CBN edibles are continuing to grow in Oregon where they now account for >10% of edible products sales dollars. Interestingly, the >10% share of sales was driven by sales volumes that only represented ~5% of total units sold in the quarter indicating that CBN products are priced higher relative to non-CBN products. While many factors can influence pricing, products containing CBN appear to be able to hold higher price points in the market with Headset data indicating that the average price of and 50mg CBN unit is $16.17 versus $7.79 for a 50mg THC unit.

From a market size perspective, Oregon’s CBN market grew 30.7% from Q1 2021 to Q2 2021 within the state’s regulated cannabis marketplace. This growth is largely driven by the strong performance of the state’s top-selling edible product, Wyld’s 1:1 Elderberry, which grew 21.6% QoQ to $1.5M of sales. 

Grön has continued to demonstrate its ability to capture and maintain customer loyalty within the CBN edible space and the company exited Q2 with the 10th best-selling product in the market with their Blackberry Lemonade Pearl Gummy 1:1:1. Furthermore, Grön’s four CBN SKUs are commanding an average EQ price (price per mg of THC) of $0.35, nearly five times higher than the average 50mg edible. 

In addition to growth from existing products, other key Oregon brands like Tasty’s, Chalice Farms and Mule Extracts launched CBN products in Q2 with considerable customer acceptance. 

While Oregon remains a relatively small consumer market compared to its neighbors, the state’s well-versed cannabis consumer base has been historically viewed as an indicator of future national trends.