Cannabis Has its Sights Set on Alcohol and Tobacco, Spurring Investment

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In American culture, alcohol and tobacco loom large. Many people drink most days of the week: a beer with the game, a glass of wine with dinner, an old-fashioned to cap off the night. It is ingrained in the fabric of our social lives, even central to many religious ceremonies. According to the Centers for Disease Control (CDC), ⅔ of American adults consumed alcohol on a weekly basis, and 14 million Americans still consider themselves smokers.

This has meant big business for the alcohol and tobacco industries. In 2019, the alcohol industry raked in $252.82 billion, according to market and consumer data firm Statista. That’s up 30% since 2011. The U.S. tobacco market was worth $12.35 billion in 2020. And just a few companies like Philip Morris International Inc. (NYSE: PM) and Vector Group Ltd. (NASDAQ: VGR) are …

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