New Cannabis Drinks Report from Prohibition Partners Predicts Over $1.8 Billion in Sales for 2020
While most businesses have experienced financial losses due to the COVID 19 pandemic, cannabis beverage manufacturers on the other hand have seen excellent profit returns. Based on recent studies, the cannabis drinks industry is now worth close to $2 billion. This staggering number is driven mostly by consumers that are looking for stress relief products and ways to cut their expenses caused by the poor economy and the coronavirus pandemic.
Per the Managing Director of Prohibition Partners, Stephen Murphy, “When facing an economic crisis, consumers will be more willing to buy less costly luxury goods,” and
“Cannabis-infused drinks are an ideal example of this, and Prohibition Partners has found that cannabis products are expected to benefit from this period of self-isolation.”
Why cannabis drinks are so popular now than ever before
During times of economic crisis, businesses can experience lower sales volumes, and consumers will usually avoid spending money on luxury goods. But, during this period of time with the COVID 19 self-isolation, cannabis-infused products could be considered as a non-luxury and consumers are buying these cannabis products up at record speeds.
Presently, consumers are buying cannabis products online in bulk to ensure they have a decent supply to last them indefinitely. In areas where it’s legal to use cannabis products, the beverage industry will benefit from this monumental growth in the markets from the high demand for cannabis products as more people remain in their homes relaxing and participating in other leisurely activities.
The coronavirus pandemic and economic downturn have resulted in an increased demand for cannabis-infused products. Research shows that cannabis-infused drinks are more popular than ever before as most people are looking for ways to de-stress and relax away from life as they know it now.
The reason cannabis drinks are popular is due to the fact that beverages are considered common in most social situations. And according to a recent report, one in five consumers would not hesitate to sample cannabis-infused drinks, and 30 percent of consumers have already consumed these products and they plan to use them in the future.
Cannabis-infused drinks offer a lucrative market
Research further indicates that cannabis-infused drinks are destined for bigger growth in the coming years and analysts predict 45% annual growth for the cannabis drinks market. Legal socializing has evolved from alcohol to cannabis-infused drinks. In fact, outside of nicotine and caffeine, cannabis products are now the major players in the consumer industry.
The emergence of cannabis drinks has been a boost for the beverage market and will become a very lucrative investment for entrepreneurs that embrace this new wave. Some people even believe that cannabis-infused drinks can easily replace alcoholic beverages, especially now during the coronavirus pandemic when people are spending most of their time indoors.
Unlike alcohol that is believed to cause the onset of immune problems, there is no proof that cannabis products can affect one’s health. For that reason, many consumers now prefer cannabis products as social tonics as an alternative to alcoholic beverages.
Drinking is safer than smoking
For fear of respiratory diseases, the coronavirus has made consumers take notice with respect, as to what form they want to when using cannabis. Most people avoid vaping and smoking, embracing other ways of consuming cannabis like edibles or beverages. Additionally, governments will be looking for better ways to improve failing economies, and embracing modern cannabis-infused products could be the way to move forward.
Consumer demand for cannabis-infused drinks has to lead to the introduction of novel beverages such as functional teas, and sparkling waters. Cannabis-infused drinks offer an extension to this forward moving consumer trend.
Without a doubt, our society enjoys drinks and this means cannabis-infused beverages can become popular than alcohol. The best thing about cannabis products is that you never have to deal with a hangover after use. Therefore, what better way to alleviate stress than with a hangover-free cannabis-infused drink!