A CBD food and drinks supplier chain claims CBD-infused drinks could help restaurants struggling as booze sales plummet.
US-based West Coast Venture Group (WCVG) says the emerging trend can help offset the decline in alcohol consumption, particularly among younger consumers – with general sales declining by 0.8% last year.
This same trend has also led to an increase in alcohol free drinks and health-orientated products, the company claims
Jim Nixon, founder and CEO of WCVG, said: “This represents a significant problem for any restaurant owner.
“In fact, the rule of thumb says that alcohol sales should be around 30% of a restaurant’s revenue, but in some rare cases it can be as high as 50%.
“This is a significant portion of any restaurant’s revenue that is melting away before our eyes. CBD-infused water could provide a way around that.”
“Our market research demonstrates that there is a significant demand for CBD products”Jim Nixon, WCVG CEO
He adds the CBD beverage sector is predicted to be worth $1.4 billion by 2023 and, as demand for alcohol-free drinks increases, CBD mocktails and waters could be a way for restaurants to close the gap opened up by declining alcohol sales.
Mixon added: “Restaurants in particular are forced to live by the maxim ‘adapt or die’, and that is why we took the decision to embrace CBD and become America’s first CBD restaurant stock.
“Our market research demonstrates that there is a significant demand for CBD products and this is why we have positioned our firm as a CBD restaurant stock, putting us in the perfect position to generate consumer traction in two dynamic, growing, sectors.”