Crunching Numbers: Should the Alcohol Industry Be Worried About Legal Pot? – Westword
As the legal cannabis industry continues to grow in America, speculation about its effect on the alcohol industry’s earnings has only increased, with even Molson Coors considering an entrance to the budding trade. To help both sides of the equation figure out how the two will co-exist, one of pot’s leading analytics firms crunched the numbers.
BDS Analytics has been analyzing millions of legal cannabis transactions in Colorado and beyond for nearly five years now, valuing America’s cannabis industry at $9.2 billion in 2017 and predicting it will swell to $24.4 billion by 2021. According to the firm, cannabis and alcohol can either be combined or consumed separately — but they’re more frequently used at different times of the day or on different days of the week.
“Wake and bake: largely acceptable. But maybe waking up and drinking might not be acceptable,” BDS vice president of consumer insight Jessica Lukas explained during a webinar held by the company. “I have friends who are moms, and they hashtag ‘#sendmorewine,’ ‘#thekidsareinbed’ or ‘#itstimetodrinkwine,’ and that’s socially acceptable. If you’re a mother and you post on social media ‘The kids are asleep, and I’m going to hit my vape,’ there potentially would be concern.”
Lukas said there is no “typical cannabis consumer” in states with recreational pot, adding that both men and women up to the age of forty use it for recreational and medical purposes.
“Cannabis consumers span all generations, genders; there’s varying socio-economic backgrounds, motivations. Their needs, occasions, the benefits that they’re looking for — they differ,” according to Gennifer Jackson, a managing researcher for Radius Global Market Research and the webinar’s co-presenter.
In spite of their variety, cannabis consumers often find common ground when it comes to alcohol, the numbers show. BDS found that 72 percent of cannabis consumers also consume alcohol, and