The Washington cannabis market is diverse and can offer you a wide array of goods. Medicinal products were never the stars of it. However, recently, the sales of CBD-infused products have considerably grown. Most of all, this increase was caused by the activity of non-traditional cannabis consumers.
The abovementioned data comes from the cannabis intelligence company Headset. The Seattle-based firm worked with the information on retail sales of the goods high in CBD. Headset mentions that over the last year, the popularity of CBD has largely grown. Marijuana derivatives with this non-psychoactive compound are mainly used for medical purposes. However, they are also gaining popularity among the general retail population that uses them as a mean of pain relief and anxiety reduction, meaning that most customers do not have doctor's approval and use them for self-medication.
This October, the sales of CBD-rich products account for three percent of the general market sales. By comparison, last year, the number was one percent lower. The company's analysis of the retail market shows that the revenue from the sale of CBD products in October are worth $1.8 million while the total market is $60 million.
This increase may have been the reason for the recreational and medical markets consolidation back in July of 2016. However, the tendency appeared long before that time.
Let us look at the data a little closer. Headset highlights that 32 percent of general sales in Washington is accounted for by women. Moreover, 39 percent of CBD-rich purchases are made by them as well. The age demographic data shows that most of the purchases are made by people over 51. The results indicate that women are more likely to utilize cannabis for medical purposes and that senior people are looking for pain relief that comes without psychoactive effects.
The company also shows that more than half of customers buy the products in bulk. Buying more than 5 grams of CBD-rich flower strain means that the purchase will be used for daily therapeutic purposes. In contrast, only 13 percent of the recreational cannabis sales are made in bulk.
The manufacturers of CBD-infused products do everything possible to push the sales even higher. They constantly create new edibles, concentrates, tinctures, capsules, and topicals. Among the most profitable kinds of weed products are edibles. Numerous mints and chocolates quickly rise to become the most popular products on the medical marijuana market.
BotanicaSeattle was one of the first companies to see the future demand of cannabidiol-infused goods. The company also saw the potential of delivering the medicine in a unique form that would attract those consumers who would not use other cannabis products.
Today, BotanicaSeattle relies on local farmers, which means that it endures financial pressure from the companies who order CBD oil that is made of Chinese industrial hemp and therefore is cheaper. Those producers can have the liberty of setting lower prices and gaining greater profits. However, the industrial hemp used by some manufacturers lacks the necessary cannabinoid profile that the homegrown plants have.
Unfortunately, most consumers are not educated enough on the issue and would rather buy cheaper goods.
To read about the Washington CBD market in detail, visit the official website of Headset.