About three in four young adults say they’re substituting cannabis for alcohol at least once per week—a “fast-emerging” trend that reflects the “rapid expansion” of the hemp product marketplace—according to a new survey and analysis.
The report from Bloomberg Intelligence (BI) found that, across various demographics, cannabis is increasingly being used as an alternative to alcohol and even non-alcoholic beverages as more companies—including major multi-state marijuana operators (MSOs)—expand their offerings. 74 percent of those aged 18-24 self-report using cannabis “in lieu of alcohol” at least once per week. That’s compared to 65 percent of those 25-34, 42 percent of those 45-54 and 18 percent of those 55 and older.
This is largely consist with a growing body of studies indicating that cannabis—whether federally legal hemp or still-prohibited marijuana—is being utilized as a substitute for many Americans amid the reform movement.
“Rapid expansion in the US hemp-based cannabis-beverage market might soon prod soft drink makers to participate, at least indirectly, given it’s currently permitted,” BI said, while caveating that there are financial “risks” associated with participation in the hemp market because “lawmakers could act to prohibit hemp-derived THC products.”
