According to The Brightfield Group, a cannabis analytics firm, cannabis consumers are turning to extracts and concentrates as they seek more bang for their buck.
Falling flower prices and economics of scale behind producing extracts such as live resin or rosin, weigh in as factors that contribute to their popularity among cannabis users.
As markets mature, cannabis users seek diversity and higher potency, triggering the demand for manufactured cannabis products.
“More than 64% of consumers are using cannabis at least daily. … The more frequently you use it, the higher your tolerance becomes. That’s helping build the concentrates market,” Bethany Gomez, Brightfield’s managing director told MJBizDaily.
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Gomez said consumers are more price sensitive given inflation, and products have become much more refined in branding and packaging.
“We see consumers not willing to give up on their cannabis usage, not willing to use any less product. But they’re definitely looking for a stronger bang for their buck, which is why concentrates can be a really effective product for heavy users,” Gomez said.
Live Resin, Wax And Rosin: Top 3 In The US
As wholesale flower prices drop country-wide, concentrate products have become cheaper. That allows some stores to sell cartridges for $11, although prices can spike depending on the quality of the product and branding.
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According to Cooper Ashley, analytics manager at data company Headset, “live resin is far and away the most popular segment (within concentrates) by a pretty good margin. Right now, we have live resin at the top. Wax is the second, rosin is the third.”
This article originally appeared on Benzinga and has been reposted with permission.