Consumer-Obsessed Vol 3: Ownable Occasions

Consumer-Obsessed Vol 3

A Listen® Research Project

Listen® Ownable Occasions

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From

product-led to

people-led Function-first thinking is holding the industry back.

Too often, brands are starting with product and finding, not designing for, consumers.

Start with who, not what.

Brands that will win are consumer-obsessed, occasion-informed, with product that fits.

Note from Ellen

At Listen, we invest in early-stage consumer brands building at tipping points of behavior change in culture and society.

Few tipping points feel as dynamic and culturally consequential as the one reshaping consumer relationships with drinking. Our curiosity on this shift has led us to dive deep over the last few years — studying the industry, meeting with hundreds of founders and experts, and, of course, designing first-party consumer research to inform our point of view. All of this work culminated in the launch of So Curious, a firstof-its-kind conference we held in Chicago in April 2025 to bring the consumer to the center of the evolving discussion about drinking.

In our view, the social beverage industry keeps getting stuck on the wrong things. It remains fixated on product attributes while overlooking the consumers it’s meant to serve and the deeper “why” that makes them want to reach for a drink in the first place. More seem to be launching functional products, not emotional brands rooted in insights and tailored to the humans grabbing them off the shelf. Too many beverages today are made and the consumers are found, not designed for. Occasions are backed into, not built around.

This report is an invitation to rewire how we think about innovation in the social beverage space — to move from function-first to human-first.

We believe the most exciting opportunities lie in starting with people: understanding who the consumer is, the occasions they’re looking to elevate, and designing products that fit seamlessly into their lives.

When it comes to making product, the barrier to entry is low. The brands that will win are the ones that are consumer-obsessed and occasioninformed.

That’s the lens we brought to this work, and that’s the future we’re backing.

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Listen® Ownable Occasions

CONTRIBUTORS

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Editor and Research: Ellen Wilcox Head of Listening, Listen®

Editorial Design:

This work is the result of countless conversations, desk research, and insight shares from experts, industry leaders, founders, and consumers — each of whom contributed to our understanding of the future of social beverage.

Brentos Fernandez Partner, Creative, Listen®

Additional Listen® Contributors: Jeff Cantalupo, Joelle Cosmas, Shawn Dennis, Rick Desai, Nika Longo, Alexis Queen, Johnnie Yu

We are specifically grateful to the 600+ consumers who shared their drinking experiences with us. Though their names have been replaced by pseudonyms or reduced to demographic monikers throughout this report, their stories are the backbone of this work.

To the hundreds of founders and industry experts who have exchanged notes with us over the years, we are grateful for your thought partnership and for your energy in reshaping the future of drinking.

To each of the entrepreneurs actively building brands in this space, thank you! We see the grit required to persevere in such a dynamic and emergent space. We are excited by what you’re building and hope to have the chance to connect.

And to those who joined us at our So Curious event in Chicago last spring: thank you for being a generative first audience. Your reactions, questions, and commentary helped us sharpen our own understanding of this work.

Contents

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Introduction Alcohol Occasions Are Up for Grabs..............................................................6

Who We Met.......................................................................................................8 Personas...............................................................................................................16 Consumer Truths................................................................................................20

Part 2: Ownable Occasions The Unwind.........................................................................................................26 The Nightcap.......................................................................................................28 The Party Trick.....................................................................................................30 The Zone In..........................................................................................................32 The Bonfire...........................................................................................................34 The Relief.............................................................................................................36

Part 3: Achieving Alignment Consumer Preferences......................................................................................38 Looking Ahead....................................................................................................46

CONTENTS

Part 1: Consumer Insights

Listen® Ownable Occasions

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“Alcohol is poisoning your body,” Derek told us without hesitation.

A father of three nearing his 50th birthday, Derek had plenty of reasons to cut back: “It’s horrible for your liver, for your brain development and brain cells, and it’s extremely caloric.” After overdoing it during COVID, followed by a wake-up call from a bad blood pressure reading, he and his wife made a pact to drink less.

Derek is not alone in rethinking alcohol. In fact, 45% of Americans now say even moderate drinking — just one or two drinks a day — is “bad” for your health (Gallup). That’s up from just 28% six years ago, signaling a meaningful shift in public perception.

Alcohol occasions are up for grabs.

For centuries, alcohol has dominated our social and personal rituals. We drink to unwind, to connect, to celebrate, to soften the edges of life. But as consumers increasingly reconsider their relationships with booze, each of these drinking occasions is up for grabs.

Enter a new wave of alcohol alternatives A growing lineup of alcohol alternatives is giving consumers like Derek more optionality on the shelf, challenging alcohol’s place as the assumed default. Functional beverages; non-alcoholic beer, wine, and spirits; and active ingredient–infused drinks have all stepped in to claim share and bring an end to alcohol’s long-standing monopoly on the drink menu.

Their promise? You can still clink a glass, hold a can in your hand, hang with friends, and feel part of the moment — without the compromises or the consequences. And while non-alcoholic drinks and mocktails have approximated the ritual of drinking, there’s one part of drinking that they haven’t been able to replicate: the feelable buzz.

The dawn of functional feelability A rising tide of players in the alcohol alternative space are aiming to go beyond ritual replication, delivering an actual felt effect or “functional feelability.” And if alcohol plays one note, these ingredients unlock entire melodies. Caffeine, THC, L-theanine, lion’s mane mushroom, kava, kanna, ashwagandha, kratom — each of these actives promises to bring an effect that’s feelable, whether it’s increased stimulation, calming chill, sharpened focus, or improved mood. And as ingredient inno-

vation surges and feelability becomes more precisely tunable to a drinker’s desired outcome, entirely new drinking occasions emerge — not just replacing alcohol, but creating something different altogether.

One THC beverage drinker summed it up beautifully: “It’s a different experience. It is still THC, [but] having it in a smaller dosage over a longer time gives it a different feel. Because of that, I find myself using it in situations where I would not normally consume cannabis or when I would not normally consume alcohol, filling a niche that neither of them fully address.” —M, 21, NJ At Listen, we’ve long obsessed over consumers’ shifting relationships with beverage and the rituals of drinking. That’s why we went deep on the most feelable category with arguably the fastest-growing and yet most elusive consumer base: THC drinks, with a focus on hemp-derived beverages. It’s also a category where consumer demand is surging even as regulatory forces threaten its very existence — and yet the actual humans driving that demand, and their reasons for reaching for these drinks, remain largely unexplored in the regulatory conversation. Though the data gathered centered on THC, we believe the insights and learnings are applicable to social beverage at large.

To explore these questions, we started where we always do: with the consumer.

In winter 2025, Listen launched a first-party study of nearly 600 THC drinkers (n=571). To complement the quantitative data, we also conducted in-depth interviews (n=17), along with expert interviews, store visits, social listening, and brand diligence across the THC beverage category. This mixed-methods approach grounded the insights you’ll find in this report.

We designed this study to unpack who’s drinking THC beverages today — what they like, what they don’t, what they want more (and less) of. But above all, we set out to understand: Why do they drink in the first place? Borrowing from the Jobsto-be-Done framework, we asked: What are consumers “hiring” these beverages to do? What role do these drinks play in their routines?

Introduction

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In the sections that follow, we explore:

01

02

The Humans

Six Ownable Occasions

03

04

behind this report and three core consumer truths that emerged from this work

Personas

that bring today’s drinkers to life

driving this category’s explosive growth

Product Preferences

that shape consumer decision-making, including dose, format, flavor, and brand

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Listen® Ownable Occasions

PART 1: CONSUMER INSIGHTS

Who We Met This study centers on consumers of hemp-derived THC beverages — cannabis-infused drinks designed to deliver a psychoactive effect in liquid form. While marijuana-derived versions remain limited to dispensaries, hemp-derived THC drinks have become more widely available, made possible by the 2018 Farm Bill, which allowed for broader distribution of hemp-based products. Yet as regulators at the state and federal level debate the category’s future, the consumer voice has been largely absent from that conversation — a gap this study aims to help address.

Every insight in this report is inspired by the stories, motivations, rituals, and perspectives of THC drinkers across the US. They are parents and grandparents, executives and sales associates, construction workers and creatives. They are cannabis lovers and cannabis newbies. Some drink to let loose, while others drink to lock in. And collectively, they represent a rapidly growing fan base of consumers shopping the THC beverage category.

