In this photo illustration, dried cannabis flowers are displayed on April 30, 2024 in San Anselmo, California. The U.S. Drug Enforcement Administration announced plans to reclassify marijuana as a less dangerous drug and designate it a Schedule III controlled substance instead of a Schedule I drug where it is currently listed.Daily or near-daily marijuana use is now more common than similar levels of drinking in the U.S.
That is a 15-fold increase for cannabis since 1992 when only 900,000 Americans disclosed using the drug daily compared with 8.9 million daily drinkers. "From the U.S. alcohol side, the youngest legal drinking-age consumers are turning to alcohol less often, and when they do imbibe, it is fewer drinks," said Roth MKM analyst Bill Kirk.
However, some analysts on Wall Street expect greater impact to the alcohol industry from cannabis adoption.