The Rising Importance Of Minor Cannabinoids In The Growing Edible Market
With society’s growing acceptance of cannabis consumption, a segment that has risen in popularity is edibles, which are simply products containing cannabinoids that one can eat or drink. While edibles containing cannabinoid compounds, such as THC (tetrahydrocannabinol), which induces a euphoric feeling, or CBD (cannabidiol), which has therapeutic attributes, are familiar to many, edibles containing minor cannabinoids are gaining traction among consumers due to the compound’s unique properties and potential health benefits. As such, the minor cannabinoid-infused edibles market stands at the precipice of potentially remarkable growth, fueled by discernible shifts in consumer behavior.
The 2023 Minor Cannabinoid Market
Recently, BayMedica, a firm focused on producing and commercializing rare cannabinoids and a subsidiary of InMed Pharmaceuticals (NASDAQ:INM), released a report detailing the growth of the minor cannabinoid market in 2023. The report utilized data from Headset, the largest dataset in the cannabis industry. It focuses on the growth, competition and consumer habits associated with minor cannabinoid-infused edibles in ten regulated cannabis states, which represent 85 million of the 158 million people living in areas where recreational cannabis is legal.
The edible market experienced a robust 5.4% revenue surge in 2023, totaling $2.097 billion for the year. This growth was driven partly by innovative developments with minor cannabinoids. Gummies, a subset of the edible product category, exhibited strong sales, while minor cannabinoid-infused edibles witnessed an impressive 47% year-over-year growth, with sales totaling $391 million for the year.
While there was a slight decline (i.e., from $14.29 to $12.54) in the average edible item price, the increased demand by consumers, strong growth prospects of the category and reduced input production costs were factors that appealed to cannabinoid brands seeking to gain strategic positioning in the industry.
Minor Cannabinoids Explained
Minor cannabinoids are naturally occurring compounds found in cannabis plants, distinct from the more well-known cannabinoids like THC and CBD. While THC and CBD dominate in terms of quantity and research focus, minor cannabinoids are changing the cannabinoid landscape due to their holistic capabilities.
Minor cannabinoids are found in much smaller quantities than their more abundant counterparts THC and CBD, and are relatively rare in the full spectrum of cannabinoids that are present in a fully mature cannabis plant. Some notable minor cannabinoids include:
Cannabichromene (CBC):
CBC is recognized as a “booster” for other cannabinoids and is known for its interaction with the body’s natural endocannabinoid, anandamide (also known as …