New research has found that the more more marijuana is accepted, the more of a problem it could cause for the alcohol industry.
According to Brandy Rand, U.S. president of the International Wine and Spirits Research (IWSR), a company that collects data on the alcohol industry, “Though not yet mainstream, cannabis adoption is certainly growing in states where it’s legal and does pose a risk to the beverage alcohol industry in the future.”
The IWSR published a report this week that it created with BDS Analytics, a company focused on cannabis market analytics.
Based on the research by the two companies, legalizing marijuana has led to “explosion of growth” for the marijuana industry in recent years.
The alcohol industry needs to be aware that this growing industry could impact its own, according to Rand.
“It’s important that alcohol brands pay attention to their consumers,” she said, “recognizing that some occasions may result in a decrease in alcohol consumption in place of, or alongside, legal cannabis.”
“Consumers will continue to look to cannabis products over alcohol for occasions when they are feeling creative, need to get motivated, or seeking health, medical or wellness benefits,” said BDS Analytics’s Vice President Jessica Lukas.
