Until fairly recently, cannabis was sold in little baggies by dealers or if you wanted to get fancy, you might find some homemade brownies.
But that’s changing.
Last year, the total legal cannabis market in Colorado alone hit more than $700 million – half of which came from edible and vape-related product sales.
That’s one of the reasons why manufactured-infused products (MIPs) are the best business in cannabis right now.
What are Manufactured-Infused Cannabis Products?
The name does say it all: edible products like brownies, candies, gummies etc. infused with cannabis. As the edible market has grown, so has the sophistication of the edible products – gone are the days of edibles that had no flavor or taste consistency. Now, using new techniques like distillate extraction, edible products have a more powerful flavor, with a consistent taste and high potency.
What makes them so popular?
Over the past few years, they’ve grown in popularity; one of the reasons being they’re more potent than smoking marijuana. When you smoke, THC (tetrahydrocannabinol, the ingredient that gives you the “high” feeling) enters your system through your lungs but when you eat it, it enters through your stomach and liver giving you a high, faster. They’re also often cheaper for the same or higher dosage than you’d get from smoking a joint.
For some, choosing edibles over smoking is a no-brainer; after all; there’s less stigma associated to edibles (since it’s not as obvious that you’re ingesting marijuana) and you can be more sure of the dosage you’re taking, as the edible products are labeled.
What’s predicted to happen in the edibles business?
The number of licensed marijuana-infused cannabis producers grew by 50% from the beginning of 2016 until end of 2016 in the state of Colorado alone – with estimates showing that about 60% of Colorado’s cannabis revenue comes from manufactured-infused products.
The market is expected to grow even further, especially after the November U.S. elections during which four states legalized recreational marijuana and another three approved its medical use. Marijuana Business Daily predicts these legalizations could lead to an additional $7-8 billion dollars in annual retail cannabis sales; with others calling it “the next gold rush.”
Get in on the gold rush
MIPs are not just a craze: their consistency, reliability, potency and demand are making them the best business in cannabis.