Snacks laced with cannabis: what you’ve been next?
With $28 billion in sales in the last year alone, the US cannabis market is growing rapidly and shows no signs of stopping.
During his presentation at SNAXPO 2023, which took place in Orlando, Florida on March 19–21, Steve Schain, an attorney with the cannabis, hemp, and hallucinogens law business Smart-Counsel, stated that 72% of Americans have used cannabis at least once in the previous year and that the drug is currently legal in 38 states.
“Cannabis is on its way. “Weed is here,” he declared. “The question is: How can your consumption fit into what you want to do?”
According to BDSA’s US Cannabis Market Forecast, sales of cannabis-infused edibles and snacks are predicted to reach $6 billion by 2025, from $4 billion in legal sales in 2022.
According to Mr. Schain, this expansion has resulted in a boom of cannabis-infused snack goods, such as pretzels, corn chips, chips, granola bits, and more. For instance, TSUmo Snacks in Los Angeles sells cannabis-infused tortilla chips, crunchers, and onion chips; 3Leaf in Oakland offers bite-sized quinoa granola flavored with cannabis.
Due to their capacity to hide the unpleasant taste of cannabis, sweet snacks like chocolates and candies have historically dominated the market. However, as more is learned about ingredients, such as the function of fat, savory snacks are now able to compete.
According to Mr. Schain, “any amount of fat draws out the intensity of THC.” “Snacking products fit the bill because they include fat and are actually highly cannabis friendly.”
Mr. Schain pointed out that the market for cannabis-infused snacks is still dominated by smaller firms and does not yet have any major players. Even while some of these up-and-coming firms are passionate about cannabis, he added that some might not have the resources or experience needed to expand.
“They feel good about cannabis, but they don’t feel good about getting investors, managing a supply chain, or running a business,” he stated. “Are you scaled right for this?” and “What are the steps to move forward and capture a piece of this very large market?” are important questions to ask yourself.
Although legalization of cannabis is growing, marijuana is still prohibited at the federal level and is categorized as a Schedule I restricted substance, along with substances like ecstasy and methamphetamine. However, Mr. Schain stressed that things will soon change.
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“The question is not whether it will happen, but rather when,” he stated. “Cannabis will cross state lines because it must; that is the nature of our commerce.”
According to Mr. Schain, cannabis brands can expand their operations with the hope that the drug would be removed from Schedule I. He added that 3Leaf also has another alternative, which is to produce the non-cannabis materials and export them to another state to be infused with cannabis that is grown here in the United States.
The legalization of cannabis will not stop the cannabis market from growing quickly, no matter what tactics these food brands use.
Mr. Schain responded, “Believe me, every other domino is going to fall.” Since you currently don’t need cannabis, even if you don’t want it