Cannabis Extracts Make Up a Huge Portion of the Marijuana Market
The number of cannabis extraction and concentrates seem to be expanding rapidly these days. Even old-school ganja smokers and new-school cannabis connoisseurs can be perplexed by the variety of products available. Butane hash oil, CO2 oil, full extract cannabis oil, Rick Simpson oil, shatter, wax, crumble, rosin and live resin, are just some of the examples that have joined cannabis flower, edibles and hashish on the shelves at dispensaries and retail outlets. A new extract or cannabis
While wrapping your head around the number of extraction and concentrates can be confusing, what isn’t confusing, is understanding that the extraction market is booming and will likely continue to boom. From Marijuana Business Daily:
Demand for cannabis concentrates and edibles is exploding in Colorado, offering a window into trends that will likely play out in the larger marijuana industry over time.
Retail sales of concentrates in the state’s medical and recreational markets surged 125% in the first quarter of this year from the same period in 2015, according to BDS Analytics, which provides cannabis industry data based on point-of-sale information it gathers from retailers.
In the first quarter of 2016, concentrates and edibles accounted for about a third of overall marijuana sales, up from just 24% a year earlier. Growth in concentrates sales accounted for most of that increase.
The demand for extracts and concentrates won’t also continue to grow in the United States, especially when California implements legalized sales to all adults, but also worldwide. Additionally, it is extremely imperative that extractors legally follow safety regulations, as some solvents, particularly butane hash oil, can be very dangerous, if not extracted properly. From the International Cannabis Business Conference’s upcoming “Extraction Technology” panel at the upcoming ICBC in Kauai, Hawaii:
Extractions are becoming a massive share of the market in the U.S. Currently, Germany’s medical cannabis patients only have access to flowers. Under the new German laws, extractions will be allowed to be sold in pharmacies. We will go over the most cutting edge, clean and efficient extraction methods and their alternate benefits and discuss how extractions will be implemented in the Hawaiian market.
There are many opportunities for entrepreneurs in the burgeoning cannabis industry, with extracts potentially being as lucrative as any segment of the market. You can learn more about this extraction industry, as well as the entire industry, and network with other like-minded folks and experts at the upcoming ICBC in early December.