Edibles Outperform Cannabis Industry Growth In 2020 On COVID-Spurred Sales Surge
It’s prompting edibles manufacturers to invest in research and development
Sales of edibles skyrocketed across the nation in 2020 as consumers shied away from inhalable forms of cannabis during the COVID-19 pandemic in favor of more discreet consumption methods.
The surge is prompting edibles manufacturers to invest in research and development and new product lines for 2021.
End-of-year data from Seattle-based cannabis analytics firm Headset shows that for all of 2020, sales of adult-use and medical edibles grew by 60% across seven state markets – to $1.23 billion in 2020 from $767 million in 2019.
That performance meant edibles outperformed the total cannabis market, which grew a hefty 54% last year.
The seven states were California, Colorado, Massachusetts, Michigan, Nevada, Oregon and Washington.
According to Headset data analyst Cooper Ashley, edibles increased their market share from 10.65% in 2019 to 11.07% in 2020.
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