For the first time in U.S. history, the number of people consuming cannabis daily or almost daily has overtaken those who drink alcohol with the same frequency, according to a new study published in the journal Society for the Study of Addiction.

This landmark shift has substantial implications for the cannabis market, as detailed by a few industry experts who will be speaking at the fall Benzinga Cannabis Capital Conference in Chicago this October.

Cannabis Consumption On The Rise

The study highlights a dramatic increase in cannabis use over the past three decades. Since 1992, the per capita rate of daily cannabis consumption in the U.S. has surged nearly fifteenfold.

By 2022, approximately 17.7 million people reported using marijuana daily or near-daily, compared to 14.7 million who reported the same frequency for alcohol use. This data was derived from the National Survey on Drug Use and Health, a federally funded survey considered a reliable source for self-reported substance use statistics in the country.

Industry Experts On Market Impact

Aaron Grey, managing director at Alliance Global Partners, emphasized the importance of this trend among younger adults.

“Our bigger takeaway is that the shift to cannabis [from alcohol] is greater for young adults — implying that this trend will continue for decades to come as younger adults age and continue their legacy consumption habits,” Grey said.

“We believe large CPG operators in categories struggling for volume growth will turn to cannabis once federally permissible, in our view, as we have already seen in Canada — leaving operators with the ability to succeed in the market today well-positioned not only for institutional investors but also for strategic investments/acquisitions from these large CPG companies.”

Jesse Redmond, head of cannabis at Water Tower Research, …

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