2019 is already a quarter of the way done and the momentum gained by the cannabis industry is undeniable. Although there is still a large part of the country that has a ways to go towards having what we have here in Colorado, our friends over at BDS Analytics have crunched the numbers and found out what to look forward to this year. For those who are unfamiliar, BDS Analytics is the largest cannabis business analytics firm in the state, and the information they offer their clients is crucial to understanding their market trends.With no further ado, let’s jump in.
1. Social Consumption
Despite Prop 300 passing last year, paving the way for cannabis consumption locations in Denver, the traction hasn’t exactly been massive. The few venues in Denver that have successfully opened are usually limited to consuming edibles, vaping and dabbing. Despite these restrictions, “71 percent of cannabis consumers say they engage with the plant for social and/or recreational purposes”. This evidences an overwhelming demand for places people can enjoy their cannabis responsibly, which will no doubt lead to more social consumption venues in the near future.
2. Consistent Dosing
One of the most revolutionary results of cannabis legalization and regulations has been the rise of controllable dosing parameters in edibles. The recreational per-piece dosing limit of 10mg has allowed people who haven’t consumed in the past to try a reasonable amount of cannabis. This cautious control has lead to more people enjoying and lauding the benefits of cannabis, with “33 percent of edibles consumers prefer[ing] low-dose products, as defined as products containing less than 10mg of THC per serving.”
3. CBD
With the growing acceptability of cannabis, comes the increased awareness to the miraculous cannabinoid known as CBD. It’s become the newest health craze, visible on signs outside gas stations, vape stores and even supermarkets. As opposed to it’s famously abbreviated sister chemical, tetrahydrocannabinol, or THC, CBD is non-psychoactive, meaning it won’t get it’s consumer “high.” As opposed to it’s more well known cousin, edibles account for “53 percent of sales,” with topicals, such as salves and creams coming in with 24 percent. As our understanding of the benefits of CBD increases, it will be no surprise to this author if soccer moms the country over are pouring CBD into their morning protein shake by the end of 2019.
4. Prices Plummet
Similar to the market fluctuations that occurred with the repeal of the Eighteenth Amendment, cannabis prices have dropped precipitously among the adult-use states. Considering that “Price remains the No. 1 driver of consumer product choice,” we can look forward to more people being able to try cannabis. While there are whispers among those who prefer quality over quantity regarding the so called “race to the bottom,” it’s clear that there will continue to be competition driving prices downward, especially for flower. As noted by BDS Analytics; “The average price for Oregon flower has declined from $9.27 a gram in January 2016 to $4.27 in November 2018.”
Well, there you have it, 2019 is a year of cheaper cannabis, greater accessibility, easier social consumption and even more CBD to quell our worries and aches. For any reference of these facts, please check out our friends at BDS Analytics.
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