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Edibles were the cannabis product of 2020.
According to cannabis analytics firm Headset, data shows how sales of both recreational and medical edibles jumped by 60% across California, Colorado, Massachusetts, Michigan, Nevada, Oregon and Washington. In total, sales reached $1.23 billion in 2020 from $767 million in the prior year, reports Marijuana Business Daily.
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This means that edibles surpassed the entire cannabis market that improved by 54% on an annual basis.
Cooper Ashely, a data analyst from Headset, explained that edibles advanced their market share from 10.65% in 2019 to 11.07% in 2020.
What caused the rush for edibles in 2020?
The global COVID-19 pandemic inspired consumers to avoid inhalable products and opt for edibles.
The newly-established enthusiasm for edibles is inspiring producers to further support research and development of new product types, according to Marijuana Business Daily.
“We’re seeing the edibles space get a little more sophisticated, and we expect that to continue,” Ashley said.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.