SACRAMENTO, Calif. – New trade association, the Cannabis Beverage Association, last week announced its launch, representing businesses in the cannabis beverage sector, with lobbying, education, networking, and advocacy for sensible regulation.
On its newly launched website, the nonprofit’s mission committed, “To advance the interests of cannabis beverage producers and their consumers through advocacy and education. It is our mission to help the burgeoning cannabis beverage sector reach it’s potential; a potential beyond a robust market cap, but that can offset societies dangerous affliction with alcohol consumption with products that are enjoyable, session-able and offer the healthful benefits offered by cannabis consumption.”
Members listed include beverage companies California Dreamin, Rickett Brewing, and product manufacturers Nanogen and Space Station.
“Over the last two years, beverages have seen steady growth, both in overall sales and market share,” cannabis data company Headset said in its 2019 report Is Weed the New Beer?
“Market share has gone up 0.22 percent, and the overall market has doubled, going from a little under $1.5 million to about $3 million. However, that’s still a relatively small portion of the overall cannabis market,” the report continued. “Beverages, at their peak market share, were only 1.42 percent of sales. So, while the category has constantly gained share and grown sales, it is by no means a mass market, yet.”
Cannabis data company New Frontier Data indicated growing interest in infused beverages in Europe, where CBD infusions are becoming more popular.
In a recent website post, the company said, “Much like nonalcoholic wines and ‘nosecco,’ smaller players are leading the charge in the new space. In the UK, much like the rest of Europe, novel foods regulations remain a huge hurdle. Regardless, small players have been undeterred. The novel food regulations do allow for the use of cold-pressed, broad-spectrum cannabis oil extracts in products.”