One Fourth of Beer Drinkers Said They Would Switch to Cannabis

Beer has long been many American’s go-to libation when they want to relax, unwind or socialize, but according to a new study, the tide may swing to cannabis someday soon.

A new study by the Cannabiz Consumer Group found that 27 percent of the 40,000 people questioned said that they have already replaced beer with cannabis, or would do so if it became legal where they live. That’s bad news for beer makers, who sold over $106 billion of the beverage in 2015. The report stipulates that the economic impact on beer, wine and spirit sales will be seven percent.

There have already been reports from Oregon, Colorado and Washington that support this claim. The Cowen and Company specializes in research for the beverage, cannabis and tobacco industries. They found that in the past two years, beer markets have “collectively underperformed,” and “the magnitude of the underperformance has increased notably.” The United States beer markets in these states fell more than two percent last year in comparison to the rest of the country. They also found that higher income consumers are drinking less than in the last five years, while cannabis sales in that demographic rose during the same time.

In 2016, 24 million Americans legally purchased cannabis, but that number is sure to grow as four states; California, Maine, Massachusetts and Nevada legalized recreational cannabis during the last election. The report projects that cannabis sales will eventually normalize at around $50 billion in annual sales.

Of course, this is not a death nail for the beer industry. Beer is ingrained into the fabric of sports and parties in America and across the world. Cannabis will never be able to outright replace the beverage, and maybe it doesn’t have to. There are plenty of parties and social gatherings to allow for multiple ways to have a good time.