We recently reported that the edible sector in the cannabis market is expected to hit $ 4.1 billion by 2022 in both Canada and the U.S. according to recent report by Arcview Market Research.
This significant growth is partially attributed to Canada rolling out legalized cannabis earlier this week.
However, the cannabis industry is a heavily regulated industry and in the U.S. and this presents some challenges. Even in the U.S. states where cannabis is legal, the regulations differ from state to state.
So popular products like Nancy Whiteman’s cannabis caramels can be sold in Oregon but can't be sold in Colorado because they are too buttery to hold the imprint of the THC symbol.
With that in mind, Whiteman's Colorado-based cannabis company is focusing on different markets when it comes to some of its edible products.
"Nancy Whiteman’s business is exploding. Wana Brands, based in Boulder, has zoomed from approximately $100,000 (U.S.) in sales in its first year in 2010, to more than $14 million last year," writes "The Star." "Wana — “Wana enhance your life?” — is pushing toward control of a quarter share of Colorado’s edibles market while keeping an eye on developments in other states and, enticingly, Canada."
Whiteman, along with other U.S. cannabis businesses , is looking into partnering with Canada companies to get into the soon to be exploding market.
“We have talked with many LPs (licensed producers) in Canada and are still making a decision on partners, but fully intend to be in Canada once edibles are legal," said Whiteman.
But there are still regulatory hurdles to overcome in the edible market.
The Washington State Liquor and Cannabis Board announced earlier this month that cannabis-infused products that could be accidentally ingested by children like candies and lollipops will no longer be allowed to be sold.
Does this mean that Canada and other U.S. states will soon implement similar rules?
Consumers spend the most on the candy cannabis subcategory in Colorado, followed by chocolate at a close second.
Learn more at "The Star."
As the cannabis industry booms, CBD the legal non-psychoactive compound found in the marijuana plant is also on the rise. CBD-infusions are now being served in cities across the country. Listen to this recent episode of The Barron Report below to learn how CBD is making an impact in the foodservice industry.