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Editor s note: This story is part of a series on the trends that will shape the food and beverage industry in 2021. You can find all the articles on our trendline.
There were big expectations for the cannabis-infused food and beverage space leading up to the start of last year. Venture capital investment was increasing, seasoned executives were jumping into the trendy space and established players pledged to launch products.
But 2020 was not the breakout year for cannabis that some had anticipated.
Although the industry made progress, the pandemic slowed down product development as many companies shifted focus to the coronavirus. Federal regulation also stayed in a gray area, with no further guidance and many questions around the space unanswered.
THC-Infused Tonics Find Their Place in Cannabis Beverage Market in 2020
Cannabis-infused beverages may only represent a small portion of the overall legal market in the U.S. and Canada now, but there are several reasons to believe that may change, and quickly.
Several companies from cannabis giants like Canopy Growth and Acreage Holdings to historic, household brands like Pabst Blue Ribbon (PBR) have placed their bets on cannabis-infused beverages, announcing releases (or plans to) in Q4 2020.
In the case of PBR, which agreed to allow the independently operated Pabst Labs to use its brand for its new THC-based drink, the company and many others are fueling a growing niche within the cannabis beverage niche–THC-infused tonics.