Business analysts have observed a sudden increase in cannabis use as a growing number of Americans turn to cannabis as an alternative to alcohol. According to a recently published Bloomberg Intelligence (BI) survey, Americans are substituting alcohol with cannabis at ‘soaring rates’ as the country’s state-level marijuana industry expands.
Cannabis has an incredibly complicated history in the U.S. and has been classified as a Schedule I drug, similar to hard drugs like cocaine and heroin, for several decades. However, some studies have found that cannabis is generally safer to consume compared to alcohol. It doesn’t impact the human body the way alcohol does, and may even be beneficial in some cases.
Now that over a dozen states have recreational cannabis markets, tens of millions of Americans have access to the drug and many of them are using it in place of alcohol. A large number of the Americans involved in the Bloomberg Intelligence survey revealed that they also use cannabis as a substitute for painkillers and cigarettes.
According to Bloomberg Intelligence, Americans using marijuana as an alternative to analgesics, cigarettes, and alcohol is consistent with the results of a 2022 survey. 33% of the Americans polled in 2022 said they substitute cannabis for alcohol compared to around 44% in the 2024 poll, indicating a sharp increase in folks who would rather consume cannabis over alcohol.
However, a recent survey found that the portion of Americans substituting marijuana for cigarettes fell from 39% in 2022 to 30% in 2024, while those using cannabis in place of analgesics dropped from 35% to 30%. The report noted that its findings could be of particular interest to alcohol producers who could wish to cash in on the sudden spike in cannabis consumption.
Indeed, liquor and cigarette producers such as Imperial Brands, British American Tobacco, Constellation Brands, and Altria have already teamed up with or purchased shares from cannabis operators in Canada to develop cannabis products for consumers who aren’t interested in alcohol or tobacco. These players also plan to move into the U.S. market if cannabis is legalized at the federal level or when they receive authorization from the U.S. government.
BI’s analysis shows that America’s growing cannabis market is putting significant pressure on the alcohol beverage industry. Young individuals in their 20s and 30s, who typically make up the bulk of alcoholic beverage drinkers, have been turning away from alcohol in favor of cannabis and even psychedelics for several years, and the alcoholic beverage industry is feeling the pressure.
This growing use of marijuana in lieu of alcohol shows that entities like TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) still have an opportunity to leverage the ever-expanding marijuana industry in the U.S. and other international markets.
About CannabisNewsWire
CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.CannabisNewsWire.com
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: https://www.CannabisNewsWire.com/Disclaimer
CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com
CannabisNewsWire is powered by IBN