The tide has changed for cannabis in the U.S., and the beverage alcohol industry is noticing—and increasingly, getting in on the game. Cannabis sales in the U.S. are expected to reach $16.2 billion in 2021, with cannabis beverage sales comprising $1 billion of that, according to BDS Analytics.
These blockbuster sales come as cannabis legalization spreads; only three states—Idaho, Kansas, and Nebraska—lack some form of legal cannabis, according to the National Cannabis Industry Association. New Jersey and Arizona, among others, passed adult recreational use of cannabis this past November, and New York is poised to be next.
While past studies have been mixed on whether cannabis legalization impacts alcohol sales, health and wellness have increasingly become consumer priorities, and 81 percent of cannabis consumers believe that cannabis is safer than alcohol, according to a New Frontier Data survey. Many alcohol companies have been hedging their bets and making significant investments in cannabis—specifically, the cannabis beverage space.