Whitney Sees Potential $15B Market For THC Drinks
September 23, 2025Cannabis data firm Whitney Economics estimates that the THC beverage market could grow to nearly $15 billion in value at its peak, up from the roughly $1.1 billion market that exists today. The group estimates that there are roughly 500 to 750 brands active in the hemp-derived space across the U.S. and Canada, along with 200 brands using cannabis that are exclusive to adult-use and medical dispensaries, showing the vast growth of the mostly unregulated hemp-derived market. On average, Whitney reports that brands do roughly $2 million in yearly sales, with top brands exceeding $10 million.
The 20 leading THC drinks companies brought in $377 million in revenue for 2024, according to Whitney’s recent report on the state of the industry. Category leaders include brands like Cycling Frog, Wynk, Cann, Wana, Uncle Arnies, Keef, and Cantrip, among others, covering both hemp and cannabis THC, with the majority operating in the hemp category.
Smaller brands within the hemp-derived category are estimated to combine for revenue of $454 million in all, with dispensary-sold cannabis drinks bringing in $271 million in revenue in 2024. All in, Whitney Economics estimates that THC drinks brought in $1.1 billion in revenue last year.
Whitney predicts that there’s still massive room for growth for the industry, with only 11% of market potential tapped as of this year. For 2025, Whitney is forecasting 25% growth for THC drinks, with the caveat that the U.S. landscape remains uncertain due to a lack of federal regulations and the shifting potential for hemp THC bans at the state level. Looking over the longer term, Whitney estimates that the THC drinks market will reach $5.6 billion by 2035.
Whitney’s report also offered insight into consumer purchasing behavior for THC-infused drinks. According to the group’s analysis, traditional retail sales are driven by the female power shopper (FPS), who is averse to purchasing cannabis at a dispensary but open to trying THC when able to buy in grocery or liquor stores. Whitney’s analysis did not see a huge turn to THC beverages among younger LDA consumers but noted that as availability—including in the on-premise—expands, Gen Z may emerge as a particularly important demographic for THC beverages.—Shane English
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