The Gateway For Cannabis Edible Businesses Into The Vape Market
Vape is one of the best options for cannabis edible brands to expand their business and now is the best time for them to introduce vape product lines. The argument is not told by a certain industry expert or institution but rather by data and information. Backed by substantial data and market insights, this article delves into why now is the opportune moment for cannabis edible businesses to diversify their product lines with vape offerings.
Vape Market Outpaces Edibles
The vape industry stands as a dynamic force, boasting twice the potential of its edible counterpart. According to Headset data, in 2023, category sales for Vape and Edible reached $4.1 billion (23.6% market share) and $2.0 billion (12.1% market share) respectively. Notably, the unit sales data illustrates an interesting data relationship, with vapor pens achieving a remarkable 162.3 million units sold, closely rivaled by edibles at 150.2 million units. This signifies underscores the higher average order value and lower operational costs associated with vapor pens.
Based on that, the vape market’s allure lies not just in its substantial revenue figures but also in the efficiency and profitability afforded by the unique dynamics of vapor pen consumption.
40% of Matured Cannabis Edible Brands Venture into Vape
In a comprehensive analysis backed by Headset data, the statistics of the top 30 cannabis edible brands across 10 states in the United States (AC, CA, CO, IL, MA, MD, MI, NV, OR, WA) reveal a notable market trend. Among these leading brands, 40% of them have strategically incorporated vape products into their offerings.
Additionally, the data analysis exposes a compelling …