By Tiffany Kary, Bloomberg News on December 4, 2022
The youngest US consumers are trending toward weed over booze, reshaping the alcohol industry, according to a study.
“Legal cannabis states are showing slower alcohol growth,” analyst Vivien Azer wrote in research released Friday by Cowen Inc., which found that more than 60% of consumers who use cannabis have cut back on drinking. The youngest consumers are driving the trend.
In 2020, 79% of cannabis consumers age 18 to 25 also drank alcohol, down from 90% in 2002 — sharper than the drop found among those 26 and up. Conversely, the percentage of drinkers who use cannabis in that age category grew to 32% from 25% during that time frame.
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