The Betty’s Eddies line of Ache Away Eddies PM are designed for sleep relief, with a 1:1:1 ratio of THC, CBN and CBC.
Once viewed as the fastest growing sector of the cannabis industry, the growth rate of edibles has slowed down in recent years, though optimism for the category remains high and the phenomenon of hemp-derived products and minor cannabinoids have rejuvenated sales.
“Flower is still king in our industry, but edibles are the entry point for most new users and we’re still very early in the adoption of cannabis into most Americans’ lifestyle,” says Ryan Crandall, chief revenue officer of MariMed and co-creator of Betty’s Eddies.
BDSA estimates about $4.1 billion of edibles were sold legally in the United States in 2023, a number that is forecast to grow to about $6.5 billion by 2027, with roughly 18% of sales coming from the medical market. In BDSA-tracked markets, edibles accounted for 13.8% of total cannabis sales in Q4 2023, growing their share by 5% from Q1 2022 to Q4 2023.
Edibles containing minor cannabinoids have been some of the hottest products in the market, rising to become top-sellers for many individual brands. CBN, an increasingly popular sleep aid, has seen the most growth, with sales jumping by 66% between Q1 2022 and Q4 2023.
Minor cannabinoid products offer cannabis consumers a more tailor-made experience, whether they’re looking for relaxation or recreation or something to take the edge off aches and pains or help with sleep.
Whether companies are incorporating minor cannabinoids in their products or not, the leading brands are learning to put their customers first.
“Always listen to the consumer,” Crandall says. “They’ll tell you what they want from your product and their relationship with your brand. Deliver it all to them authentically and consistently, and they’ll remain loyal to you forever.”
Meanwhile, regardless of the formulation, gummies continue to be a force all their own within the greater edibles category. According to BDSA, all of the top 10 best-selling edibles products currently are gummies. Gummies account for about 72% all edibles sales (candy is the largest subcategory within the edibles market, growing from 66% two years ago to 77% today; gummies represent 93% of the candy category).
The rest of the edibles market is split between chocolates (7%), pills (7%), beverages (6%), infused foods (3%) and “other” (less than 1%).
According to BDSA, in Q4 2023, there were 647 brands selling edibles in the 15 states tracked by the analytics firm, with 37% being multi-state brands.
Grön CEO Christine Smith says one of the biggest challenges of expanding into new markets is not only scaling the brand, but also continuing to support your legacy markets, “because they’re totally different projects,” she says. We’re selling the same products, but they’re very, very different strategies, so it’s a lot of balls we’re juggling.”