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Cannabis Sales Could Surpass Soda Sales by 2030

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[dropcap class=”kp-dropcap”]I[/dropcap]t is clear that cannabis sales are soaring higher every month, as more states legalize cannabis and as smoking, vaping and edibles get normalized. But a recent study shows that cannabis sales are rising so much that the industry is on track to surpass soda sales.

According to Bloomberg, a study by Cowen & Co. reveals that the United States’ legal cannabis industry is predicted to hit $75 billion by 2030, which is pretty much on par with the United States’ soft drink market in 2017.

Since nine states and Washington D.C. have now legalized cannabis for recreational use, this means that one in five adults living in the U.S. can literally buy and smoke cannabis. The same study group previously predicted that cannabis could hit $50 billion by 2026, but many are now saying the industry should far surpass that. “New forecasts suggest that the market is already that size,” said Analyst Vivien Azer.

As cannabis sales rise, and will continue to do so as legalization spreads, soda sales are on the decline, leading analysts to believe cannabis sales will surpass them. Many health-conscious folks are realizing that all the sugar in soda can be detrimental to their health, and are opting to stick to water instead. Carbonated soft drink consumption was the lowest it had been in 31 years in 2016, according to Bloomberg. The North American market fell to $76.4 billion that year.

Additionally, alcohol companies are getting worried about their sales, as drinking soda seems to have declined so far in states that allow legal cannabis. “We have consistently argued that cannabis and alcohol are substitute social lubricants,” Azer said in relation to the connection.

Cannabis sales have shown to be on an upward trajectory for quite some time, as legalization takes hold in many places. And as sales of things like soda and alcohol drop and cannabis is confirmed as an accepted substitute, this trend is predicted to continue and intensify.

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