The cannabinoid CBD garners increasingly more national attention with every passing quarter, as products land on mainstream (as opposed to licensed dispensary) store shelves, people buy the products online and the press devotes more coverage to the ins and outs of the hemp- or -cannabis-derived natural compound.
While more and more traditional stores carry lines of CBD products, sales of them thrive, too, in dispensaries, where CBD is combined with THC and other parts of the cannabis plant. High-CBD strains, edibles, vape cartridges, topicals and more are now widely for sale in dispensaries.
People and companies that embrace CBD say the cannabinoid eases anxiety, aids sleep, improves recovery time from exercise, mitigates the effects of stress and more. And many, too, believe CBD’s powers are not fully unleashed unless they are combined with THC, a process often referred to as the “entourage effect.”
In Colorado and Oregon, two states with established recreational cannabis sales, CBD products are on the rise. In fact, sales of high-CBD products are contributing significantly to growth within one broad cannabis category — edibles.
In Colorado, edibles during January and February of this year experienced 10 percent growth compared to the same period last year, which is roughly in line with the broader cannabis marketplace in the state, which grew by 7 percent during the same period. Sales hit $34.5 million according to cannabis market research firm BDS Analytics.
But the 10 percent growth in edibles would be essentially zero without high-CBD products, which grew by 71.5 percent during the period on sales of $7.5 milion. Much of the growth came from a specific type of edible, the gummie, for which sales exploded during the period, reaching $1.95 million and growing by 493 percent. Sales of gummies capture 26 percent of the high-CBD edibles market.
The story is parallel in Oregon, although in the Beaver State growth within the broad edibles category is still strong enough to remain robust regardless of the contributions of high-CBD.
Oregon edibles hit $11.5 million during January and February, a rise of 87 percent compared to the same period last year. But growth among high-CBD products only rose to 176 percent, on sales of $4.55 million. Without high-CBD products in Oregon, edibles growth would have been cut to 54 percent.
And as it was in Colorado, the popularity of high-CBD gummies drove a healthy bit of the growth. How’s this for growth: 125,600 percent. Sales of high-CBD gummies in Oregon hit $1.3 million during the period, and growth was phenomenal although let’s not get carried away: What it really means is Oregon probably didn’t many (if any) companies offering high-CBD gummies during the same period last year.
Another Oregon high-CBD kind of product that achieved impressive growth was tinctures, which rose by 150 percent on sales of $1.7 million, making them — for now — the most popular kind of high-CBD product in Oregon.
The popularity of high-CBD gummies and tinctures captures 67 percent of the high-CBD edibles marketplace.
The buzz surrounding CBD continues to grow, with U.S. Senate Majority Leader Mitch McConnell (R-KY) proposing a bill to legalize the cultivation of hemp nationwide and more and more lawmakers, as well as consumers, blowing kisses towards the cannabinoid. Chances are, growth this year will continue mounting.