Marijuana-infused beverages have been released left, right, and centre since its legalisation in the U.S. Now, Canaccord Genuity is predicting the marijuana drinks market could be worth $600 million in the U.S. alone by 2022.
Predictions for 2022 predict that cannabidiol (CBD) beverages will be a $260 million market, and THC beverages another $340 million market. This shows the substance’s popularity seems almost equally split between recreational and medicinal; CBD is a non-psychoactive compound with therapeutic benefits.
While CBD drinks are likely part of the rising trend in wellness beverages, the THC beverage market is considered a competitor for edibles. Cannacord Genuity estimates that the beverage market will capture 20 percent of the market for marijuana edibles by 2022.
“While these trends represent a significant opportunity for US cannabis companies, they have not gone unnoticed by large mainstream beverage players looking to inject growth into their product portfolio,” said Canaccord’s spokespeople.
With the marijuana market already putting pressure on alcohol sales, experts are predicting that nationwide legalisation could result in a $75 billion market by 2030. Heineken, Constellation Brands, and Molson Coors have all struck deals with marijuana producers recently – and Coca-Cola is reportedly eyeing a similar opportunity.