Cannabis Sales Could Surpass Soda Sales By 2030
Research firm Cowen & Co have found that the legal cannabis industry is expected to reach $75 billion in sales by 2030. It seems Mary Jane's rise to the top will not be without casualties as experts predict pot sales will soon surpass soda sales.
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Cannabis is ever growing in popularity. Nine states and the District of Columbia allow weed for recreational use and countless other states have substantial medical marijuana programs in place. According to Bloomberg, over 1 in 5 Americans have access to weed whenever they please. And it seems North Americans are making good use of that access. A Statistics Canada report published late last year showed that Canadians spent as much as $6.2 billion on cannabis in 2015 and that, as a nation, Canada consumes as much weed as wine. Marijuana is undoubtedly on the rise as more and more people are seeking healthier alternatives to traditional substances.
Soda sales, on the other hand, are experiencing the opposite trend. North American soda consumption fell to the lowest its been in 31 years in 2017. Data from Euromonitor International shows that North American soda sales fell from $78.3 billion in 2016 to $76.4 billion in 2017.
This isn't the first time Cowen & Co have released predictions on the marijuana industry. Their initial prediction stated that marijuana sales would be close to $50 billion per year, however, according to a statement given to Bloomberg by analyst Vivien Azer, the market has already reached that.
"New forecasts suggest that the market is already that size," she said.
Soda sales aren't the only thing predicted to suffer at the hands of Mary Jane. Alcohol has been wary of changing trends for a while now, as people become increasingly aware of the benefits of marijuana in relation to the health risks associated with alcohol. Recent studies have shown that alcohol is more damaging to the brain than marijuana and alcohol sales have dropped 15% in states with medical marijuana programs.
Whilst it remains unknown the extent to which the cannabis industry will grow in coming years, the decrease in alcohol and soda sales suggest weed is changing in the eyes of the general public. More and more North Americans are accepting the healing properties of marijuana and choosing it over more traditional North American staples.