Alcohol sales growth is underperforming cannabis by 0.6% to 1.1% in legal cannabis states, a Cowen report found. Cannabis continues to gain traction, with $26 billion in estimated 2022 sales.
The increase in cannabis sales in the U.S. will outpace growth of alcoholic-beverage sales in 2022 but will not cripple the booze business by any means, said Cowen Equity Research analyst Vivien Azer.
Cannabis continues to gain traction, with $26 billion in estimated 2022 sales. The business now amounts to 10% of the size of the alcohol market, up from 2% five years ago. Azer said. Alcohol sales growth is underperforming cannabis by 0.6% to 1.1% in legal cannabis states, the report found. Cowen reiterated Green Thumb Industries GTBIF, +6.54% GTII, +7.07% as its top pick in cannabis, along with its outperform rating for the company. Cowen also has outperform ratings on Columbia Care Inc. CCHWF, +5.71%, Cresco Labs CRLBF, +7.04% CL, +6.47%, Curaleaf Holdings CURLF, +3.28%, TerrAscend Corp. TRSSF, +3.91% TER, +3.58% and Trulieve Cannabis Corp. TCNNF, +4.71% TRUL, +6.11% and a market-perform rating on Acreage Holdings ACRHF, +10.78%.
Azer estimated that the U.S. compounded annual growth rate for alcohol of 5% could face a 1% headwind to industry volumes over time.
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