Millennials Are Smoking Less Marijuana, But Still Consuming It: The Rise of Cannabis Concentrates
Even though cannabis has been legal in parts of the Unites States for more than two decades, many people still think smoking is the only way to consume marijuana. As the cannabis industry evolves, so do the methods of intaking it.
You may have heard about vaping and edibles, but have you heard about cannabis concentrates?
The list of products in the concentrates category is very broad, ranging from things like hash, shatter and live resin to wax. These products all have one thing in common: They are marijuana-plant extracts. The extraction methods may vary, but the end products are significantly more potent than regular cannabis flowers. They are also considered cleaner since they do not involve smoking.
On The Rise
Headset is an analytics and data firm for the cannabis industry. It produces market and retailer-direct data as well as business intelligence. In a recent report titles “On the Come Up: Concentrates Category Shows Consistent Growth,” Headset shows us a thorough example of consumption trends and demographics. Based on the sales data from involved cannabis retailers in Washington, concentrates have gained substantial traction over the last year, making them the second most popular category after dried sunflower.
Understanding Cannabis Products
Headset separates cannabis products into nine categories. Vapor pens are considered their own individual category, despite the fact that many of them work with concentrates. Flower sales make up nearly 58% of the market, with concentrates and pre-rolls following at 11.7% and 11.3%.
One of the intriguing things Headset analysts picked up was the amount of “distinct items” being sold, which amounted to over half of the sales. CEO and co-founder of Leafly, Cy Scott, said, “We are seeing a large number of new products being introduced. This could either indicate that people are helping drive those sales by introducing new products to the market, or that people are seeing that sales are going up for the concentrates category, and are thus investing in that space and starting to produce concentrates like wax and shatter.”
Understanding The Demand
When asked why he thought concentrates were seeing so much growth, the CEO mentioned that many people repurchase them because they deliver a “cleaner” consumption experience compared to dried flower. As mentioned above, these products are not actually smoked, but rather consumed in other ways.
Unfortunately, most concentrates require certain devices for consumption. In other words, using concentrates is known to have a more “stoner” feel to it compared to eating an edible, vaping, or even smoking a blunt. This could be the reason this method is popular among young smokers.