Consumers are turning to cannabis concentrates — here’s why
Through
According to The Brightfield Group, a cannabis analysis company, cannabis users are turning to extracts and concentrates as they seek more bang for their buck.
Declining flower prices and economies of scale behind the production of extracts such as live resin or rosin are factors contributing to their popularity with cannabis users.
Photo by Roman Budnyi/Getty Images
As markets mature, cannabis users will seek variety and higher potency, sparking demand for manufactured cannabis products.
“More than 64% of consumers use cannabis at least daily. … The more you use it, the higher your tolerance becomes. It’s helping build the concentrate market,” Brightfield CEO Bethany Gomez told MJBizDaily.
RELATED: Essential guide to understanding marijuana concentrates
Gomez said that with inflation, consumers are becoming more price conscious and products have become much more sophisticated in terms of branding and packaging.
“We see consumers who are unwilling to give up their cannabis use, unwilling to use fewer products. But they’re definitely looking for a stronger bang for their buck, which is why concentrates can be a really effective product for heavy users,” Gomez said.
Live resin, wax and rosin: Top 3 in the US
As wholesale flower prices fall nationwide, concentrate products have become cheaper. This allows some stores to sell cartridges for $11, although prices can go up depending on the quality of the product and branding.
RELATED: Most consumers are confused about the safety and quality standards of cannabis products
According to Cooper Ashley, Analytics Manager at data company Headset, “Live resin is by far the most popular segment (within concentrates). At the moment we have living resin on top. Wax is second, rosin is third.”
This article originally appeared on Benzinga and has been republished with permission.
Post a comment: