A Conversation on Social Consumption
Reshaping Social Consumption In The Hospitality Space," explored the growing market for these products and the challenges and opportunities they present.
The discussion highlighted the unique advantages of cannabis beverages. Their familiarity and ease of integration into existing hospitality settings make them a natural fit for social consumption. Rachel Bachman, from the Cannabis Hospitality Coalition, emphasized the seamless transition possible due to the existing familiarity with beverages in bars and restaurants.
Diana Eberlein, president of Cannabis Beverage, shared impressive market data, revealing that THC beverages are outperforming traditional staples in various retail settings. This trend suggests that cannabis beverages have the potential to become a significant driver of bar sales, especially as alcohol consumption declines.
However, establishing high-quality cannabis lounges faces regulatory hurdles. Rachel Bachman acknowledged the operational challenges, but also sees significant opportunities as regulations evolve and expand across states. She believes low-dose beverages offer a promising avenue for hospitality businesses to generate revenue while providing a controlled and enjoyable experience for consumers.
David Mukpo, CEO of Pamos Beverage, echoed the importance of integrating low-dose THC beverages into social settings. He believes high-quality, regulated lounges are crucial for the industry's future growth and will encourage the adoption of cannabis beverages as a mainstream alternative to alcohol.
Jonathan Black of Cheech & Chong emphasized the need for adjustable dosing to cater to individual needs. He sees the lack of a standard dose as both a challenge and an opportunity, highlighting the importance of providing consumers with access to personalized experiences.
The panelists unanimously agreed that education is paramount in this evolving landscape. Diana Eberlein stressed the need to educate distributors and retailers about THC dosages and product offerings, ensuring consumers have the knowledge they need to make informed choices.
The conversation at the Benzinga Cannabis Capital Conference painted a promising picture for the future of cannabis beverages. As regulations adapt and consumer awareness grows, these products are poised to reshape social consumption and become a major player in the hospitality industry.