A new study commissioned by Truss Beverage Co., the joint venture between Molson Coors and Hexo, found that 87% of Canadian consumers are now familiar with cannabis beverages.
Why it matters: Cannabis companies are increasingly focused on the emerging THC-infused drinks market. Though volume sales are relatively small today, many firms believe that cannabis beverages will usher in a new wave of canna-curious consumers who are interested in trying a THC product but don’t want to smoke flower.
The findings: Truss tapped the Angus Reid Forum to survey 1,500 “cannabis non-rejectors” between Nov. 4, 2020 and Nov. 9, 2020.
- 26% of respondents said they would consider gifting a cannabis drink to a family member or friend while 23% said they intend to make cannabis a bigger part of their holiday celebration.
- Of those who plan on using cannabis, 36% said they would try a new format and 20% plan to consume less alcohol.
- Meanwhile, 19% of those surveyed said they anticipate purchasing a cannabis drink for themselves during the holidays, and 21% already consume cannabis drinks.
Between the lines: On the surface, these statistics don’t feel all that significant. However, more than one-third of Canadians who are not opposed to cannabis use are planning to consume a cannabis-infused beverage over the next two months. That should give marijuana firms the confidence they need to invest behind a nascent cannabis drinks segment.
Notable statistic: Several cannabis drinks from Truss Beverage hit the market over the last three months. According to president and CEO Scott Cooper, their portfolio made up 34% of total THC-infused drinks purchases in Canada between October 11, 2020 and Nov. 8, 2020.
Truss Beverage — whose portfolio of cannabis drinks includes Little Victory, House of Terpenes, Mollo, Veryvell and XMG — no doubt cut into the dominant market share position owned by Canopy Growth Corporation. Canopy, which is backed by Constellation Brands, currently controls about 54% of the dollars spent on cannabis beverages, down from about 70% earlier this year.
“We believe we’re at the forefront of something remarkable, changing what adult beverages mean to Canadians,” Cooper said via a release. “Committing to continued innovation and a robust pipeline will be essential to remain ahead.”
Final word: So-called “Cannabis 2.0” products (edibles, drinkables, vapes, etc.) launched across Canada at the end of last year. According to Truss, “35% of Canadians who consume cannabis beverages do so because it means they don’t have to smoke.”
An earlier study found that 71% of Canadians viewed smoking as “the primary barrier to consuming cannabis.”
Taken together, all of these figures are positive signs for companies that have placed bets on the growth of cannabis beverages.
Want to know more? A news release with additional details can be found here.