These nearly 600 drinkers each bring their own context, habits, and reasons for reaching for THC — none of which can be entirely captured in a survey. But in the next section, we aim to sketch a more dimensional picture of who they are and how they’re consuming today.

Consumer Insights

What’s your age?

35.2% 32.9% 21%

Fig. 1

Most respondents were in their twenties and thirties, with twentysomethings leading

AGE 21-29

The humans behind the data Our survey tapped into the lived experiences of 571 THC drinkers: 55.3% male (“M”), 39.2% female (“F”), and four percent non-binary (“NB”). They live across the US, primarily in urban (57.8%) and suburban (34.5%) areas. Regionally, our Chicago community showed up strong, with Illinois being the most represented state in our survey (26.4%), followed by New York (12.8%), Texas (8.8%), and California (8.8%).

AGE 30-39

AGE 40-49

9.1%

More than two-thirds of our respondents (68.1%) were under the age of 40, with drinkers in their twenties representing our largest segment. While statistically consistent with industry speculation that young people will drive demand for alcohol alternatives, some of the most vocal and passionate interviewees and survey respondents were 40+ — often pointing to age and aging as key reasons they’re rethinking their relationship with alcohol.

AGE 50-59

1.8%

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AGE 60-69

Fig 1

How often do you drink THC?

7% 27.5% 40.5% 25%

Fig. 2

Most THC drinkers are occasional, not daily users

DAILY

Unpacking consumption behaviors Among our study participants, THC beverages are used regularly but not excessively. Most respondents said they drink them a few times a month (40.5%) or a few times a week (27.5%), while only seven percent reported daily use.

A FEW TIMES A WEEK

A FEW TIMES A MONTH

This suggests that for many, THC drinks are still more of a ritual than a habit. This finding was reiterated in conversations with interviewees who spoke about drinking THC like they drink alcohol, with consumption happening mostly on weekends.

RARELY

Fig 2

Listen® Ownable Occasions

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What effects are you seeking when drinking THC beverages?

25.4%

70.4% STRESS RELIEF

23.6% IMPROVED MOOD 20.5% 9.5% 7.0% 5.8% 4.9% 1.9% 0.7%

71.3%

57.8% FEELING HIGH 47.6% MORE SOCIAL 43.4% BETTER SLEEP 27.8% PAIN RELIEF 42.0% ENHANCED CREATIVITY 20% IMPROVED FOCUS

● MOST IMPORTANT ● MENTIONED

19.1% MORE AROUSED Fig 3

Fig. 3

THC drinkers are seeking emotional relief more than a high Why do they drink in the first place?

There are a number of reasons people choose to drink THC and a range of desired effects that come with them, as visualized in Fig. 3. Most drinkers reach for THC beverages to help them improve their mental state, with the vast majority of drinkers hoping to relieve stress (70.4%) and improve their mood (71.3%).

Over half (57.8%) mentioned wanting to feel high, yet only one in five (20.5%) said it was the most important. This suggests these drinkers see intoxication as a means to an end more so than the end itself.

Finally, we observed a long tail of more functional aspirations.

Creativity, focus, and arousal were commonly mentioned but rarely ranked as top priorities, highlighting a diverse set of desired secondary benefits.

Consumer Insights

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Where do you typically buy THC beverages?

48.3%

DISPENSARY

36.3% LIQUOR STORE

28%

ONLINE, DIRECT FROM COMPANY

0-2mg 2-4mg 4-6mg 6-8mg 8-10mg 10+mg All

16.5%

CONVENIENCE STORE, GAS STATION

16.5%

BARS, RESTAURANTS

14.2% GROCERY STORE

Fig. 4

Desired dose shapes where THC drinkers choose to shop Where consumers are buying and drinking Where people shop for THC drinks is closely tied to how strong they want their drinks to be (see Fig. 4). Lower-dose shoppers (0–4mg) over-index online and in grocery stores — channels that cater to casual, health-conscious consumers and those looking for mild or microdosed experiences. Mid-dose seekers (6–8mg) tend to shop at liquor stores, suggesting this channel may be emerging as a bridge between familiar alcohol habits and new THC routines. As expected, dispensaries dominate for

Fig 5

high-dose drinks (10mg+), drawing in heavier users looking for more potent effects.

