InMed Pharmaceuticals Inc. (NASDAQ: INM) Subsidiary BayMedica Releases Market Report for 2023 on “Minor Cannabinoids”
- The report explores the growth, competition, and consumer trends, for lesser known cannabinoids
- The report highlights a 5.4% revenue increase in the edible market for 2023, with total sales reaching $2.097 billion
- As consumer preferences shift towards edibles for their therapeutic effects and consistent experiences, the industry product landscape is set to evolve
With the increasing acceptance of cannabis use in society, the popularity of edibles—products containing cannabinoids that can be consumed as food or drink—has surged. While many consumers are familiar with edibles containing THC (tetrahydrocannabinol), known for its euphoric effects, or CBD (cannabidiol), recognized for its therapeutic benefits, there is a growing interest in edibles infused with non-intoxicating minor cannabinoids. These lesser-known cannabinoids offer unique properties and potential health benefits, driving significant market growth.
BayMedica, a subsidiary of InMed Pharmaceuticals (NASDAQ: INM), specializes in rare cannabinoids, and has published a report on the expansion of the minor cannabinoid market in 2023. Link to a full copy of the report can be found at https://nnw.fm/6m6c9 .
The report, based on data from Headset, the largest industry dataset, explores the growth, competition, and consumer trends in ten regulated states, encompassing 85 million of the 158 million residents in areas where recreational cannabis is legal (https://nnw.fm/HXz2I ).
The report highlights a 5.4% revenue increase in the edible market for 2023, with total sales reaching $2.097 billion. This growth is attributed to innovative developments in minor cannabinoid products. Among edible products, gummies demonstrated robust sales, while minor cannabinoid-infused edibles experienced an impressive 47% year-over-year growth, totaling $391 million in sales.
Despite a decrease in the average price of edible items from $14.29 to $12.54, the strong consumer demand and reduced production costs have made minor cannabinoids a strategic focus for brands aiming to secure a competitive position in the industry.
Minor cannabinoids, although less prominent than THC and CBD, are gaining attention for their distinctive properties and potential health benefits. These compounds, found in smaller quantities in cannabis plants, are transforming the cannabinoid landscape. Key minor cannabinoids include:
- Cannabichromene (“CBC”): Known for enhancing the body’s natural endocannabinoid, anandamide, by prolonging its presence in the bloodstream
- Tetrahydrocannabivarin (“THCV”): Non-psychoactive, it may suppress appetite and enhance focus and energy
- Cannabidivarin (“CBDV”): Similar to CBD, it potentially supports brain, immune, and gut health
- Cannabinol (“CBN”): Mildly psychoactive, known for its sedative and antibacterial properties, beneficial for insomnia and pain relief
The endocannabinoid system (“ECS”), discovered in the late 1980s, plays a crucial role in regulating various body functions. Every cell type has cannabinoid receptors that interact with over 140 known cannabinoids. The ECS’s therapeutic potential spans numerous diseases, though extracting minor cannabinoids is challenging due to their low quantities and the high cost of separation. BayMedica’s advancements in biosynthesis and synthetic chemistry now allow for commercial-scale production, opening new therapeutic avenues.
In 2023, nearly half of the top 50 selling edibles contained minor cannabinoids, reflecting a significant market trend. Leading brands are innovating with formulations that appeal to a diverse consumer base, allowing them to command premium pricing for minor cannabinoid products. These products have a 6.3% higher average price and a 73% higher average EQ (Equivalent) price compared to THC-only products, indicating a strong consumer willingness to pay for added benefits. The entourage effect theory suggests that combining minor cannabinoids with major cannabinoids like THC and CBD enhances medicinal benefits, such as pain relief.
Commercial adoption of minor cannabinoids in edibles provides insights into consumer preferences. CBN has emerged as a leader in sales, likely due to its sedative effects. CBG, while currently strong, may see a future decline as other minor cannabinoids gain traction. CBC and THCV have shown significant sales growth in 2023, driven by research into their potential benefits and increased production efficiency.
As consumer preferences shift towards edibles for their therapeutic effects and consistent experiences, the cannabis product landscape is set to evolve. Brands must align with these changing needs, emphasizing minor cannabinoids for holistic well-being. BayMedica remains committed to scaling operations and expanding product offerings to meet the rising demand for high-quality cannabinoids, supporting a broad and growing customer base.
