Euromonitor: Cannabis the next ‘craft’ for spirits

Cannabis-based drinks are set to become the “biggest disruptor that ever was” in the US market, a Euromonitor analyst has predicted.

Cannabis could become the new craft in the US, reckons Euromonitor’s Malandrakis

Speaking to The Spirits Business on developing US consumer trends, Spiros Malandrakis, alcoholic drinks analyst at Euromonitor International, says the industry is beginning to pay attention to the cannabis-based drinks sector as “legislation” spreads across the US.

“‘Craft’ will seem like a playground in comparison,” Malandrakis continued. “If the industry ignores this, they’re going to miss out majorly.”

The number of products coming on to the market with a cannabis link has certainly increased in recent years and include Humboldt’s Finest from California’s Humboldt Distillery and Shotka from Marie Brizard Wine & Spirits.

While products containing more than trace levels of THC – the mind altering component of the drug – are currently not available due to legislation, Malandrakis thinks as the law changes more widely in the US, this is the next area to be explored.

“The legal cannabis industry in the US already accounts for as much money as the US ready-to-drink and cider markets put together, within just a few years of existence,” he said. “By the end of the decade I think it will be way closer to spirits probably. Craft is nothing compared to this juggernaut coming down the road.”

See the July print edition of The Spirits Business for the US market report in full.