CBD drinks are a “challenging environment,” Hemphill said. “It’s a bit of a patchwork situation because most of the regulatory rules and laws are taking place at the state level.”
“I think the marketplace is waiting for more clarity federally before we see it developed in a bigger way,” he added. “There’s an opportunity there, but it tends to be niche, and it tends to vary widely depending on the state you’re in.”
CSP sister research firm Technomic shows CBD beverage market penetration tripling from the 2018’s fourth quarter to 2022’s third quarter, from 0.1% to 0.3%. In addition, cannabis beverages are projected to grow in the U.S. from $1.2 billion in 2023 to $5.9 billion by 2033, according to Future Market Insights Inc., Newark, Delaware.