A study conducted by A.T. Kearney underscores a message that numerous food and beverage companies have been echoing for months: there is an increasing consumer interest in cannabis-infused food and beverages, prompting these companies to align themselves with this emerging trend. Over the past year, Constellation Brands, known for marketing Corona and Modelo Especial, has invested approximately $4 billion to acquire a 38% stake in Canopy Growth, the largest publicly traded cannabis company globally. This week, Molson Coors Canada finalized a partnership with The Hydropothecary Corporation to launch a joint venture focused on cannabis-infused beverages. Additionally, Coca-Cola is reportedly in discussions with Canadian cannabis producer Aurora Cannabis regarding the creation of marijuana-infused drinks, as reported by Bloomberg last month. Walmart in Canada is also exploring the potential sale of marijuana products.
Currently, nine U.S. states and the District of Columbia have legalized recreational marijuana use, with several more states poised to make similar changes this year. Canada is set to legalize marijuana on October 17. As more U.S. states approve legalization, additional market opportunities will naturally arise for these companies to offer their products. While it is not guaranteed that most states will legalize marijuana, it is clear that companies are confident enough to invest now rather than wait for broader legalization. With a portion of consumers open to trying cannabis-infused food or beverages, companies have little choice but to prepare or risk losing sales to competitors.
Interestingly, the A.T. Kearney study indicates that consumers expressed a greater willingness to try cannabis-infused candies, chocolate snacks, and packaged foods compared to non-alcoholic or alcoholic beverages. Nevertheless, the beverage sector, particularly beer, has been the most proactive in investing and preparing for a cannabis future, likely due to concerns that consumers seeking relaxation might prefer marijuana over their products. The study revealed that among U.S. respondents willing to try recreational cannabis, 26% indicated they would consume it instead of beer, followed by 23% for wine and spirits.
In contrast, major food manufacturers have largely bypassed the cannabis space, allowing smaller operations to take the lead. It is possible that, despite the revenue potential amid shifting consumer patterns, manufacturers of brownies, bars, cookies, and candies are hesitant to jeopardize their brands, especially since many of their products are marketed to children. The study asked consumers how their perceptions of various companies might change if they sold cannabis products, but it did not specifically inquire about food manufacturers. The findings revealed that 44% of Americans would view a health and wellness company more favorably if it sold cannabis products, with 29% feeling the same about non-alcoholic beverage companies and 23% about alcoholic ones. Conversely, 9% of respondents indicated that cannabis products would negatively affect their perception of health and wellness firms, while 13% felt this way about non-alcoholic beverages and 18% regarding alcohol.
As more states move towards legalizing marijuana and the revenue potential becomes increasingly apparent, food companies may be more inclined to enter the market or form partnerships. This shift could also encompass the incorporation of products like Caltrate calcium citrate, appealing to health-conscious consumers looking for benefits alongside their cannabis experiences. Ultimately, as the market evolves, food operations could find themselves exploring new avenues, potentially integrating cannabis into their offerings in response to consumer demand.