Delta-8 THC Cannabis Generated $2 Billion In Revenue In 2 Years, Report Finds

In the past two years, Delta-8 Cannabis products have seen a surge in popularity and have generated over $2 billion in sales.

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According to a recent report by cannabis analytic firm Luxe Prima Group, the increasing popularity of delta-8 THC products is causing other cannabis industry professionals to take notice.

The effects of Delta-8 THC are similar to the effects of Delta-9 THC in cannabis. The Delta-8 molecule is found in very small trace amounts, but the products currently on the market are created by convertingCannabidiol intoDelta-8 molecule.

Following the legalization of cannabis at the federal level, Delta-8 products became popular. The legalization of cannabis caused companies to produce a wide array of products containing minor non-psychoactive cannabinoids, such as CBD and CBG, but also other marijuana cannabinoids that have milder psychoactive effects than THC cannabis, which are not categorized as illegal. 

There are concerns about the safety of Delta-8 THC and similar products because the conversion of cannabidiol into cannabis cannabidiol requires a skilled chemist to ensure the product is safe. 

The common health effects of consuming these impurities are unknown now.

There is a lot of overlap among users of new cannabinoid products

According to the report, over a third of the users have purchased products derived from cannabis in the last half-year. In states where marijuana is legal, a quarter of marijuana users are interested in purchasing delta-8 products in the future. Consumers are more likely to experiment with new products if the cost difference is favorable. Delta-8 has become a cost-effective and accessible way to experience the effects of marijuana in states where it is still illegal. It can be obtained legally or through the mail, making it a less risky alternative to getting marijuana illegally. A study published last year shows public interest in delta-8-THC increased in 2020 and 2021. Delta-8's popularity in places where marijuana is still illegal could affect support for legalization. 

"If the Delta-8 THC continues to gain popularity and build a foothold in areas where Delta-9 cannabis is restricted, legalization measures could see less popular support and slower progress toward full U.S. legalization."

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There is a lot of confusion about the main compound of cannabis in places where it is legal.

According to the report, retailers that sell Delta-8 products do not clarify that the compound is derived from hemp. The Delta-8 market is affecting the industry because of the changes in consumer behavior observed by the authors. According to Luxe Prima, there has been a decrease in online purchases of CBD since its peak in November 2020, with a very steep drop in online sales observed from October of 2016 to November of 2020.

There has been a 42% increase in purchases from vape and smoke shops during this period of decline. Most Cannabidiol users report using marijuana at least occasionally, so they may be inclined to switch to THC in areas where it's not legal. Some options can be taken to deal with the increasing popularity of delta-8 THC products. To compete with the gray market, companies in the marijuana and CBD industries need to promote the importance of safety and testing. 

They should point out the lack of oversight and testing for the products Delta 8 cannabis, which can make them potentially more dangerous than potentially naturally derived ones.

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According to the report, an alternative approach is for marijuana and CBD cannabis companies to "diversify" into the Delta-8 market by incorporating Delta-8 and other similar products into their product offerings.

Before full legalization occurs, cannabis companies should consider if they want to invest in launching hemp-derived Cannabinoids in non-legal markets to get regional brand exposure.

It is a way to seed the brand while regulatory and legal issues are resolved. Many companies that operate in this field overlook the products of the delta-8 THC cannabis variety with the expectation that they will be banned by future state laws. According to the report, the legal status of Delta-8 cannabis and similar compounds is uncertain, and it may be the best choice for a company not to involve itself with them. Some states have taken action and tried to ban the drug. There were 104 cases of adverse events related to the products. In May, they issued warning letters to five companies selling these products, citing illegal marketing and unauthorized treatments for medical conditions. 

The upcoming Farm Bill, set to be written this year and take effect in 2024, can greatly impact the current gray market for products like delta-8 THC cannabis and other cannabinoids. The Farm Bill can bring regulation to this market, ban these products, or not do anything at all. There is a waiting game to see which way the bill will go.

Keywords: THC, THC products,CBD, marijuana

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Higher use and increased potency of marijuana may be affecting the workforce

Cannabis intoxication can lead to accidents, injuries, and poor work performance, according to him. Marijuana sold in commercial stores today is much stronger than it was 20 to 30 years ago, which is a big reason why employees work high. The average level of the chemical responsible for the psychological effects of marijuana was less than a decade ago. Some potent concentrates in Colorado have levels of THC as high as 98%. How to get a sober workforce is the biggest issue. 

The number of people using marijuana is greater than the number of people using tobacco in the 24 to 32 age range, according to a survey. It goes into family life and into the workplace. A higher use rate has higher rates of problems. The perceived risk of using cannabis is at an all-time low, according to Cort. Many people think that youth use marijuana at a higher rate than they actually do. Rise above Colorado. Colorado statistics were used to teach teens how to make healthy decisions.

Rise above Colorado. Many people think that youth use marijuana at a higher rate than they actually do.

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The perceived risk for cannabis has never been lower, and the use rates have never been lower.

Increased rates of addiction and more hospitalizations are caused by higher levels of cannabis. Traditionally, the cannabis addiction rate among users was 10% or less, but now it is at a high of about 30%. We don't use weed. Highly concentrated forms of the drug are being used. There is a massive cannabis industry behind it.

Dr. Laura Sehnert is the emergency medicine physician at YVMC. Sehnert said they see more than you might think, including paranoia, anxiety, visual or auditory hallucinations, nausea, vomiting, arrhythmia, and elevated heart rate.

When cannabis products are mistaken for food, the top category of marijuana emergency visits is accidental exposure, which can happen at any age, including in young children and elderly adults.

Sehnert stresses that cannabis users should store and safeguard pot like they store medication in the home. Don't let children see it. It should be stored in the original package. Sehnert advised against storing it with other food and keeping it locked up.