The CBD Drinks Report, which was just released by the drinks experts Zenith Global and Beverage Digest, is predicting the US sales of cannabis-based drinks to be a billion dollar business within the next four years.
According to the report, US sales of cannabis-based drinks which generated $86 million last year, are likely to pass the key $1 billion barrier in 2023, jumping to around $1.4 billion by 2024.
“Key growth drivers for Cannabidiol [a key active component of cannabis known as CBD] drinks include loosening regulatory implementation, investment by major brewers and innovation by numerous start-ups,” Zenith global chairman Richard Hall said. “This has led to far greater awareness and availability.
The weed-infused drinks sector is accelerating as more states allow recreational use of cannabis.
There are currently ten states in the US where cannabis is legal and 33 states now allowing medicinal use of the drug.
Cannabiniers whose Two Roots Brewing produce a line of non-alcoholic cannabinoid infused craft products they call “Cannabier,’ has announced their intention to acquire 2-3 breweries in the San Diego area to keep up with growing demand.
And the passage of the Agriculture Improvement Act (Farm Bill) in the US last December, which removed hemp (an almost identical plant that does not contain the psychoactive compound THC) as a controlled substance, has opened the door to new cannabis drinks seen as delivering health benefits
CBD infused cannabis drinks are already seeing wider production some in drinks with alcohol, others not… A number of drinks firms, including Constellation Brands, have already invested significantly in cannabis startups and begun to develop products infused with the drug.
According to a recent poll by the Pew Research Center 62% of Americans, now support legalizing marijuana, rising to 74% of millennials.
Some business analysts are now backing pot products over beer.
And if you think that recreational marijuana’s ongoing march to legalization isn’t going to impact the craft beer biz, you’d better check what you’re smoking.
Pot Beer banner iamge cedit: Mitchell Maglio