Cannabis edibles sales on the rising as consumer trends change

As the cannabis market develops and cannabis gains more popularity, trends start to change. New data has shown that smoking cannabis could be a thing of the past soon. New forms of consuming cannabis, like edibles, are starting to spread. It is expected that in 2020, despite the pandemic, cannabis edibles would generate a considerable amount of revenue that would attract investors.

Smoking cannabis is not trendy anymore. Currently, vaporizers and edibles are the absolute hit in terms of sales. Connoisseurs refer to all the jelly with THC, hash cookies, CBD oil cakes, and much more as Cannabis 2.0.

Sales are exploding and are guaranteed to make several billion dollars in the USA in 2020, despite the corona crisis. Behind this, is a change in consumption and user behavior, which investors with the right cannabis stocks should take a closer look at.

If you want to know more about cannabis, how consumption behavior is changing more towards edibles and to find out the latest hemp news, download the Hemp.im mobile application.

Cannabis edibles are becoming more popular each day

This year, cannabis edibles and cannabis-infused beverages already account for almost 20% of the expenditure on hemp products in America. With an overall growth of 25%, the hemp and cannabis industry is on the rise anyway.

The current COVID-19 pandemic is worrying, but cannabis consumers and hemp patients order the hemp online and have the cannabis delivered home. In total, this amounts to around $18 billion, of which cannabis flowers continue to sell best. However, it’s worth mentioning that a sixth of this amount will be accounted for by the new Cannabis 2.0 in 2020.

Furthermore, apparently not only the popularity of cannabis cookies has increased. In general, more and more people are switching to cannabis – as the lockdown is easier to face with THC and CBD than with alcohol. Consequently, the current sales figures are also due to many new customers buying hemp and processed cannabis food to cope with boring isolation.

Quality matter when choosing the right cannabis product

Surveys showed that 87% of the customers think that packaging quality is important to them when it comes to cannabinoids. Aspects such as the indication of the dosage, the identification of the tested ingredients and helpful seals of approval are very important.

It’s worth mentioning that:

Cannabis edibles have currently a 14% share in sales compared to cannabis flowers and concentrates like wax and splinters for the vaporizer.
Firmer products, i.e. jelly bears, chocolate, and chewing gum make up a good 90%.
Buyers of Cannabis 2.0. go to the specialty shop and not to the dealer, who is sometimes contacted for cheaper prices for hemp and cannabis.

CBD-oil is, of course, also a bestseller. Even in Germany, where the low-THC cannabis is also allowed to be sold. Experts rightly expect double-digit growth rates in Germany and globally for the next few years. That still offers great opportunities for the manufacturers and companies listed as cannabis stocks. A tenfold increase in sales is conceivable, especially since in the USA up to 7% of the total population have tried CBD oil, a large part of them taking it frequently.

Unfortunately, cooking with cannabis at home is still a difficult task. Germans only have the possibility to do this secretly, because cannabis is not legal. However, on the other hand, many cannabis recipes that can be easily cooked or baked exist. And, many hemp products, which are available in overseas shops, can be cultivated at home.

(Featured image from pxfuel)

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Valerie Harrison

Valerie Harrison is a mom of two who likes reporting about the world of finance. She learned about the value of investing at a young age upon taking over her family's textile business when she was just a teenager. Valerie's passion for writing can be traced back to working with an editorial team at her corporate job, where she spent significant time working on market analysis and stock market predictions. Her portfolio includes real estate funds, government bonds, and equities in emerging markets such as cannabis, artificial intelligence, and cryptocurrencies.