May 23, 2024 – Although alcohol overall remains more widely used, first-time daily marijuana use overtook drinking at the same frequency in 2022, with roughly 17.7 million cannabis users and 14.7 million drinkers.That is a 15-fold increase for cannabis since 1992 when 900,000 Americans disclosed using the drug daily compared with 8.9 million daily drinkers.

“We believe — and data clearly indicates — the younger demographic cohort is increasingly accepting cannabis on a daily and monthly use at a higher rate than other generations,” said Roth MKM analyst Scott Fortune.

“As there are indications of consumers substituting away from other pleasure uses (alcohol, tobacco), we think as younger generations grow up with legal cannabis options, the acceptance of cannabis will become more prevalent and substitute away from traditional options,” he added.

The spirits and alcohol industry, however, has been working to defend its market share despite shifting trends among younger consumers.