Delta-8-THC is a minor cannabinoid, occurring in cannabis in very small concentrations. Delta-8-THC is also a degraded form of delta-9-THC.
The global cannabis extract market size is expected to reach USD 23.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a 22.1% CAGR over the forecast period.
Growing preference for cannabis extracts such as oils and tinctures, rising legalization of marijuana in various countries, and increase in the adoption of medical marijuana for treatment of various chronic diseases such as Alzheimer’s, cancer, arthritis, and anxiety are key factors promoting cannabis concentrates market growth.The marijuana industry is booming due to increasing awareness about its medical benefits.
Decriminalization and/or legalization of medical marijuana in some countries has led to a significant decrease in the black market as people are resorting to legally purchasing marijuana for medical use.Cannabis oils and tinctures can be used for manufacturing edibles and topicals other than smoking.
These are generally used for treatment of conditions such as cancer, mental disorders, and nausea as well as for recreational purposes such as vaping.
In terms of legality, laws pertaining to medical marijuana extracts are much more lenient compared to that of dried buds, which involve smoking.
Further key findings from the report suggest:In 2018, oils held the largest revenue share of 65.7% owing to their ease of availability and low priceThe full spectrum segment was valued at USD 3.3 billion in 2018, owing to its entourage effect - a synergistic relationship between cannabinoids and terpenes that exhibits an increase in the healing properties of each cannabinoidMarijuana isolates are anticipated to emerge as the second largest type segment owing to its several advantages that have increased its adoption.
CBD, a cannabinoid contained in cannabis plants, is gaining popularity as a natural remedy for a variety of diseases.
CBD is a non-psychoactive cannabinoid present in cannabis plants.
Tetrahydrocannabinol is another cannabinoid found in cannabis plants.
When CBD oil is consumed, only 20% of it is absorbed.