Marijuana products are legally available in Guam, Washington, DC, and 19 other states. In states where recreational marijuana is legal, THC-infused drinks such as Hi5, Kalo, Keef, Cann and Wunder are marketed alongside other drinks, including wine and beer. Today, we look at whether producers of alcoholic beverages should worry about competition from cannabis-infused drinks.
Colleen McClellan of Datassential says that we are likely to see an increase in the use and interest in cannabis-infused drinks as more states relax their regulations on the herb. McClellan, who is the regional director of the leading food and beverage insights platform, noted that for repeat purchases, taste would be crucial for product adoption.
She predicts that more brands will enter the marijuana beverage space as time goes by and its popularity grows; that popularity may be fueled by availability of a functional benefit without the hangover effect. A recent report by the company found that this year, consumer awareness of cannabis-infused beverages increased by 9%. The report also found that Generation X individuals indicated the highest amount of awareness and interest in cannabis-infused beverages. The company believes that this is because of the progress in marketing that the marijuana industry has made in the last decade.
Other analysts believe that experimenting with minor cannabinoids will also be big in the future. This experimentation could include cannabinoids such as Delta-8 THC and tetrahydrocannabivarin (“THCV”), which is believed to aid in appetite suppression and increasing focus.
Keef Brands, a marijuana beverage firm based in Colorado, is one of the companies that recently launched a new line of marijuana drinks featuring cannabinoids such as CBN, CBG and THCV, to afford consumers a different taste. All these cannabinoids are nonpsychoactive, with the first two sitting on the pain-relieving, relaxing side of the spectrum while THCV is known for its energetic and stimulating high.
Another cannabis drinks company, Amass, has created a marijuana-infused, nonalcoholic spirit that blends 14 botanicals with marijuana-derived terpenes such as eucalyptol, beta-myrcene and limonene with emulsions of Delta-8, CBD and THC. The company’s chief product officer and cofounder Morgan McLachlan believes that nonalcoholic and marijuana beverages are the fastest-growing sectors of the drinks market, with sales increasing to $95 million last year from about $68 million in 2019.
As the nonalcoholic beverage and adult-use recreational cannabis markets continue to grow at this rapid pace with the entry of players such as BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC), it is expected that the number of consumers switching to cannabis-infused drinks because of the benefits they offer may increase.
Despite this, experts expect the infused drinks market and the alcoholic beverage market to co-exist as they serve different consumers with different needs.
NOTE TO INVESTORS: The latest news and updates relating to BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC) are available in the company’s newsroom at http://cnw.fm/BVNNF
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