Jon Taffer talks cannabis drinks' impact on bars and regulatory hurdles
Alcohol sales facing competition from cannabis beverages, claims Jon Taffer, asserting there's undeniable impact on the drink market.
Take a seat, folks! Reality TV's bar guru, Jon Taffer, is back with his two cents on the latest happenings in the booze business.
The bar scene's undergoing a seismic shift, Taffer tells us, with cannabis-infused drinks sweeping across America, giving a solid punch to the spirits market.
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Taffer's pretty confident about the wave's direction, acknowledging that "it's clear there's movement in this direction" and that cannabis undeniably affects the spirits industry. This became more apparent during an appearance on "Varney & Co."
The burgeoning CBD beverage market ain't no joke either. In 2021, these bad boys raked in a whopping $5.3 billion, and analysts predict a mammoth increase to $16 billion by 2026[1]. Talk about a green rush!
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This year, the cannabis market's projected to hit over $45 billion in the U.S. alone.
But here's the kicker: many states don't allow the coexistence of alcohol and cannabis under one roof, nixing opportunities for businesses to offer a combo of tipsy and high[1].
Take poor ol' Minnesota, which stands as one of the still-few states where breweries can sell hemp and low-dose THC concoctions, complete with on-tap options.
California, on the other hand, draws a hard line in the sand, with the Department of Alcoholic Beverage Control snubbing coziness with hemp products.
So, celebrities got in the game anyways, with country music legend Willie Nelson diving headfirst into the maelstrom.
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Taffer may have pointed out a few sticking points, but the growth of the cannabis market is still on the rise.
[1] Enrichment Data: Statista - https://www.statista.com/topics/1170/cannabidiol/
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The financial sector and business world are closely watching the rapidly growing cannabis market, with analysts projecting a surge in CBD beverage sales from $5.3 billion in 2021 to $16 billion by 2026. However, regulatory hurdles such as the prohibition of co-selling alcohol and cannabis in certain states pose challenges for beer breweries and the implementation of Amsterdam-style cannabis cafes.
