Delta-8 THC products generated nearly $2 billion in revenue over the last two years, according to a white paper from Brightfield Group, a cannabis analytics firm.
According to Brightfield, 35% of CBD consumers have purchased some hemp-derived, psychoactive cannabinoid product within the last six months, and another 23% of cannabis consumers in states that allow access to delta-9 products are likely to purchase delta-8 products in the future.
“Consumers are interested and willing to experiment, so they may move more toward Delta-8 as time passes, especially if the price differential continues to make it more appealing.” — Brightfield Group, “How Big of a Threat is Delta-8?”
The report indicates that online CBD purchases peaked in November 2020 and have experienced a sharp decline in the following months – 53% from the fourth quarter of 2021 to the third quarter of 2022. ). The decline in online sales coincides with a 42% increase in purchases at vape and smoke shops purchases over the same period.
“This channel offers consumers more exposure opportunities to hemp-derived THC products,” the report states. “With 64% of CBD users saying they use cannabis at least a few times a year, these consumers are definitely open to THC and potentially shifting some consumption in that direction, especially in non-adult use THC markets.”
Brightfield suggests that delta-9 businesses have three options: “beat them, join them, or ignore them.” The paper suggests that Congress could target delta-8 THC in this year’s Farm Bill but that some CBD companies are adding delta-8 to their portfolios.
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