Cannabis may be one of the biggest long-term growth trends on Wall Street in coming years. And that major opportunity for cannabis investors could come at the expense of the alcohol industry.
A new study by Syracuse University and the University of Georgia suggests cannabis legalization has a significant negative impact on online searches for alcohol and online alcohol advertising effectiveness.
The study focused on six U.S. states that legalized recreational marijuana use between 2014 and 2017. Online searches for alcohol were down 10.9% in these states following legalization.
The researchers concluded there is “reduced interest in alcohol when cannabis is legalized and becomes more available.”
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Surprisingly, the study found that tobacco interest is not negatively impacted by marijuana legalization.