1.6 min readPublished On: January 17th, 2021By News Team
VANCOUVER, B.C. – Weed beverages are a new and refreshing addition to the cannabis products range. With the recent M&A from Aphria purchasing a US craft brewery, cannabis beverages are getting considerable attention from existing players and investors in cannabis.
According to BDSA market research firm, spending on legal cannabis in the United States is set to more than double to $34.5 billion by 2025—andthe edibles product category, including beverages, is outpacing that rise considerably. In Canada, where edibles just made their debut late last year, the category is growing much faster than the overall market, which is forecast to reach $6.1 billion in 2025.
In a new report out now: “Drink: Insights into the US & CAN Cannabis Beverage Market,” BDSA’s Kelly Nielsen was joined by industry expert panelists Luke Anderson of Cann, Lori Hatcher of Truss Beverages and Jeremy Marshall of Lagunitas.
In the U.S., beverages account for about 5% of total edibles sales. In Canada, in Alberta and British Columbia, beverages’ share of edibles spending has risen quickly: from 3% in January to 23% in October, according to BDSA.
In the U.S., 19% of cannabis Consumers* consume beverages, according to BDSA Consumer Insights’ survey of adults 21+ in fully legal states conducted in the first quarter of 2020. Of those, 8% prefer beverages to other types of cannabis products. In Canada, 10% of Consumers consume beverages and 3% prefer them to other products.In Canada, 57% consume edibles and 30% prefer edibles products to others.
Products containing CBD have begun to take off in U.S. general retail but current Food and Drug Administration restrictions on using CBD as a food additive have kept legitimate manufacturers away from offering CBD edibles in the general retail channel. BDSA expects the FDA lift those restrictions in 2021, opening the way for edible products in what could be a $13.2 billion market for non-THC cannabinoids in U.S. general retail in 2025.
Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.
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