The legal cannabis market has broadened, leaving plenty of room for concentrates – wax, shatter, badder, hash, budder, you name it – to be the next generation of cannabis products.
Concentrates are like the fine wine of the cannabis world. They offer a more complex and nuanced experience – major driving forces that catapulted its rising popularity as a more attractive option over flowers. Whether a consumer is looking for a potent high, a flavorful treat, or a potential medical remedy, there's a concentrate out there for everyone to enjoy.
While concentrates can be consumed in a variety of ways, the art of dabbing is gaining traction and there’s a little more to it than meets the eye. The science behind dabbing involves heating concentrates to a high temperature, vaporizing them, and then inhaling the vapor. This method provides a more potent and flavorful experience, allows a faster onset, and can be done in a more discreet manner (vapor is much less visible than smoke!) .
Premiere Provisions, a Michigan retailer, saw this as an opportunity to shatter the stigma surrounding concentrates and put a pedal to the metal on its sales. They stocked their dispensary with a variety of easy-to-use devices that appealed to both newbies and veteran consumers. They also made sure that consumers were educated about these devices while offering sweet discounts on the side. As a result, their sales have soared by 10% from May of last year to the present. Other retailers that sell concentrates include Hemper, The Herbalizer, The Green Solution, Leafly, and California Weedmaps.
So, what’s the sitch? If you're a retailer, you're missing out big time if you're not offering concentrates. Here are five convincing reasons why retailers should consider stocking their dispensaries with concentrates to stay ahead of the competition:
Concentrates are the X-factor that will give your shop the differentiation it needs.
Because concentrates are not as widely available as other cannabis products, it gives them that enticing charm. This perception of ‘scarcity' creates a sense of urgency and exclusivity, making concentrates more desirable and in demand. So, if your shop is one of the few who promote concentrates, you’re in for the pot!
Concentrates are big on compliance.
Concentrates are legal in many jurisdictions where flower is not. In this case, retailers who offer concentrates can target and operate in these markets without a hitch, even if their competitors cannot. Your shop would be the one to beat. Others will be trying to keep up with you!
Concentrates are the new cash cow of the cannabis industry.
Since concentrates undergo complex and time-consuming extraction processes, they are typically sold at a higher price per unit than flowers and other cannabis products. Retailers can then charge a premium and earn higher margins!
Also, concentrates’ growing popularity among consumers is driving demand for them. So, retailers who are able to get down on the ground floor to bring out high-quality concentrates will be well-positioned for success and significant markups.
Concentrates are the greenest way to consume cannabis.
As cannabis undergoes further processing into concentrates, less of the plant is wasted. The trichomes which contain the cannabinoids and terpenes are present in higher proportions in concentrates, which means that consumers get to savor the desired effects with a smaller amount of product.
Not only that, concentrates have a longer shelf life than flower, which can help retailers reduce their risk of product loss.
Concentrates are the gateway to new and exciting experiences.
Concentrates are the gateway to new and exciting experiences. A consumer comes to your dispensary and asks for a product that has mid-THC potency, has an earthy or piney flavor and is low cost, you might find yourself at a loss and wouldn’t have the slightest idea what to recommend. Fret not!
There is a wide variety of cannabis concentrates available – by type, potency, flavor, brand, and price – which gives retailers more options to offer their customers. This can help attract and satisfy new customers who have a knack for specific preferences and would like to know what’s right for them and what fits their budget. Hooked customers would be back in a heartbeat and would even tag their friends along for a hangout!
Considering marketing development, there is much to look forward to in this sector. National statistics, including medical and recreational markets, have seen concentrate sales leaping from an estimated $1.9 billion in 2020 to $2.4 billion in 2022. Brightfield Group, a cannabis analytics firm based in Chicago, predicted sales to reach $3.2 billion in 2024 even though it has only been a decade since concentrate products frequented the nation’s dispensaries. There is also an influx of newer variations of concentrates like diamonds and crystals.
Concentrates are taking the cannabis industry by storm, and there's no sign of them slowing down. Whichever way concentrates are being processed, using high-quality cannabis powder will always produce better results. And it plays a huge part in establishing your market share in delivering cutting edge, pure-quality products.
And yes, production of artisanal craft concentrates requires the use of technology that best supports consumer demand and the logistical processes of your business. Spray dryer use hot air to evaporate the solvent from the liquid solution, leaving behind a fine powder that contains the all-natural active ingredients from the cannabis plant – eliminating the risk of any residual chemicals that may be present in poorly purged solvent-based extracts. This guarantees your consumers a fast-acting, predictable, and repeatable experience, making them ask for more! A relatively quick and efficient method, spray drying can produce different types of concentrates including shatter, wax and crumble. Early adopters of spray dried cannabis powders get the additional edge on water-soluble powders that last longer in storage and cost less to transport.
The method used to produce cannabis concentrates is dependent on a number of factors, such as the desired consistency, purity of the concentrate, and the cost of production. However, on every R&D lab bench, a rotary evaporator would most certainly have a place. This rotary evaporator gives researchers the biggest range of speed control on the market, letting your best work shine through precision.
So, the next time a consumer heats up their concentrate-consumption device, they are able to capture the vapors and appreciate the rich aroma of terpenes and flavonoids from premium cannabis, as if they are sipping on some exquisite wine – a sought-after indulgence!
Got even greater, more amazing ideas on how to expand your product line? TC helps you achieve just that. We are keeping our fingers on the market’s pulse and are always on the lookout for changes in the hemp-scape so you don’t have to. Stay tuned to our newsletter and blog updates we’ll deliver the timeliest insider news and happenings on all things cannabis edibles.