With more states legalizing the use of marijuana, 2021 could be a big year for cannabis beverage and delivery companies.
CANNABIS-INFUSED BEVERAGES GAINING TRACTION
The global cannabis beverage market is estimated to grow at a CAGR of 17.8% through 2025 and reach a valuation of $2.8 billion, according to a report by Million Insights.
In 2020, cannabis-infused beverage sales rose from $67.8 million in 2019 to $95.2 million, according to data from Seattle-based cannabis analytics firm Headset, reported Marijuana Business Daily (March 1).
Fueling market growth is the rise of health-conscious consumers seeking low carb and sugar alternatives to cannabis-infused sweets, as well as perceptions about cannabis beverages being more acceptable in a social situations than smoking, noted the Marijuana Biz report.
North America is projected to grow at the fastest rate during the forecast period, mainly due to the legalization of cannabis infused products for recreational and medical purpose. However, Europe is also projected to see substantial growth over the next few years with the Netherlands estimated to have the highest market share based on its elevated consumption of cannabis and growing numbers of cafes and restaurants that serve cannabis-infused beverages.
Food delivery company Waitr said it is teaming up with Flow Payments to create a specialized platform for the sale and delivery of legal marijuana, reported The Advocate (March 4). The company said the partnership will use Waitr’s proprietary delivery technology and Flow’s payment processing capabilities to create a platform that complies with state and federal laws.
Currently, 12 states allow delivery of medical marijuana products and six allow for delivery of recreational products, according to Leafly. Florida is the only state where Waitr operates that currently allows for marijuana delivery.