little can go a long way. Consumers who are looking for potency, for both recreational and health reasons, are moving to concentrates for its fast-acting and multi-layered high.
Moving Toward Mainstream
Currently, the highest increase in concentrate sales is in states that have been in the legal market the longest. This is because to a novice, or even occasional consumer, concentrates can seem intimidating.
"We tend to see an 80%-20% in favor of flower in early markets," said Nick Tennant, founder and CFO of Precision Extraction Solutions recently to MJBiz Daily. "As consumers become more seasoned, you see that trend shift."
Dabbing traditionally requires a specialty pipe and a blow torch. And learning how to get the correct dose every time takes practice, but this is changing. Companies have come out with new technologies that allow for easier consumption and dosing - making the process easy and approachable for everyone.
Whether it is someone looking for fast relief for a medical issue or someone looking for a quicker and higher high - concentrates have something for everyone, and industry insiders are betting that the demand will continue to increase.
What do you think of concentrates rise in popularity? Are you ready to see more products on shelves and new technologies emerge in this area? Reach out and let us know on our social media channels!
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