Perhaps surprisingly, dispensaries were the most popular shopping destination overall, with nearly half (48.3%) of our respondents identifying as dispensary shoppers. This number runs counter to expectations, given beverages represent a small fraction of total dispensary sales and most stores aren’t optimized for the beverage format. This result likely reflects the fact that many of our study participants were already regular THC users across formats (see Fig. 6), and dispensaries remain their primary destination for cannabis products. This number may also be inflated by drinkers who buy THC drinks at smoke and vape shops, which was not listed as an option in the study.

Listen® Ownable Occasions

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Fig. 5

Where do you typically drink THC beverages?

72.3% 59.4% 50.8% 30.8% 23.1%

Most THC drinks are consumed at home The majority of consumption today is happening at home: 72.3% of respondents drink THC beverages at home with others, and 59.4% drink them solo at home, as shown in Fig. 5. By contrast, public consumption is still relatively uncommon, with fewer than a third (30.8%) drinking THC at events or social venues and even fewer (23.1%) at restaurants or bars. This likely reflects a mix of lingering stigma and the limited but growing availability of on-premise THC options.

AT HOME WITH OTHERS

AT HOME ALONE

Fig. 6

AT SOCIAL GATHERINGS

Most THC drinkers also consume edibles and smokables

AT EVENTS / VENUES (CONCERTS, FESTS)

AT RESTAURANTS / BARS Fig 5

Additionally, most of our participants weren’t net-new to THC, as Fig. 6 shows. Most reported regularly using other formats such as edibles (78.5%) or smokable products (71.5%), and nearly half (46.2%) said their interest in THC beverages is driven primarily by a desire to explore new cannabis products. Still, eight percent had never regularly consumed THC in other forms, suggesting that beverage as a form factor may be helping lower the barrier to entry.

Besides THC beverages, what other THC products do you regularly consume?

78.5% 71.5% 28.5% 19.4% 17.2% 6.0% 1.6%

EDIBLES (GUMMIES, CHOCOLATES, BAKED GOODS) FLOWER/SMOKABLES (JOINTS, PIPES, VAPES)

CONCENTRATES (DABS, WAX, SHATTER)

TINCTURES/OILS (DROPS, SPRAYS)

TOPICALS (CREAMS, LOTIONS, BALMS) TRIED THC IN OTHER FORMATS (BUT NOT REGULARLY)

NEVER TRIED THC IN OTHER FORMATS Fig 6

Consumer Insights

What about alcohol?

Interestingly, the majority of survey respondents still drink alcohol in some capacity. While few (<5%) are daily alcohol drinkers, about a third (32%) said they drink a few times a week, and another third (30.5%) drink a few times a month — pointing to a pattern of hybrid drinking. The remaining third (32.3%) said they rarely drink alcohol or don’t drink at all.

Fig. 7

How often do you drink alcoholic beverages?

4.7% 32%

Most THC drinkers still consume alcohol While many THC drinkers are still mixing alcohol into their routines, there’s a clear shift underway: the majority (66.2%) say they’re drinking less alcohol since introducing THC beverages. A third (33.1%) reported no change, and almost no one reported drinking more alcohol.

Fig. 8 shows that the effect has not been equal across all alcohol drinkers. The shift was most pronounced among more infrequent consumers of alcohol and less pronounced — though still present — for those who drink alcohol daily.

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30.5% 16.1% 16.1%

DAILY

A FEW TIMES A WEEK

A FEW TIMES A MONTH

RARELY

I DO NOT DRINK ALCOHOL Fig 7

Do you drink more or less alcohol than you did before? ● LESS

29.6% 66.7% 65.5% 75%

● MORE

DAILY ALCOHOL DRINKER

A FEW TIMES A WEEK

A FEW TIMES A MONTH

RARELY

● SAME

70.4% 32.8% 34.5% 25% Fig 8

Fig. 8

THC beverages are helping many drinkers cut back on alcohol Relationship between THC and alcohol The relationship between THC and alcohol gets even more interesting when you look at how the two track — or don’t. As shown in Fig. 9, when it comes to ritualistic use (i.e., monthly or weekly), THC use mirrors alcohol use.

These mirrored behaviors change as you get to more extreme frequencies of use, where the pattern seems to flip — with daily THC drinkers being more likely to abstain from alcohol altogether and rare THC drinkers being more likely to regularly consume alcohol.