For more information, visit the company’s website at www.InMedPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://nnw.fm/INM
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
- The report explores the growth, competition, and consumer trends, for lesser known cannabinoids
- The report highlights a 5.4% revenue increase in the edible market for 2023, with total sales reaching $2.097 billion
- As consumer preferences shift towards edibles for their therapeutic effects and consistent experiences, the industry product landscape is set to evolve
With the increasing acceptance of cannabis use in society, the popularity of edibles—products containing cannabinoids that can be consumed as food or drink—has surged. While many consumers are familiar with edibles containing THC (tetrahydrocannabinol), known for its euphoric effects, or CBD (cannabidiol), recognized for its therapeutic benefits, there is a growing interest in edibles infused with non-intoxicating minor cannabinoids. These lesser-known cannabinoids offer unique properties and potential health benefits, driving significant market growth.
BayMedica, a subsidiary of InMed Pharmaceuticals (NASDAQ: INM), specializes in rare cannabinoids, and has published a report on the expansion of the minor cannabinoid market in 2023. Link to a full copy of the report can be found at https://nnw.fm/6m6c9 .
The report, based on data from Headset, the largest industry dataset, explores the growth, competition, and consumer trends in ten regulated states, encompassing 85 million of the 158 million residents in areas where recreational cannabis is legal (https://nnw.fm/HXz2I ).
The report highlights a 5.4% revenue increase in the edible market for 2023, with total sales reaching $2.097 billion. This growth is attributed to innovative developments in minor cannabinoid products. Among edible products, gummies demonstrated robust sales, while minor cannabinoid-infused edibles experienced an impressive 47% year-over-year growth, totaling $391 million in sales.
Despite a decrease in the average price of edible items from $14.29 to $12.54, the strong consumer demand and reduced production costs have made minor cannabinoids a strategic focus for brands aiming to secure a competitive position in the industry.
Minor cannabinoids, although less prominent than THC and CBD, are gaining attention for their distinctive properties and potential health benefits. These compounds, found in smaller quantities in cannabis plants, are transforming the cannabinoid landscape. Key minor cannabinoids include:
- Cannabichromene (“CBC”): Known for enhancing the body’s natural endocannabinoid, anandamide, by prolonging its presence in the bloodstream
- Tetrahydrocannabivarin (“THCV”): Non-psychoactive, it may suppress appetite and enhance focus and energy
- Cannabidivarin (“CBDV”): Similar to CBD, it potentially supports brain, immune, and gut health
- Cannabinol (“CBN”): Mildly psychoactive, known for its sedative and antibacterial properties, beneficial for insomnia and pain relief
The endocannabinoid system (“ECS”), discovered in the late 1980s, plays a crucial role in regulating various body functions. Every cell type has cannabinoid receptors that interact with over 140 known cannabinoids. The ECS’s therapeutic potential spans numerous diseases, though extracting minor cannabinoids is challenging due to their low quantities and the high cost of separation. BayMedica’s advancements in biosynthesis and synthetic chemistry now allow for commercial-scale production, opening new therapeutic avenues.
In 2023, nearly half of the top 50 selling edibles contained minor cannabinoids, reflecting a significant market trend. Leading brands are innovating with formulations that appeal to a diverse consumer base, allowing them to command premium pricing for minor cannabinoid products. These products have a 6.3% higher average price and a 73% higher average EQ (Equivalent) price compared to THC-only products, indicating a strong consumer willingness to pay for added benefits. The entourage effect theory suggests that combining minor cannabinoids with major cannabinoids like THC and CBD enhances medicinal benefits, such as pain relief.
Commercial adoption of minor cannabinoids in edibles provides insights into consumer preferences. CBN has emerged as a leader in sales, likely due to its sedative effects. CBG, while currently strong, may see a future decline as other minor cannabinoids gain traction. CBC and THCV have shown significant sales growth in 2023, driven by research into their potential benefits and increased production efficiency.
As consumer preferences shift towards edibles for their therapeutic effects and consistent experiences, the cannabis product landscape is set to evolve. Brands must align with these changing needs, emphasizing minor cannabinoids for holistic well-being. BayMedica remains committed to scaling operations and expanding product offerings to meet the rising demand for high-quality cannabinoids, supporting a broad and growing customer base.
For more information, visit the company’s website at www.InMedPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://nnw.fm/INM
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
