A report by BDS Analytics and Arcview Market Research projects that nearly 60% of extract (or concentrate) spending in 2018 will be for prefilled vaporizers. In Colorado, the number is as high as 86%, while in California, 71% of all concentrate sales are vape.
That exploding growth means the industry is investing a lot of money into improving the vape delivery system. The technology is moving so quickly that vape technology is evolving roughly every 18 to 24 months. At the same time, the oil inside the devices also is becoming more sophisticated as science catches up with the plant and as producers work to create a variety of oils with wide-ranging THC levels as well as different flavors and effects.
Consumer spending on cannabis concentrates in the United States is projected to reach $2.9 billion in 2018. By 2022, U.S. concentrate product sales are estimated to hit $8.4 billion and nearly match the $8.5 billion in flower sales forecast for that year.