Non-flower products to dominate 40% of cannabis market by 2020
August 9, 2018
Washington – New Frontier Data, the global authority in data analytics and business intelligence in the cannabis industry, releases 2018 Cannabis Industry Trends Report: Market Insights. This report examines trends in the burgeoning cannabis industry across the United States and explores market demand, federal and legislative action, compliant banking practices, and the opioid epidemic. In Arizona between March 2017 and March 2018, monthly sales of flower grew by 42%, while edibles grew by 51% and concentrates grew by a whopping 113%.
“Flower has continued to dominate the market in Arizona, but demand for concentrates and oils has been steadily growing. Given the strong growth, non-flower products are projected to command up to 40% of Arizona’s total medical cannabis revenue by 2020,” said Kacey Morrissey, Associate Director of Industry Analytics at New Frontier Data.
Arizona’s medical cannabis market has begun resembling more mature adult-use programs, such as in Oregon and Washington, where excess supplies force down prices. Arizona’s market has seen the entry of some big players with large greenhouses (and greater economies of scale) that have effectively increased competition in the wholesale cultivation market, pushing down prices. However, local business owners have been lobbying for measures that could improve demand, such as reciprocity among out-of-state medical cardholders and lower prices for patient ID cards.
Visit www.newfrontierdata.com/trends to download the full report.
About New Frontier Data:
New Frontier Data provides objective, rigorous and comprehensive analysis and reporting about the nascent and underserved cannabis industry worldwide. New Frontier Data’s analytics and reports have been cited in over 65 countries around the world to inform industry leaders, investors, policymakers and others. New Frontier Data, the premiere and only Big Data shop in the sector, looks beyond plant cultivation and distribution to raise the industry bar and improve visibility into what will inevitably soon be a mature and more complex global market. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. and has additional offices in Denver, Colorado.
New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry. For more information about New Frontier Data please visit: www.newfrontierdata.com.