Cannabis Beverages Category Growth Outpaces Booming Cannabis Market
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.
Arizona Legislature Seeks to Slash Medical Cannabis Card Prices Amid Declining Sales and Patient Numbers
PHOENIX-- In an effort to revive Arizona's struggling medical cannabis market, lawmakers are pushing forward a bill aimed at reducing the cost of medical cannabis cards. Senate Bill 1466, which received approval from the state ...
New York Regulators Pave the Way for Cannabis Farmers’ Markets Amid Supply Glut
NEW YORK-- In a bid to address the surplus of cannabis products and support local cultivators, regulators in New York have announced plans to introduce cannabis farmers' markets this summer. The move, spearheaded by the ...
Reunion Neuroscience to be Acquired by MPM BioImpact in $13.1 Million All-Cash Deal
LOS ANGELES-- Reunion Neuroscience Inc. a clinical-stage biopharmaceutical company specializing in innovative therapies for underserved mental health conditions, has announced a definitive arrangement agreement with MPM BioImpact, a leading biotechnology investment firm. Under the agreement, ...