Listen® Ownable Occasions

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Comparing THC beverage consumption to alcohol use THC DRINKING FREQUENCY

ALCOHOL DRINKING FREQUENCY

7.0%

Nearly half (47.5%) of daily THC drinkers either rarely or never drink alcohol.

More than a third (38.9%) of weekly THC drinkers also drink alcohol weekly.

27.5%

More that a third (37.2%) of monthly THC drinkers also drink alcohol monthly.

40.5% ● DAILY ● A FEW TIMES/WEEK ● A FEW TIMES/MONTH ● RARELY ● NEVER

More than two thirds (70.6%) of infrequent THC drinkers regularly drink alcohol.

25%

Fig. 9 — Consumers pick their poison

Fig 9

Consumer Insights

These consumers and the patterns behind when, why, and how they drink give important context to what they believe and how they behave.

With that foundation in place, we can step back to meet the people behind the patterns and the needs, goals, and contexts that shape what this category must deliver.

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Listen® Ownable Occasions

THE PERSONAS To design with the consumer in mind, we need to understand the drinker beyond their fridge: who they are, what they value, and what they’re hoping to get out of the experience. The personas that follow represent key segments of THC beverage drinkers who emerged from our research. Each helps illuminate a distinct drinker type, revealing the motivations, desired outcomes, and broader life contexts that shape how and why they reach for these drinks and what “success” might look like for them as a result.

These seven personas are neither mutually exclusive nor collectively exhaustive. They have been designed to inspire and add tangibility to today’s drinker.

Mindful Parents Mindful Parents are trading their nightly beer or glass of wine for a more functional way to — as one Mindful Parent told us — make the ”tightening in my chest from the bustle of the week fade away.” With little kids at home, they often feel on call, navigating busy schedules, bath-time routines, and bedtime rituals. They want to relax in the evenings but not at the cost of being foggy, irritable, or sluggish the next day. Alcohol no longer aligns with the kind of parent they want to be. THC drinks offer a softer landing, helping them shift gears after the chaos of the day without sacrificing their alertness, patience, or presence. They’re often embracing quiet-time drinking: while fixing dinner, cleaning up the kitchen, or settling into a show.

Many Mindful Parents gravitate toward lower doses to maintain a sense of function and control.

Meet Mindful Parent, Nick (M, 31): Nick is a father of a busy toddler and works in a demanding corporate job. He’s cut back on alcohol because of the hangovers and the guilt he feels drinking in front of his kid. Instead, he now cracks open a 5mg THC beverage after his toddler’s bedtime — often mixed with Sprite or lemonade — to relax, improve sleep, and feel more present the next day. He keeps his cans in the very back of his fridge so they’re clearly out of reach.

“I can’t be an airhead as a parent. I need to be able to focus on things. I can’t be blazed. I can drink a THC beverage without worrying about a hangover the next day when my kids wake up early.”

The Personas

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Wellness Seekers

Night Owls

Wellness Seekers are on a mission to take control of their health and see THC drinks as a natural step in their broader wellness evolution. They’re not hardcore, but they are actively reworking their habits, often in response to a health issue or a growing desire to move away from alcohol. THC beverages offer a way to imbibe that doesn’t throw off their sleep, weight goals, or fitness routines. Many still drink alcohol from time to time but have leaned heavily on THC drinks to help them limit alcohol consumption. Gone are the days of hangovers keeping them from making it to that exercise class or hitting the gym. They prioritize flavor, low sugar, and a light, functional buzz.

Night Owls find joy and creativity in the quiet hours after dark.

Whether they’re deep into a video game, sketching a new piece of art, or lost down a late-night Reddit rabbit hole, they seek products that help them drop in and stay focused. They’re often THC power users, consuming regularly and requiring high doses to feel the effects. For Night Owls, THC beverages offer a smooth, immersive experience without the messiness of smoking or the unpredictability of edibles. For them, it’s about presence more than escape — and they tend to find their people in creative or digital communities. They’re often brand loyal and highly skeptical of low-dose offerings. Feeling overlooked by much of the beverage market, they’re vocal about wanting stronger, more economical options that work for their tolerance.

