That’s the conclusion of a just-released study by ISWR and BDS Analytics, which specializes in analyzing the cannabis market.
“Our research shows up to 40% of adults 21 and over consume cannabis in states where it’s legal. Cannabis presents substantial opportunities across consumer industries, including new occasions that alcohol cannot and will not play,” said Jessica Lukas, vp, BDS Analytics. “Consumers will continue to look to cannabis products over alcohol for occasions when they are feeling creative, need to get motivated, or seeking health, medical or wellness benefits.”
However, the study also indicates that cannabis and alcohol aren’t always appropriate for the same occasions. Also, not all alcohol consumers are cannabis consumers, and not all cannabis consumers are alcohol consumers.
The report notes that because cannabis and alcohol are different, not every dollar spent on legal cannabis is a dollar taken from alcohol.
Indeed, in states where cannabis is legal, alcohol consumption remains higher, with twice as many legal-aged adults consuming alcohol as cannabis.
More than 50% of people say they have paired alcohol with cannabis. When they pair, they drink less. Cannabis and alcohol dualists are more likely to drink beer (especially craft beer) and spirits, the study says. Fewer drink wine.
Baby boomers tend to be more alcohol exclusive, while Millennials prefer interchanging cannabis and alcohol or just consuming cannabis.