As the legal cannabis market develops, companies like BDS Analytics and Headset are collecting point-of-sale data from dispensaries and tracking market trends, allowing industry participants to better understand the dynamics of the legal market. Quartz used data from Headset to support an observation in Washington that has been observed in many markets: New product categories are developing rapidly and taking a larger and larger share of the legal cannabis market. Dried flower share is now below 60% in Washington, with more convenient products, like pre-rolls and vape pens approximating 12% each.
Headset’s website includes several reports published in June, including one on Washington that illustrates the rapid growth in products beyond dried flower:
The Quartz article points to 70% growth for topicals and double-digit growth for all categories except flower, which has increased just 4% since year-end through May and suggests that the underlying driver is changing demographics of the market, which includes new consumers. Operating in a legal environment is also conducive to innovation from entrepreneurs. The newer categories, according to the Headset data, offer higher margins than flower, another driver of innovation.
Read Ana Campoy’s “Nobody smokes their weed anymore”: http://qz.com/725151/nobody-smokes-their-weed-any-more/
