Big Alcohol Watching Profits Plummet In States Where They Legally Compete With Cannabis

‘Back in August, we learned through the WikiLeaks email dump that an alcohol lobbying group was peddling propaganda to lawmakers in the attempt to stifle cannabis legalization. Claiming to be “neutral” on the subject, they did not hesitate to spout falsehoods and fear-mongering about the “dangers” of cannabis.
And then, as nine states were preparing to vote on legal cannabis in the November elections, alcohol lobbying groups were exposed as major funders of anti-pot efforts in various states, including Massachusetts and Arizona. The Intercept also noted beer and liquor companies predicted in SEC filings that legal cannabis would threaten their profits.
Brewbound, a craft beer interest group, first reported on an analysis by Cowen and Company finding that beer markets are shrinking in three states with legal cannabis – Colorado, Oregon, and Washington.’
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