The number of Americans turning to marijuana as a substitute for alcohol, cigarettes, and painkillers has surged in recent years, according to a new survey by Bloomberg Intelligence.
Amir Islam of Bloomberg Intelligence highlighted a “sudden spike” in the substitution of marijuana for alcohol, with the latest survey showing 44% of respondents making the switch, up from 33% in 2022.
“This is in contrast to less marijuana substitution for cigarettes (30% vs. 39%) and pain killers (30% vs. 35%). The results may prompt additional interest in cannabis from alcoholic beverage producers,” Islam noted.
He further noted that major consumer companies, including Altria, Constellation Brands, British American Tobacco, and Imperial Brands, are expanding into the cannabis industry through joint ventures or acquiring stakes in Canadian cannabis producers, positioning for eventual US expansion when federal laws ease.
Looking ahead, President-elect Donald Trump may follow through on the Biden administration’s proposed removal of marijuana from the list of Schedule I controlled substances, reclassifying it as a Schedule III drug, a category that acknowledges the drug has lower misuse potential and is often used for medical benefits.
David Culver, the senior vice president of public affairs of the US Cannabis Council lobbying group, told NPR News last month that he’s very optimistic that Trump will approach cannabis in a similar way to Biden.
“We didn’t see a lot of activity from President Trump, if any at all, on cannabis reform” in his first term, Culver said, adding, “But I think this time is going to be different.”
In markets, some of the top marijuana ETFs, including AdvisorShares Pure US Cannabis ETF (MSOS), Amplify Alternative Harvest ETF (MJ), AdvisorShares Pure Cannabis ETF (YOLO), and Amplify US Alternative Harvest ETF (MJUS), have been battered since the marijuana stock bubble unraveled in early 2021. None of these ETFs have yet to bottom.
In early September, Trump noted on Truth Social:
As I have previously stated, I believe it is time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use. We must also implement smart regulations, while providing access for adults, to safe, tested product. As a Floridian, I will be voting YES on Amendment 3 this November. As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws, like in Florida, that work so well for their citizens.
Keep in mind that with individuals like Robert F. Kennedy Jr., who will have prominent roles in the incoming administration and have been pro-legalization advocates, a significant shift in national policy may be just ahead in Trump’s second term.
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