Cannabis infused foods and beverages are without a doubt one of the largest trends in the cannabis market globally. However, an equally popular trend in the booming sector is vaping concentrate. These two consumption methods have a lot in common when it comes to what they need to exist. While you can simply utilize dried cannabis buds that have been decarboxylated to infuse oils and butter into yummy foods, it’s not the same and it also won’t work for beverages.
An Elevated Need For Cannabis Oils
The similarity in what is needed for cannabis foods, beverages and vaping lies within cannabis oil. To produce cannabis oil for mass manufacturing it must first be extracted from the plant which is why the next big trend is going to relay on extractors.
The Data Behind It
While there is a market with various different extraction products available today the advancements, convenience and other aspects of these necessary tools are likely to evolve in coming years. GMP Securities estimates that extract such as oils, capsules, and sprays represented 13% of sales in the cannabis space in the fourth quarter. In the coming years, they predict that cannabis derivatives and extracts will make up half of the entire market. This means there’s going to need to be an elevation in the number are extractors available for companies nationwide.
Another solidifying fact that extractors are sure to be a product sector to pay attention to lies within recent deals sign between Canopy Growth Corporation and extractors. Recently Canopy Growth Corporation signed a deal with HollyWeed and MediPharm Labs which are both extractor companies. Banyan Hill stated that MediPharm could supply Canopy with a 900 kg (1,984 lb.) of cannabis oil. At current prices, that’s a deal worth more than 40 million dollars.
GMP Offers Quality & Consistency
Extractors in Canada such as HollyWeed and MediPharm have to abide by Good Manufacturing Practices. Additionally, they must receive a GMP certification. The certification is a requirement before they are legally able to sell their products in a domestic market. This not only opens doors for Canadian extractors specifically to span out to other countries around the world it also allows them to offer a consistent and standardized extract. Something that many markets around the world cannot provide.