Innovative Products Arise From the Cannabis Market's Rapid Expansion

NEW YORK, Aug. 8, 2019 /PRNewswire/ -- Consumers are starting to demand more from their cannabis companies as the market continues its expansion across the world. During the early stages of legalization in regions such as Colorado and California, dried cannabis flower dominated overall cannabis sales. However, after each year, dried cannabis sales continued to dwindle as secondary products such as extracts filled the gap. Overall, consumers have been shifting noticeably from dried cannabis flower to extracts and concentrates because of their potency and short delivery time. Typically, most cannabis users say that extracts and concentrates usually last longer and provide more THC or CBD content per dollar spent compared to traditional flower. Moreover, extracts and concentrates are highly potent, containings upwards of 90% THC levels. Meanwhile, flower generally contains THC levels lower than approximately 35%. However, both extracts and flowers are not always solely THC dominant. Certain products can be CBD dominant and as such, will not cause any psychoactive effects on users. In general, in order to create CBD or THC-rich products, the producer needs to carefully select a high-quality strain. For instance, if a producer was looking to create a highly potent THC oil, he or she would need to use a THC dominant strain and then extract its cannabinoids to produce the oil. On the other hand, if a producer wants to make a mild CBD oil, then he or she would most likely avoid using THC rich strains, but instead create a pure CBD product or a mixture of CBD and THC to their desired ratio. Typically, before the rise of legal channels, consumers mostly purchased their cannabis supply from unknown sources via the black market. The major concern was that consumers would have no idea how potent the product was and where it originated from. Nowadays, consumers have endless choices when it comes to legal vendors and can choose from pure THC or CBD products, or even a combination of both. According to data compiled by Ameri Research, the global legal marijuana market was valued at USD 14.3 Billion in 2016. By 2024, legal marijuana global sales are projected to reach USD 63.5 Billion while exhibiting a CAGR of 21.1% from 2017 to 2024. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED), Tilray, Inc. (NASDAQ: TLRY), Cresco Labs Inc. (OTC: CRLBF) (CSE: CL), Origin House (OTC: ORHOF) (CSE: OH)