Rockville, MD—U.S. retail sales of cannabis and cannabidiol (CBD) products reached $14 billion in 2019, and are on pace to increase 18% per year to $33 billion in 2024, according to data published in a new report from Packaged Facts titled Cannabis and CBD: U.S. Retail Market Trends and Opportunities.
The most common delivery format for cannabis, the flower—smoked as buds or as cigarettes—accounts for nearly 40% of retail sales, according to a press release. Vaporizer cartridges with concentrated THC or CBD compounds takes the second largest share, but it’s falling, as concerns about vaping-related lung illnesses rise. Edibles and topicals are predicted to rise, and to rise quickly, as they stand to benefit the most from legalization of hemp-based CBD; major retailers are already offering CBD-infused food and beverages, as well as CBD-infused cosmetics.
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The report analyzes cannabis and cannabis-related retail trends and opportunities in the U.S., with a focus on multi-state cannabis dispensary operators and food and beverage introductions, as well as market trends by state. It also includes a detailed analysis of cannabis-related legal and regulatory trends at the federal and state levels. The report can be purchased here.