Increasing Popularity Of Cannabis Extracts And Their Current Market Share
Cannabis extracts have become increasingly popular in recent years, particularly in the United States. These extracts, which are made from cannabis plants, offer a range of benefits and are used for both medicinal and recreational purposes. In this blog, we will explore the increasing popularity of cannabis extracts, cannabis products and their current market share in the USA.
What are Cannabis Extracts?
Cannabis extracts are concentrated forms of the cannabis plant that are made by extracting the essential cannabis oils from the plant. These extracts are often used in edibles, topicals, and vaporizers. They come in a variety of forms, including oils, tinctures, and wax.
Which states and countries are
cannabis extracts legal in?
The cannabis industry is steadily growing as a global market as the testing, decriminalisation and legalisation of cannabis consumption vary from country to country. North America is at the forefront of THC and CBD oil cannabis concentrates for medical conditions such as chronic pain.
Cannabis use is currently legal in many states and countries, including Canada, the United States, and parts of Europe. In the United States, cannabis extracts are legal in states with legalized medical and recreational cannabis. In Canada, cannabis extracts are legal for both medical and recreational use. In Europe, many countries have legalized the use of medicinal cannabis, with huge market growth for CBD oil. The legality and popularity of cannabis extracts and cannabinoids for public health and recreation, is a constantly expanding field of research and drug policy.
With the changing public and political perception of the cannabis plant, it is an exciting time for both cannabis consumption and the global cannabis extract market. Whilst North America are trailblazing and major European countries close behind, THC and/or other cannabinoids have high levels of regulation and restriction and may be illegal in your country so please do your research!
The Popularity of Cannabis Extracts in the USA
Cannabis extracts have become increasingly popular in the USA for several reasons. Firstly, they offer a more potent and efficient way of consuming cannabis. This is particularly important for medical cannabis users who need to consume cannabis regularly to manage their symptoms.
Secondly, cannabis extracts are discreet and easy to use. This makes them a popular choice for people who want to consume cannabis without attracting attention.
Finally, cannabis extracts are available in a variety of forms, which makes them accessible to a wider audience. They are also easy to purchase, with many states now allowing the sale of cannabis extracts for both medical and recreational use.
Current Market Share in the USA
The cannabis extracts market in the USA has seen significant growth in recent years. According to a report by Grand View Research, the global cannabis extracts market size was valued at USD 7.3 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 16.6% from 2021 to 2028.
In the USA, cannabis extracts account for a significant portion of the cannabis market. According to data from Headset, a cannabis market research firm, cannabis extracts accounted for 26% of all cannabis sales in California in 2020. In Colorado, cannabis extracts accounted for 30% of all cannabis sales in the same year.
Conclusion
The increasing popularity of cannabis extracts in the USA is a testament to their effectiveness and accessibility. As more states legalize cannabis for both medical and recreational use, we can expect to see the market for cannabis extracts continue to grow. Whether you are a medical cannabis user or a recreational user, cannabis extracts offer a potent and efficient way to consume cannabis. With their versatility and accessibility, cannabis extracts are likely to remain a popular choice for cannabis consumers in the USA.