Cannabis has two widely celebrated holidays: 4/20 and 7/10. The former is devoted to the world of weed, while the latter was first noted in 2012 and celebrates hash oil (710 spells OIL backward). As cannabis concentrate sales have grown exponentially in recent years, 7/10 has become popular among enthusiasts across the globe.
The Growing Popularity of Cannabis Concentrates on 7/10 Celebrations.
Data shows that flower remains the most popular product category, but as more consumers turn towards cannabis concentrates, companies are exploring ways to expand their operations into this area of the market. Oils now take up the largest share of revenue within the cannabis extract market.
The economic potential of cannabis oil is immense. In 2019, Grand View Research valued the oil segment at $4.8 billion. Colorado’s Marijuana Enforcement Division (MED) reported 40,229 pounds of concentrate products sold between its medical and recreational marketplaces in 2019 – an astonishing 128% increase from 2016 flower sales totals.
On the West Coast, California saw cannabis concentrates outselling flowers in 2019 by 37%. Massachusetts also experienced a 17% growth in cannabis concentrate sales between June 2019 and 2020, even amidst mandated shutdowns of adult-use retailers due to COVID-19 stay-at-home orders. All these figures demonstrate the remarkable power of the cannabis oil industry today.
These figures underscore just how powerful the cannabis oil industry is. Grand View Research valued the oil segment at $4.8 billion. Colorado’s Marijuana Enforcement Division (MED) reported an astonishing 128% increase in concentrate products sold between its medical and recreational marketplaces from 2016 to 2019 – totalling 40,229 pounds.
On the West Coast, concentrates outsold flowers in California for a total of 37%. Massachusetts also saw considerable growth in sales of cannabis concentrate products with a 17% rise between June 2019 and 2020 – even amid mandated shutdowns of adult-use retailers due to COVID-19 stay-at-home orders.
Cannabis Oil Industry: Its Economic Potential and Rapid Growth in Popularity
The increasing popularity of cannabis oil products is boosting the market and opening up new opportunities in the sector. A lot of research is being done by manufacturers to improve processes, enhance the quality of cannabis products, and increase their accessibility to consumers.
Also, due to new regulations across the US, more people can now access cannabis oil. This has helped to further drive the demand for this product type among consumers and allowed manufacturers to capitalize on the opportunity with their own offerings.
In Canada, sales of cannabis concentrates have skyrocketed since legalization in October 2019. According to April 2020 figures, concentrate sales rose by 154%, while flower sales declined slightly over the same period.
As concentrate use has become more widespread, consumers are increasingly looking for terpenes and specialized equipment to maximize their experience. Terpenes have become a popular topic among industry insiders, as many are beginning to recognize that they offer an array of sensory benefits on top of THC content. Concentrates provide users with potent effects, but also allow them to explore different flavors and aromas – making it a truly unique experience.
The Benefits of Cannabis Oil Usage
Terpenes are the unique compounds that contribute to the flavor and aroma of cannabis. But they can also have an impact on how your body processes cannabinoids like THC and CBD, resulting in what is called the ‘Entourage Effect’.
This means that different strains may produce different effects due to their distinct chemical profiles, allowing for unlimited possibilities. Therefore, terpenes play a key role in creating individual experiences through the combination of cannabinoids.
These four popular terpenes are the building blocks for many cannabis strains!
- Caryophyllene is a terpene found in pepper and cloves with an aroma likened to a ‘woody spice.’ It’s often found in indica strains which can provide physical relief and sleepiness.
- Limonene has a citrusy scent, making it perfect for energizing sativas.
- Myrcene has an earthy, musky smell typical of plants like thyme, hops, or parsley, and these indicas promote feelings of relaxation.
- Pinene carries the fragrance of pine trees with it and may have anti-inflammatory properties; it’s also associated with enhanced creativity and euphoria.
The appeal of cannabis concentrates is undeniable; they come in a variety of textures and can be consumed using various methods. Although the appearance or feel of a concentrate may not accurately reflect its quality, effects, flavor, or potency, there are some major advantages to consuming them.
First and foremost is their rapid onset time – you will likely experience the effects almost immediately after consumption. The effects from concentrates can also last up to three hours depending on the person. Concentrates are more potent than what can be achieved with traditional cannabis flowers.