The following content is sponsored by Tenacious Labs.
Cannabis and Alcohol: An Industry Comparison
As cannabis continues to build legalization momentum in the U.S., it also finds itself entering a new chapter, and one that steps away from its prohibition past.
The industry is now on a path similar to that of the alcohol industry during the 20th century. So what can we learn by comparing the two industries?
This infographic from Tenacious Labs looks at similarities and differences between alcohol and cannabis in relation to market maturity, legality, and cultural acceptance. It’s the second in a series that explores the future of the cannabis industry. Let’s dive in.
Sizing up the Market
We are entering what looks like the beginning of the end for cannabis prohibition in the U.S. which dates all the way back to 1937.
During this time, cannabis has faced extreme hurdles that have hampered its ability to flourish. But despite this bumpy past, the future of cannabis looks bright. In 2020, combined legal and illicit cannabis sales in the U.S. grew to be worth a combined $85 billion.
While this only represents 33% of total U.S. alcohol sales, consumption habits are changing quickly. For instance, the share of college students who drink daily fell from 6.5% in 1980 to 2.2% in 2017, and Americans overall are drinking far less these days compared to the 1980s.
On the other hand, cannabis holds a larger and growing influence amongst Americans old and young. In fact, the (Read more...)