Cannabis poses ‘long-term risk’ to alcohol industry
The legal cannabis industry “could emerge to become one of the biggest threats to the multi-billion dollar beverage alcohol business”, according to analytical firms IWSR and BDS Analytics.
“Our research shows that up to 40% of adults 21 and over consume cannabis in states where it’s legal,” said Jessica Lukas, vice-president at BDS Analytics. “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.”
Last year, Americans drank 3.345 billion cases of alcohol, a 0.8% decline from 2017. That worked out to about 7.9 billion gallons of booze, roughly 160 million bathtubs full.
CBD drinks sales to hit $1 billion
Indeed, drinks industry experts Zenith Global and Beverage Digest have said in a newly launched CBD Drinks Report that US sales of cannabis-based drinks was worth $86 million last year, and estimates that sales will pass $1 billion in 2023, before rising to around $1.4 billion in 2024
“Key growth drivers for cannabidiol [a key active component of cannabis known as CBD] drinks include loosening regulatory implementation, investment by major brewers and innovation by numerous start-ups,” said Zenith global chairman Richard Hall said. “This has led to far greater awareness and availability.”
The rate of innovation in cannabis-infused drinks has already risen noticeably in the wake of the Agriculture Improvement Act (Farm Bill) last December, which removed hemp from the schedule 1 of controlled substances Act.
Faroe Islands cannabis party stands for election
The Campaign For The Right To Choose Cannabis is a political party in the Faroe Islands which has declared itself ready for itself ready to stand for election.
The campaign has submitted the 800 signatures required to run for election.
Co-founder Mr Hallur Hjalgrímsson Djurhuus said: “We are ready. We have a very simple message: we want to make cannabis accessible to patients, and in the long run we want to decriminalize, deregulate and legalize (the use of cannabis).”
Elections to the Faroese parliament have to be held before 2 September 2019.
Oscars gift bags handed out to nominees this year includes cannabis-infused skincare products, a gift box featuring cannabis edibles and lotions, and membership to a pot-friendly Hollywood social club.
The lucky recipients can thank campaigners who won a broad legalisation of cannabis in California last year.