With how fast marijuana has been growing as an industry, its no surprise that the edible cannabis market has grown quickly too in the Golden State. California just legalized marijuana recreationally this past November. Marijuana is now being added to everything. From coffee, to cookies, to even breath mints.
Troy Dayton, CEO of The Arcview Group, a research and investment services firm that focuses on the lucrative marijuana arena commented, “There’s a brand boom going on right now, particularly in preparation for adult use legalization here. Not all of them are going to do well, but there’s just so many different types of edibles hitting different market segments.”
According to the firm, California customers munched on about $180 million worth of edibles in 2016. This made up 10% of the state’s marijuana sales.
This category in marijuana sales could grow even more as Arcview estimates that the $1.8 billion Californians spent last in legal marijuana sales is expected to grow more than 25 percent annually to hit $5.8 billion by 2021.
Colorado is a great example of the kind of growth that’s possible. In 2014, when the state first allowed recreational pot, edibles made up about 17$ million in sales. In 2016 that number grew to $53 million.