A head-turning new trend is hitting bars across America, and it is likely to have a major impact on the spirits market, according to “Bar Rescue” host Jon Taffer.
Cannabis-infused drinks are gaining popularity as an alternative for consumers embracing an alcohol-free lifestyle, and although the effects on the market are too early to tell, Taffer asserts there is “no question” it is shaking up the industry.
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“There’s clearly a trend in that direction… And there’s no question cannabis is affecting the spirits industry,” Taffer said Wednesday during an appearance on “Varney & Co.”
CBD-infused beverages are a steadily growing category. In 2021, cannabidiol products generated $5.3 billion and by 2026 are projected to increase to $16 billion, according to Statista.
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This year, the cannabis market in the U.S. is anticipated to exceed $45 billion.
However, Taffer noted an existing hurdle, spotlighting that many states do not permit the sale of alcohol and cannabis in the same environment.
Minnesota is one of the few states that currently allows the sale of hemp and low-dose THC beverages at breweries, and in some cases, even offers on-tap options.
California has taken a strict stance on beverages containing THC. The state’s Department of Alcohol Beverage Control issued an industry advisory stating that alcohol-licensed businesses may not carry or sell hemp products.
Despite the red tape, some celebrities have hopped into the market, including country music legend Willie Nelson.
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FOX Business’ Garbiele Regalbuto contributed to this report.
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