US Cannabis Market Trends – Cannabis News, Lifestyle
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What are the trends in the US cannabis market? Each state has its own laws and regulations concerning cannabis. But at this point, cannabis legalization in the United States seems like an inevitable possibility. So in the meantime, we can look to the legal States and discern some direction.
Overall, US cannabis markets have matured allowing for new product innovations. Despite some slippage in sales, consumers report using more cannabis on a daily basis.
Recreational and Medical
Growth in recreational markets is growing faster than in medicinal markets by a factor of three. Medical sales still make up a large share of the US cannabis market. By 2026, expect medical sales to account for 29% of the total cannabis market. Concentrates are popular among medical patients.
Some producers have seized this opportunity and are marketing their high-potency concentrates as “relievers.”
Concentrates are slowly overtaking flower’s popularity among both recreational and medical users. If the current trends hold, concentrates will outsell flower by 2024.
Flower vs. Concentrates in the US Cannabis Market
Flower still dominates the US cannabis market. However, edibles are in close second place for popularity. If current trends hold, edible sales will have grown by 20.5% from 2021 to 2022. And if this trend continues, edibles will overtake flower by 2023.
Gummies are the most popular of all edible categories. The market for these high-potency products are both recreational users and medical patients.
US Cannabis Market Genetic Library
Despite the trends, flower is still king. In some parts of the US market, flower is still increasing its market share. Curating a genetic library connecting core strains with premium strains can help attract a larger share of customers.
The same goes for resin/live rosin concentrates. Producers can highlight their special genetic offerings, thus enjoying larger margins.
Takeaway
Brands and producers in the US cannabis market have a larger free hand in promotion and marketing than in other jurisdictions, like Canada. US producers should be able to expand their medical footprint without major tweaks to their products. Medical patients appear to be following the same market trends as recreational users, which is, high-potency products like concentrates and edibles.
Footnote(s)
https://content.brightfieldgroup.com/cannabis-market-report
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