Adding cannabis to everything from iced coffee to breath mints, local startups are jockeying for a bite of California’s growing marijuana edibles market as the state gears up to allow recreational pot sales.
The industry that barely existed 10 years ago — apart from a few bakers making pot brownies in their home kitchens — now shows no sign of slowing down.
“There’s a brand boom going on right now, particularly in preparation for adult use legalization here,” said Troy Dayton, CEO of The Arcview Group, a research and investment services firm focusing on marijuana businesses. “Not all of them are going to do well, but there’s just so many different types of edibles hitting different market segments.”
Arcview Market Research estimates California customers munched on about $180 million worth of edibles last year — comprising 10 percent of the state’s overall marijuana sales. There appear to be dozens of medical marijuana companies in the state seeking to bring a gourmet flair to cannabis-infused treats that just a few years ago were merely “edible.” And as early as next year, those companies will be able to expand sales to anyone over 21.
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