A new report sheds some light on cannabis sales. While flower remains the top product being sold, other products are creeping in.
As marijuana becomes more popular, crowds are embracing new products. While marijuana flower remains the top product up for sale, other markets are growing.
As tracked by cannabis data platform Headset, marijuana flower sales grew from $4.92 billion in 2020 to $5.49 billion in 2021, according to Headset. Still, its share of the market fell, with pre-rolls, edibles, and more taking a cut.
The report, provided by MJBizDaily, reveals a variety of interesting findings. Marijuana flower sales experienced a price drop across states like California, Colorado, Michigan, Nevada, Oregon, and Washington. This is expected, with prices increasing the minute states launch legal markets, and then a price drop once the market finds its footing and normalizes.
It appears shoppers are becoming more knowledgable of the products they purchase, with dispensary workers reporting flower-buying habits shifting according to things like terpenes and other cannabinoids. These trends fluctuate depending on location; for example, on the East Coast, consumers purchase according to potency.
“The one thing that’s consistent is that the primary purchase decision is potency,” said Mike Bibbey, vice president of Ethos Cannabis, a marijuana retail business in Massachusetts and Pennsylvania.
In markets like California and Colorado, which have the most robust cannabis business in the country, shoppers are growing more sophisticated with their tastes, willing to pay high prices for the best quality of cannabis. “Customers are increasingly sophisticated – if they want something on the high end that’s been really well-produced and tastes good, they’re willing to pay up,” said Steve Gutterman, CEO of Falcon Brands, a cannabis company based in California.
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When asked about the differences between flower and other types of cannabis products, Gutterman is a believer of flower and in the tradition of cannabis. “At its core, flower provides a social experience that other things don’t,” he said.