With $7 billion, you could buy the Buckingham Palace seven times. Or you could own the majority of the global cannabis extraction market in 2019, worth a whopping $7.3 billion according to Grand View Research (GVR).
The extract market is exploding, with GVR predicting a compound annual growth rate of 16.6 percent from 2020-2027.
New Frontier Data Senior Economist Beau Whitney discussed data trends in an interview with the Financial Post, noting “If you look to the U.S., it was not uncommon to see 75 percent of the market consuming cannabis flower years ago, but as product offerings became more differentiated, we saw the market for flower drop to around 40 percent and the market for oils surge to over 60 percent.”
As interest in extractions grows with the rise of infused products (think beverages, topicals, and edibles), Florida farmers will have to consider bringing in more automation to meet demand…
This article was originally published in: Cannabis & Tech Today