Bernstein: The State of Cannabis Sales (and What it Means for Bev Alc)

Dear Client:  On the list of what's impacting bev alc sales structurally, cannabis is often cited alongside GLP-1s and generational shifts in consumption (i.e. gen Z). However, a recent Bernstein note shows that cannabis sales aren't exactly booming.  Bernstein took a look at both Canadian and US cannabis sales for the first quarter of 2026 using data from Statistics Canada and Headset USA. Note, the analysis does not capture the illegal market nor intoxicating hemp-based beverages, "for which no comprehensive