By Amy Hansen, The Fresh Toast
Tobacco has long been an economic giant…but is cannabis upending the system?
In the United States and Canada, cigarette consumption peaked in 1965 at a staggering 4,259 cigarettes per capita annually. During this period, about 50% of men and 33% of women smoked regularly. The tobacco industry’s influence extended far beyond sales, shaping culture, advertising, and even medical opinions. “Big Tobacco” includes Philip Morris (now Altria), R.J. Reynolds, British American Tobacco, and Imperial Tobacco were and are key international corporations and used to be big players on the stock market.
A key concern is the change in demographics. Nearly a third of respondents under 35 say they smoke marijuana compared to 8% of young Americans smoke cigarettes at least once a week. A drastic trend which will be hard to change. Gen Z has always drifted away from alcohol and started the California sober movement where they only consume marijuana and don’t drink. The alcohol industry has a stake with over $12 billion invested.
While not at the same level, Big Tobacco seems a future in the plant. Altria Group, the parent company of Philip Morris USA, made one of the largest investments by acquiring a 45% stake in Canadian cannabis company Cronos Group for $1.8 billion. British American Tobacco (BAT) has also been actively investing in cannabis. Imperial and Phillip Morris have shown interest but have yet to make a major play.
Big Tobacco has the clout, cash and cleverness to take marijuana to the next level in not only the US but around the globe. They can make cannabis an international juggernaut not only recreationally, but medically.
The Fresh Toast is a daily lifestyle platform with a side of cannabis. For more information, visit www.thefreshtoast.com.
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