Spirits trends to watch in 2021

4th January, 2021 by Nicola Carruthers

High point

cannabis

Cannabis was a hot topic in the drinks sector several years ago with producers investing millions in the sector and firms keeping a curious eye on it. However, that talk seemed to dull down over the past year as the global pandemic took centre stage.

The sector could enjoy a fresh resurgence as Joe Biden takes office in the US this month. The new president has previously spoken in favour of legalising the drug, and could pass a bill during his tenure, meaning a major breakthrough for the category.

We already saw US drinks firm Constellation Brands buy an additional 5.1% stake in cannabis company Canopy Growth Corporation for CA$245 million (US$173m) in 2020. Canopy Growth has received billions of dollars in investment from Svedka vodka owner Constellation Brands since 2017.

At the time of the announcement, Constellation Brands’ CEO and president, Bill Newlands, said: “While global legalisation of cannabis is still in its infancy, we continue to believe the long‐term opportunity in this evolving market is substantial.”

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