There is plenty of data to support the fact that cannabis sales are increasing, and it’s clear that these sales are overtaking other industries. In a recent financial report, Molson Coors Brewing Co. listed cannabis as a “risk factor” to its overall business.
According to the official report filed with the U.S. Securities and Exchange Commission last Wednesday, consumption and sale of cannabis is posing a serious threat to the beer industry. “Although the ultimate impact is currently unknown, the emergence of legal cannabis in certain U.S. states and Canada may result in a shift of discretionary income away from our products or a change in consumer preferences away from beer,” the report states. “As a result, a shift in consumer preferences away from our products or beer or a decline in the consumption of our products could result in a material adverse effect on our business and financial results.”
The report also lists other risk factors for Molson Coors Brewing Co., such as climate change, loss of key personnel and having to convert to using returnable bottles.
According to Fortune, other beer companies have released similar statements. The Boston Beer Company, (Samuel Adams), Craft Brew Alliance and Constellation Brands, the owners of Corona, are all now considering cannabis to be a threat to their sales numbers.
While beer companies continue to make what they make best, the cannabis industry is expanding into many facets of competing business markets. Some companies have launched their own infused beers and special blends of alcohol-free, THC-infused wines. Breweries and bars will need to come up with new strategies in order to compete against cannabis’ growing popularity, now that cannabis is a major player.