The state of medical cannabis has never been in a better place since the government made cannabis a Schedule 1 drug, wrongly deeming it a plant with “absolutely no medical value”. While it’s obvious the drug classification given by the federal government is wildly inaccurate, at least at the state government levels marijuana is getting the approval that it deserves. So as the growth of the consumption of medical marijuana increases it makes sense that the consumption of marijuana concentrates would also increase.
Amazingly, however, it seems that the use of marijuana concentrates by the public is growing even faster than the use of marijuana itself!
Every single category of marijuana sales has been growing steadily with the recent marijuana legalization movements in various states throughout the United States. Marijuana concentrates have grown in stride as well, and they now represent the second largest category of cannabis sales, just behind the use of the buds, since Colorado, Washington and Oregon all started their recreational marijuana programs. While concentrates represent the second biggest category in marijuana when it comes to sales, they also are one of the fastest growing areas of the cannabis market.
Once again only one marijuana category outclasses marijuana concentrates in terms of year over year growth.
The sales of pre-rolled joints grew by 149.2 percent from 2015 to 2016 in Colorado, Washington, and Oregon. In comparison, marijuana concentrates market share happened to grow by 83.9 percent in 2016 in those same three states. While the growth in both areas is quite staggering, pre-rolled joints represent a much smaller market share than cannabis concentrates. Marijuana concentrates account for sales that add up to $498.4 million while pre-rolled joints add up to about $158 million dollars in 2016. This is even more remarkable if you take into account the fact that getting into the medical marijuana concentrate business is very hard due to license costs, time to process and other barriers in the marketplace.
From 2015 to 2016 cannabis concentrates went from accounting for 18 percent of the total cannabis market share to 21 percent (in just one short year!). When the sales numbers and statistics are delved into deeper, we find that within the concentrate industry is another more specific category that helps push its astonishing growth year by year. This category of cannabis concentrates that is growing at an unbelievable pace is one of the newer products available at one of Arizona’s finest dispensaries, Level Up, and also throughout the nation now. This fast growing sub category is the vape pen category.
Vape pens are actually sold as kits which include a pen battery, charger, and a marijuana concentrate-filled cartridge. The concentrate is in the form of oil and the cartridge that it is in can simply be replaced once oil in it has been vaporized completely. It is a highly practical, portable and discreet manner in which to use cannabis and these characteristics together may be the reason why the sales growth in this subcategory have grown so drastically. It seems like there is no end in sight as growth through 2017 has continued at a steady rate.
Please let us know if you have any questions about medical marijuana concentrates here at Level Up Dispensary.