Editors Note: This story originally appeared on the Green Market Report.
Delta-8 or D8 is an isomer compound of the hemp plant, similar to CBD, but one of the carbon molecules is shifted. This molecular change signals the body’s endocannabinoid system to respond differently from CBD, ultimately creating different feelings and effects. D8 is more psychoactive than CBD, offering a head high but also a more intense body high that is extremely effective for pain relief and management (even more so than CBD). Many in the hemp market believe it is legal, although there is some debate over this.
D8 Holdings Inc., a hemp company that develops and specializes in the extraction, manufacturing, and distribution of hemp-derived Delta-8 THC launched a new line of Delta-8 disposable vapes targeting the $6.5 billion legal cannabis concentrate market.
“We’re excited to add a brand new line of disposable Delta-8 vapes to our bestselling THC products that include Delta-8 gummies and Delta-8 cartridges,” said Chris Duffield, CEO of D8 Holdings. “We only use the highest-quality Delta-8 oil to infuse all of our products and we develop everything in-house where we triple test for potency, microbials, heavy metals, solvents, and pesticides at multiple third-party DEA registered testing facilities.”
D8 Holdings’ Delta-8 disposable vapes are available in four flavors: Melon x Berry, Watermelon x Ice, Mango x Strawberry, and Guava x Lychee. This product line will compliment D8 Holdings’ cartridge line by giving customers an alternative to strain based flavors.
According to ArcView Market Research, the U.S. vape concentrate market will be a $6.5 billion industry by 2022, followed by edibles at $4 billion. D8 Holdings projects the Delta-8 market will be between $169M – $200M in 2021, with an approximate 70 percent CAGR for the next few years: $287M -$340M in 2022 and $488M – $578M in 2023.
“Our channel checks show Delta-8 has only penetrated about 20 percent of the stores that are carrying CBD or have carried CBD at one time, providing a massive growth opportunity,” said Duffield. “In comparison, the CBD industry hit $173 million in its second year (2015) and $261 million in its third year (2016) after legalization. That means we are already off to a faster start with Delta-8 THC, with a much higher adoption rate.”
D8 Holdings projects its 2021 revenue will be between $30 million and $50 million.