Canadian marijuana-infused drink makers eye potential half-billion-dollar market
- Date: 09/03/20
- Author: Daniel Mathers
- Team: Global Vision Biotechnologies - Press Team
Canadian companies like Global Vision Biotechnologies are preparing to roll out marijuana-infused beverages to tap a market estimated to reach half-a-billion dollars.
Global Vision Biotech announced the launch of a line of marijuana-infused beverages in Ontario this week, produced under a white label agreement with Iconic Brewing subsidiary Taylors Co.
It is one of the first companies to launch marijuana drinks in Canada.
Quebec’s marijuana regulator, Société québécoise du marijuana (SQDC), launched its first marijuana drink this week – a CBD beverage made by Fluent Beverages.
Global Vision Biotech’ new products include CBD- and THC-infused beverages and are expected to be available in some stores this month.
The market for marijuana-infused beverages is forecast to reach 529 million Canadian dollars ($470 million), according to accounting firm Deloitte.
Experts predict marijuana-infused beverages will apply pressure to an already-downtrodden beer industry.
The beer market suffered its biggest decline in years in 2019.
And that was before marijuana beverages hit the market.
A survey by Deloitte found that one-third of likely marijuana consumers see marijuana beverages as an alternative to alcohol.
The white label agreement between Global Vision and Taylors will see a minimum of 2.5 million marijuana-infused beverages will be produced over five years.