Thanks for posting this Professor Rapp! I found the article to be very interesting for a couple of reasons.
1. The study used Nielsen Scan data 90 alcohol chain stores instead of polling people on their consumption habits which I found to be a sign of accurate, useful data though no data is truly without its issues. (http://web.stanford.edu/~leinav/pubs/QME2010_ERS.pdf)
2. The conclusion of the study is that marijuana and alcohol are strong substitutes for each other yet the author highlights Rob McMillan, a Silicon Valley Bank Wine Division president saying that he doesn't believe that legalized marijuana will be a major substitute for wine consumption because wine compliments meals versus cannabis does not.
I think this brings a good point into view. Despite the development of marijuana infused "wine" (https://www.rebelcoast.com), I see it being highly unlikely that consumers will be pairing their filet mignon with a cannabis "Merlot" anytime soon. Millennials do value unique experiences though so only time will tell.
3. Perhaps my favorite comment in this article is the author's assertion that after smoking pot people tend to eat and drink more so therefore alcohol sales may increase. While I understand the line of thought, I think it demonstrates a limited use case of cannabis and a lack of forethought on what the wine industry looks like in five to ten years. Based on my personal research I believe that in the next ten years cannabis, like many other functional plants we use today, will be normalized to relieve pains like migraines, insomnia and anxiety. Moreover, I think many people will be using small amounts of the cannabis plant to relieve pains or to hang out socially but it won't be the roll-a-joint and get the munchies sessions of the past.
Thanks for posting this Professor Rapp! I found the article to be very interesting for a couple of reasons.
ReplyDelete1. The study used Nielsen Scan data 90 alcohol chain stores instead of polling people on their consumption habits which I found to be a sign of accurate, useful data though no data is truly without its issues. (http://web.stanford.edu/~leinav/pubs/QME2010_ERS.pdf)
2. The conclusion of the study is that marijuana and alcohol are strong substitutes for each other yet the author highlights Rob McMillan, a Silicon Valley Bank Wine Division president saying that he doesn't believe that legalized marijuana will be a major substitute for wine consumption because wine compliments meals versus cannabis does not.
I think this brings a good point into view. Despite the development of marijuana infused "wine" (https://www.rebelcoast.com), I see it being highly unlikely that consumers will be pairing their filet mignon with a cannabis "Merlot" anytime soon. Millennials do value unique experiences though so only time will tell.
3. Perhaps my favorite comment in this article is the author's assertion that after smoking pot people tend to eat and drink more so therefore alcohol sales may increase. While I understand the line of thought, I think it demonstrates a limited use case of cannabis and a lack of forethought on what the wine industry looks like in five to ten years. Based on my personal research I believe that in the next ten years cannabis, like many other functional plants we use today, will be normalized to relieve pains like migraines, insomnia and anxiety. Moreover, I think many people will be using small amounts of the cannabis plant to relieve pains or to hang out socially but it won't be the roll-a-joint and get the munchies sessions of the past.