The cannabis marketplace continues to roar, and not just due to the addition of new adult-use voices around the country, including Nevada, which launched adult-use sales this month. Sales in Colorado and Washington, which are into their fourth year of adult-use sales, as well as in Oregon (which staggered adult-use between 2015 and 2016) have not dampened over time, according to BDS Analytics, a leading market research firm in the cannabis industry.
Year-to-date through May, cannabis sales in CO, OR and WA reached $1.16 billion, which is 35.4 percent ahead of last year’s sales. This is enormous, and enviable, growth for any industry.
The growth, however, did not rise equally among the many different categories of cannabis sales, including flower, edibles, flower and topicals, among others. More than half of the growth, in fact, is due to one category — concentrates. The world of vapes, shatter, wax and more is responsible for 52 percent of the growth in retail sales among these states. In addition, nearly one-third (30 percent) of the dollar increase comes specifically from a subcategory — vape products. Candy, a subcategory of the broader edibles category, added the second-most dollars and flower came in third during this year-long period.
With adult-use cannabis sales now taking place in Nevada, with California and other states close behind, numbers like these suggest growth has enormous potential to continue its epic boom.