Thomas Wesley Pentz, better known for his artistic name, Diplo, partnered with California cannabis beverage company Leisuretown, professional skateboarder Rob Dyrdek and cannabis supply chain company HERBL, to launch a new line of cannabis drinks under the Leisuretown brand name.
Leisuretown’s new THC-infused drink, featuring 2.5 mg of THC and 5 mg of CBD will come in three flavors: Cherry Vanilla, Ginger Berry, and Yuzu Lime reported journalist Javier Hasse for Forbes.
The brand is aiming to grow in a burgeoning segment of the industry. According to a report issued by Reportlinker.com an AI-based award-winning market research solution, the global market for cannabis beverages was estimated at $799.8 million in 2020 and is projected to reach a revised size of $2 billion by 2026, growing at a CAGR of 16.9%, The non-alcoholic segment is projected to grow at a 17.5% CAGR.
The demand for cannabis beverages infused with THC is being supported by the growing consumption among adults looking for euphoria, relaxation, functionality, and therapeutic benefits.
According to Dyrdek, “[The] seltzers are a tasty drink that doesn’t wreck my day, offering microdoses of THC that allow consumers to let loose while staying in control of their cannabis experiences.”
By component in the global THC segment, the U.S., Canada, and Europe will drive a 16.2% CAGR. These regional markets, accounting for a combined market size of $422.5 million in 2020, will reach a projected size of $1.2 billion by 2026.
For Doug Walker, president and founder of Leisuretown, that’s a golden opportunity. He’s partnered with HERBL, one of the largest cannabis supply chain solutions companies.
“Our team could not be more excited to partner with California’s leading distributor to welcome an even broader audience to Leisuretown. This partnership, with the support of HERBL and two notable celebrity brand ambassadors, represents an alignment in scalability to truly bring cannabis beverages to the mainstream,” Walker told Forbes. “Leisuretown combines the crisp, bubbly and delicious nature of seltzers with the calming effects of cannabis, creating a sessional beverage that lets you function at your very best.”
Some of the biggest competitors in the cannabis beverage market include Tilray Inc. TLRY, Aurora Cannabis Inc. ACB, CannTrust Holdings Inc. CNTTQ, Canopy Growth Corporation WEED, Cronos Group Inc. CRON, GW Pharmaceuticals plc JAZZ, HEXO Operations Inc. HEXO, and Organigram Holdings Inc. OGI.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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