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ACKRELL
CAPITAL
CHAPTER III Cannabis Industry Segmentation

Infused Products
Infused products are ingestible products that have been infused with cannabinoids and other active
compounds from the cannabis plant. There are two general categories of infused products: those con-
sumed orally, such as foods and beverages (known as “edibles”), capsules, pills and tinctures; and those
applied topically, such as lotions, balms and creams. Infused products may either be infused with
concentrates (that are prepared through one of the extraction techniques discussed previously) or pre-
pared with other infused products, such as cannabis-infused butter (a concentrate prepared by heating
cannabis in butter to release the active compounds, and then filtering out the plant material).

The following chart shows the combined relative sales by category of infused products for Colo-
rado, Oregon and Washington for the three months ended September 30, 2017.

Infused Products Sales by Category: Q3 2017
2%
8%
10%
44%
11%
25%

■ Candy ■ Chocolates ■ Tinctures ■ Infused foods ■ Pills ■ Other

Source: BDS Analytics

Edibles
Popular edibles include infused candies, chocolates and beverages. The active compounds in edibles
are digested and metabolized by the liver before taking effect; typically, the time from ingesting to
onset of an effect is one to two hours, but the effect lasts longer than that resulting from inhaling
smoke or vapor. Edibles generally deliver body-focused effects, which may be preferred by consumers
seeking pain relief.

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