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Could cannabis surpass soda in sales?

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Could cannabis surpass soda in sales?


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Yes, it’s just a matter of when.

The United States’ legal cannabis industry is on track to reach $75 billion in sales by 2030, according to data from the research firm Cowen & Co. Those numbers are almost as high as the entire carbonated soft drink market in North America in 2017.

The reason for this is because cannabis sales show no signs of stopping, while soda sales are on the decline as of late.

For example, cannabis legislation for medical and social use has been sweeping the country with nine states fully legalizing cannabis. Currently, one in five American adults is allowed to purchase and use cannabis however they’d like. On the other hand, the rise of health-conscious consumers is responsible for carbonated soft drink consumption declining to a 31-year low in 2016. According to Euromonitor International Shows, North America’s soft drink market fell from $78.3 billion in 2016 to $76.4 billion in 2017.

Soda isn’t the only one taking a hit. Even alcohol drinking rates have declined when states legalized cannabis compared to those only with medical legislation or none at all.

 

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