cannabinoids
Marijuana Retail Report
As new markets mature, concentrates may grow
Every new cannabis market follows a familiar pattern. Consumers start with products they already know. Flower dominates, while vape cartridges and gum are steadily gaining market share. Retailers focus on building inventory, attracting first-time buyers and converting consumers from the illicit market.
Only later do operators begin to ask another question: where does the next wave of growth come from?
Concentrates lag in new markets
According to new report from cannabis education company Higher Function and market survey platform Lit Alerts, one answer may already be in dispensary storefronts.
Cannabis concentrates remain one of the smallest product categories in the industry in many emerging markets, but they may also represent one of the largest untapped business opportunities. The report shows that concentrates make up only 3.3% of legal cannabis sales in New York and 3.7% in New Jersey. In more established markets, including Washington, Colorado, Oregon and Arizona, this category exceeds 10% of sales. As new markets mature, annual concentrate sales can grow from tens of millions of dollars to hundreds of millions.
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