Marijuana as a smokable drug has been around for ages, but as the cannabis industry becomes legalized, the variety of methods to use it have increased greatly.
The first products to hit the market were creams, oils and tinctures. These products provide a better impact for pain relief. Then came products that provide a more enjoyable experience: marijuana-infused drinks and edibles like candies and food.
The benefit of these varied products is a significant boost to a growing industry, notably from $8 billion to $35 billion in 2023 for North America, which includes Canada, where recreational use of cannabis was legalized countrywide.
Edibles revenue in Colorado have greatly contributed to the state’s marijuana industry. In 2018, the marijuana industry topped $1 billion in sales by August, while $200 million in tax revenue saw its way to state coffers.
Of that $1 billion in revenue, 13.8% was thanks to the edibles market in the state. While many states are adjusting packaging requirements and altering the marketing regulations in regard to edibles, the fact remains that new products are continuing to interest consumers and gain traction as a viable niche to focus on for revenue growth.
Concerns about marijuana legalization come down to the safety of youth. One of the topics that receives a lot of attention are edibles and their accessibility. The concerns are that candies and other edibles will be appealing to children. Reports of children requiring medical care when they get a hold of such products are contributing to this concern.
The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Grizzle hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.