The cannabis Industry as a whole has morphed into a multibillion-dollar industry, but according to a recent study food infusions also known as edibles have much more potential.
Last year, in the U.S. alone, the edibles market accounted for $1 billion. This is significant considering marijuana is only legal recreationally in 9 states.
Tomorrow, Canada is rolling out legalized cannabis. With that in mind, Arcview Market Research anticipates that the edible market will be worth $4.1 billion by 2022 in both Canada and the U.S.
This tremendous growth is attractive to several beverage and snack giants.
Coca-Cola announced that that it is planning to get into the cannabis sector. The beverage giant made the statement after “Bloomberg” reported that the company is in talks with the Canadian cannabis company Aurora Cannabis, according to "multiple sources familiar with the matter."
But Coca-Cola isn't the only one jumping on the cannabis infusion bandwagon either.
“The edibles market is up for grabs. We’re already seeing mainstream beverage companies scrambling to take advantage of part of this significant opportunity,” said the Arcview Market Research report. “And when you consider that the investments made so far by these beverage companies, touches primarily the beverages subcategory, then you start to get a sense of the magnitude of the overall edibles market."
Molson-Coor announced that it's also working on developing a line of CBD-infused beverages in Canada.
Although the cannabis edible market is on the rise, there have been some recent challenges.
The Washington State Liquor and Cannabis Board announced earlier this month that cannabis-infused products that could be accidentally ingested by children like candies and lollipops will no longer be allowed to be sold.
Want more insights on how CBD is making an impact in the foodservice industry? Check out this recent episode of The Barron Report below.
Read more about the Arcview Market Research report on the cannabis edible industry at "Yahoo Finance" now.