Anybody with an oil rig or a vape pen knows that extracts are the cannabis variety of choice at the moment, but now there’s some math and science to back it up. Sales of legal concentrates in Colorado are up 125 percent in Colorado, according to stats from BDS Analytics reported by Marijuana Business Daily.
The sales data compares markets in the first quarter of 2016 compared with the same quarter in 2015. Weed products in general rose substantially in that year span, but cannabis extracts show by far the greatest growth.
Cannabis flower sales rose 11 percent over the last year, while edibles climbed a very healthy 53 percent, but both are nothing compared to the more than doubling concentrates have done in the market. Concentrates’ meteoric climb in profits likely both mirrors the rise yet uncounted in other states, and foretells an even greater take of the market share in years to come.
Though the market was once dominated by classic cannabis flowers, concentrates and edibles now make up roughly a third of cannabis sales in the state, up from 24 percent last year. Some in the industry think that one day soon extracts and edibles will account for more of the cannabis market than flowers themselves.
Tom Jones, director of analytics for BDS, told MJ Biz that he predicts hash oils and extracts will one day out perform cannabis flower in the market.
“The share of flower in dollars has dropped from 71% [of total sales] last year to 58% this year,” said Jones. “That’s a big change, and we absolutely expect that flower will diminish to a minority share.”
Photo via Flickr user Andres Rodriguez