According to a new report by Headset on the CBD industry, CBD products in legal cannabis markets have grown at a faster rather than their THC-rich counterparts.
According to the report, sales of CBD topicals grew nearly 60 percent while high-THC topicals sales grew just 10 percent in legal markets. Headset found topicals drew the highest sales of non-inhalable CBD products in Colorado and Washington, followed by tinctures and sublingual, edibles, capsules, and beverages.
For CBD edibles, honey, sugar, and sweeteners represented 30 percent of sales, followed by mints (25.7 percent); gummies (21.5 percent); chocolates (17.7 percent); candy, lozenges, and gum (14.8 percent); cookies (11.2 percent); caramels, chews, and taffy (7.8 percent); cooking ingredients (7 percent); and other baked goods (2.3 percent).
“So far in 2019, almost 50 percent” of all dollars spent on [cannabis] edibles were spent on gummies, which is by far the largest segment by total market share,” the report states. “Over 20 percent of that was spent toward CBD products.”
The researchers note that while CBD is becoming more popular, they “don’t think it’s hit a plateau.” The report notes that a third of all non-inhalable product sales are CBD products.
“While hemp-derived CBD has been available almost nationwide for awhile, it only recently hit traditional retail outlets. More consumer familiarity with the compound means more consumers who are comfortable with the idea of cannabis, and clearly some of CBD’s new mainstream audience is making its way into a dispensary.” — Headset’s Understanding the CBD Market in State-Legal Cannabis, June 2019
The report notes that the passage of the Farm Bill has quickened interest in sales at licensed cannabis retailers in legal states.