The boss of spirits giant Pernod Ricard has revealed that he and his rivals are studying the legalised cannabis market, as the drinks industry weighs the drug’s leisure potential.

Alexandre Ricard, who runs the Beefeater gin and Havana rum maker, said his company was “watching it closely” when asked at a Bloomberg event whether he was monitoring the cannabis sector.

Investment bank Bryan, Garnier & Co recently released research suggesting the market could grow to $140bn (£100bn) from its present $12bn in the next decade before even accounting for beverages.

The firm suggested if cannabis was legalised more widely, alcoholic drinks makers could seek to use it in their products, creating new ranges that deliver a ‘high’ for the consumer.

Mr Ricard said: “We look at it closely. The whole sector is watching it closely.”