Consumers are gradually migrating away from alcohol in favour of cannabis for recreational purposes, which is likely to propel the global cannabis beverage industry forward. Additionally, the growing number of partnerships between major companies with the purpose of introducing cannabis beverages is likely to boost the global cannabis beverages market's rise. For example, in April 2020, Hexo Corp., a cannabis product maker located in Canada, launched a joint venture with Molson Coors Brewing Co., a non-alcoholic beverage producer. Cannabis beverages include THC (tetrahydrocannabinol), which is illegal in several developing and developed nations. Cannabis-based drinks have grown at a slower rate in the underdeveloped world Because of the market prohibition on THC products in emerging areas like as Asia and South America. Yet, rising public knowledge of the health advantages of cannabis consumption is expected to increase growth in these areas as well.
According to Coherent Market Insights, Global Cannabis Beverage Market was valued at US$ 364.8 Million in 2021 in terms of revenue, exhibiting a CAGR of 22.5% during the forecast period (2022 to 2030).
Prominent Players in the Cannabis Beverage Industry:
1. MedReleaf Corp.
MedReleaf is a Canadian licensed producer and distributor of medical cannabis. The company was founded in 2014, headquartered in Ontario, Canada. In Jan. 27, 2021 Aurora Cannabis Inc. announced it has entered into a strategic agreement with MedReleaf Australia. The companies have signed a five-year supply agreement, which provides for MedReleaf to act as the exclusive supplier in Australia of Aurora's MedReleaf, CanniMed and Aurora brands. Products covered by the agreement will be EUGMP certified and include dried flower, oils, and soft gels, as well as future products employing new delivery mechanisms.
2. Cronos Group Inc.
Cronos Group Inc. operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under the Lord Jones brand in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets. Cronos Group Inc. was founded in 2012 and is based in Toronto, Canada.
3. Jazz Pharmaceuticals
Jazz Pharmaceuticals plc, a biopharmaceutical company, identifies, develops, and commercializes pharmaceutical products for unmet medical needs in the United States, Europe, and internationally. It has licensing and collaboration agreements with Zymeworks Inc.; Sumitomo Pharma Co., Ltd; Werewolf Therapeutics, Inc.; Codiak BioSciences, Inc.; Ligand Pharmaceuticals Incorporated; XL-protein GmbH; and Redx Pharma plc. The company was incorporated in 2003 and is headquartered in Dublin, Ireland.
4. Phoena Holdings
Phoena is a manufacturing company that manufactures organic pharmaceuticals using medical cannabis. The company was founded in 2013, headquartered in Ontario, Canada.
5. VIVO Cannabis Inc.
VIVO Cannabis Inc. produces and sells cannabis products for the medical and adult-use markets in Canada, Germany, and Australia. It offers dried cannabis flower products, pre-rolls, and cannabis oils; and cannabis-derived products under the Canna Farms, Beacon Medical, Fireside, and Lumina brands, as well as provides cannabis-related medical information and services. The company also operates a network of medical cannabis clinics under the Harvest Medicine brand; and HMED Connect telemedicine platform, an online medical cannabis store. In addition, it engages in the ethanol extraction, product formulation, and EU-GMP related processes. The company is headquartered in Napanee, Canada.
6. Tilray Inc.
Tilray Brands, Inc. engages in the research, cultivation, production, marketing, and distribution of medical cannabis products in Canada, the United States, Europe, Australia, New Zealand, Latin America, and internationally. The company operates through four segments: Cannabis Business, Distribution Business, Beverage Alcohol Business, and Wellness Business. Tilray Brands, Inc. is headquartered in Leamington, Canada. The company was founded in 2013.
7. New Age Beverages Corporation
Made from all natural and organic ingredients, búcha® is the best tasting kombucha on the planet. It is the only one with a clean, complex and rounded finish and no nasty vinegar aftertaste. búcha® offers a smart alternative to the other nutritionally empty sugary beverages. The company was founded in 2010, headquartered in Denver. In July, 2020, New Age Beverages Corp. shares jumped more than 100% after the beverages company announced a merger with a multilevel-marketing company and other consumer-product makers. New Age which reached a level of notoriety on Wall Street in recent years by pushing drinks made with CBD, a non-intoxicating compound derived from marijuana said it will combine with ARIIX and its brands of goods. New Age plans to acquire ARIIX for a combination of $25 million in cash, 18 million shares and convertible notes totaling more than $150 million. It will bring in ARIIX subsidiaries offering a variety of "health and wellness" products, including supplements, seaweed-based nutritional products and DNA-sequencing products.
8. Heineken
Heineken N.V. brews and sells beer and cider in Europe, Americas, Africa, the Middle East, Eastern Europe, and the Asia Pacific. The company also provides soft drinks and water. Heineken N.V. was founded in 1864 and is headquartered in Amsterdam, the Netherlands. Heineken N.V. is a subsidiary of Heineken Holding N.V. In February 2019, Heineken, a Dutch brewing company had introduced a drink Hi-Fi Hops which was made with marijuana. Hi-Fi Hops contains no alcohol, instead, its active ingredient is THC (tetrahydrocannabinol), a psychoactive ingredient that causes a headache. This move is part of Heineken’s strategy to enter the cannabis industry. In June 2018, Heinekin’s Lagunitas has launched new cannabis-infused sparkling water line in California by making Heineken the first international brewer to launch THC-infused cannabis beverage. Newly launched product called Hi-Fi Hops are non-alcoholic beverages which contains zero alcohol, zero carbohydrates, and zero calories.
*Definition- Cannabis drinks are alcoholic and non-alcoholic beverages that have been infused with cannabis or marijuana.
