Delta-8 THC Consumers Spent $2 Billion Over Last Two Years, Report Claims
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For the last couple of years, Delta-8 THC has been one of the most popular cannabinoids on the market. How popular? Well, according to one cannabis data company, US consumers have spent nearly $2 billion on delta-8 products over the past two years.
According to a new report from Brightfield Group, delta-8 is taking some customers away from more established cannabinoids like CBD and THC. The report found that 35% of CBD consumers have purchased some psychoactive hemp-derived product in the past six months. And in states with legal THC access, 23% of cannabis consumers say they are likely to buy delta-8 products in the future.
Given that delta-8 THC is often sold in unlicensed retailers, Analytical Cannabis asked Brightfield Group how it gathered its data for its report.
“Our consumer insights around delta-8 & emerging cannabinoids come from our larger wellness study - Evergi Consumers,” a spokesperson from Brightfield Group told Analytical Cannabis.
“We survey the general population quarterly to understand how they stay well – both in relation to delta-8 and a plethora of other wellness products/trends – with each quarter including 5,000+ American adults.”
“For market sizing data, we take a multi-sourced approach incorporating consumer-reported usage rates of psychoactive cannabinoids, web traffic, search data, available financials, and retail distribution reviews. Emerging & hard to understand markets have always been our specialty.”
Delta-8 THC has a slightly different molecular structure to its more famous relative, delta-9 THC (commonly known as THC), which has helped it evade many of the rules and restrictions that govern the sale of THC in the US. Yet delta-8 can still induce highs comparable to its more prohibited cousin.
Naturally, then, the US has experienced a boom in delta-8 THC popularity in recent years, much to the concern of industry analysts. Given the often-clandestine way the compound is produced, many cannabis chemists and industry regulators have argued that delta-8 products pose a health risk to consumers, especially minors.