Of all the innovative-driven new markets, it’s the food and beverage industry that, by far, is showing the most potential for cannabis business owners. There has been a remarkable growth in this category since the widespread legalization of CBD in Canada and the US started. As more and more consumers start to discover the benefits of hemp-derived CBD and enjoy using CBD and THC supplements, a lot of consumers are demanding snackable and sippable CBD products.
The Advantage for Big Brands
Industry giants, such as Coca-Cola, MillerCoors, and InBev, have been investing actively in the industry for quite a while now. These include conducting research and acquiring small and successful cannabis and hemp brands. What about the independent companies? How are they able to keep up with the game
According to the founder of CannaCraft, a cannabis company, there’s a good future for this category. He believes that it makes real sense for alcohol companies to put their focus on the cannabis market. They are seeing a huge potential for growth and they have the experience in bigger scale distribution and manufacturing. These are things that cannabis companies have recently been granted, as a result of the changing regulations.
Benefits That People Gain from Cannabis Use
Scientific researches that have long been halted due to prohibition are slowly showing evidence of the many benefits that people could gain from consuming cannabis. Furthermore, expanding legalization has allowed for much greater scientific freedom in the field of cannabis use.
Having roots in the medical cannabis market, hemp-derived products and their extracted forms are now slowly finding their place in the health and wellness, self-care, food and beverage, as well as strictly regulated pharmaceutical categories.
Community Wins Over Competition
The overwhelming response from consumers to these newly formed industries has improved the competition among the domination of mass-market and has attracted venture capital into the space. Some companies are preparing for the future by working together with established beverage brands. For instance, CannaCraft has joined forces with a leading beverage brand in order to come up with the Hi-Fi Hops, sparkling water infused with THC.
CannaCraft’s partnership with Lugitas is a perfect example. The headquarters of both companies are in the Sonoma County of California and both companies have been fans of each other’s products for many years. Although the end products are different, there have been lots of similarities in each of the company’s processes, corporate cultures, and values. Both brands are rooted deeply in the community of Northern California and their partnership has further deepened customer loyalty and sparked curiosity among the consumers.
It’s easy to see how ambitious entrepreneurs are reimagining the space quickly despite the fact that alcohol has inhabited the American psyche for many years. If there’s one thing that can use disrupting, it’s the hangovers. Fortunately, there’s a new vibe in town and it’s showing no sign of slowing down anytime soon!