A head-turning new trend is hitting bars across America, and it is likely to have a major impact on the spirits market, according to “Bar Rescue” host Jon Taffer.
Cannabis-infused drinks are gaining popularity as an alternative for consumers embracing an alcohol-free lifestyle, and although the effects on the market are too early to tell, Taffer asserts there is “no question” it is shaking up the industry.
“There’s clearly a trend in that direction… And there’s no question cannabis is affecting the spirits industry,” Taffer said Wednesday during an appearance on “Varney & Co.”
CBD-infused beverages are a steadily growing category.
In 2021, cannabidiol products generated $5.3 billion and by 2026 are projected to increase to $16 billion, according to Statista.
This year, the cannabis market in the U.S. is anticipated to exceed $45 billion.
However, Taffer noted an existing hurdle, spotlighting that many states do not permit the sale of alcohol and cannabis in the same environment.
“There’s clearly a trend in that direction… And there’s no question cannabis is affecting the spirits industry,” Jon Taffer, host of “Bar Rescue,” says. Dasha Petrenko – stock.adobe.comCannabis-infused drinks are gaining popularity, and challenging alcohol sales. Dasha Petrenko – stock.adobe.com
Minnesota is one of the few states that currently allows the sale of hemp and low-dose THC beverages at breweries, and in some cases, even offers on-tap options.
California has taken a strict stance on beverages containing THC.
The state’s Department of Alcohol Beverage Control issued an industry advisory stating that alcohol-licensed businesses may not carry or sell hemp products.
Despite the red tape, some celebrities have hopped into the market, including country music legend Willie Nelson.
