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Major alcohol companies will likely see sales squeezed by legal cannabis in the coming years, according to Wall Street research firm CFRA Research.

“Due to shared usage occasions, we view the legalization of cannabis as a threat to alcohol industry consumption growth,” CFRA analyst Joe Agnese, who covers the food and beverage and tobacco industries, wrote in a note published Monday.

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Agnese cites Anheuser-Busch InBev SA/NV, The Boston Beer Company and Brown-Forman Corp., best known for Jack Daniels Tennessee Whiskey, as companies that could see a decline in product consumption.

“When I consider the use indications of the alcohol industry — when it’s consumed, who consumes it, that type of environment — alcohol overlaps significantly with cannabis, whereas something like tobacco doesn’t,” Agnese said in an interview.

“While you are going to see a big shift from the illegal (cannabis) market to the legal market, you’re also going to have a lot of alcohol consumers who don’t consider cannabis, because it’s illegal, moving over to consuming cannabis, especially with the development of closer alternatives such as infused beverages.”