Meet Wellness Seeker, Sammy (F, 32): Sammy is a 32-year-old who started drinking THC seltzers after a health scare led her to overhaul her lifestyle. She now does pottery, eats a vegetarian diet, and walks daily — all of which contribute to her sense of health. She loves fruit-forward, low-sugar drinks that help her let loose without derailing her goals.

“While everyone else hates their life on a Sunday morning, I can go to the gym without feeling any aftereffects.”

Meet Night Owl, Sal (M, 35): Sal is a 35-year-old business executive and a lifelong gamer. After his family goes to bed, he settles in with his cats and a high-dose THC drink to help him lock in while playing video games or sketching. The night is his happy place. When everyone and everything else is still and quiet, he taps into deeper creativity and unlocks a more mindful calm. He shops for value and loves a good discount, seeks strong effects, and sticks with brands that deliver reliably. He’s a loyalist, and if he’s being honest, a little frustrated most drinks are still too weak for him.

“In the quiet of the night, I feel anxiety slip away and my creative brain kicks into overdrive. I’m able to stop worrying and just live in the present moment. I have a high tolerance or enzyme issues with metabolizing THC edibles, so I’d love to find one with nanotech that works for me. My tolerance doesn’t give me an effect below 100mg THC.”

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Listen® Ownable Occasions

Past-My-Primers

Cannabis Lovers

Past-My-Primers are entering a new season of life — one where their bodies (and sometimes their doctors) are telling them it’s time to change their relationship with alcohol. Many used to be heavy drinkers — the first to crack a cold one at the tailgate or hand out cans on the sidelines. But now, they feel it more: the headaches, the sluggish mornings, the recovery time. You might hear them say, “I just can’t bounce back the way I used to.” Aging is the primary catalyst here, and it’s not because they want to slow down, but because they don’t. THC drinks let them keep showing up fully, just without the physical toll of drinking like they did in their twenties.

Cannabis Lovers are all in on the plant. While many have embraced cannabis as a meaningful replacement for alcohol, their love for THC beverages stems from a more intimate love for cannabis as a source of creativity and a wellness tool. They’re multi-format users — growing their own, rolling joints, cooking edibles, and now sipping beverages. They love being part of the cannabis community and often engage online to learn, share, and advocate. For this segment, THC beverages aren’t a substitute; they’re an expansion of an already rich relationship with the plant. They tend to have a high bar for ingredient quality and seek out specific strains or minor cannabinoids to match their mood, often complaining that THC drinks miss the complexity and craft of flower. For Cannabis Lovers, the beverage format offers a more mellow, light (and for, some, imperceptible) feel compared to other forms of THC, but they love that it’s more discreet and more social.

Meet Past-My-Primer, Don (M, 55): Don is a 55-year-old dad of two adult kids who splits time between the city’s suburbs and his family’s beach house. He used to love wine nights with friends and beers at the beach, but lately the effects linger longer than they used to. These days, he prefers to keep a few THC beverages on hand, especially for evenings when he still wants to kick back, laugh, and join in but doesn’t want to feel wrecked the next morning.

“I used to drink three to four beers and still have a headache the next day. I guess that’s just part of age; alcohol hits you way harder the next day than it ever used to, whereas THC doesn’t.”

Meet Cannabis Lover, Mia (F, 52): Mia is a 52-year-old construction worker who found cannabis in her mid-forties and never looked back. A former heavy drinker, she now grows her own, makes edibles, and enjoys a THC drink with dinner most nights. She maintains a structured routine, typically smoking after work and workouts, followed by walking her dog and making dinner. She shares tips in Reddit grow groups and turned her adult son onto beverages too.

“THC drinks aren’t nearly as strong as flower, but they’re a lot more casual. I don’t get high, since I can smoke a bowl of flower a day, but it’s more of a treat. Drinks do tend to make me sleepier than flower because most aren’t cannabinoid specific. You can’t ‘choose your own experience’ like you can with flower since you cannot choose specific cannabinoids and terpenes.”

The Personas

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Veterans

Endorphin Chasers

Veterans have found utility in THC beverages. After serving in the military, many are navigating chronic pain, stress, PTSD, or sleep issues — and traditional medications or alcohol haven’t always provided lasting solutions. THC beverages offer relief without harsh side effects, helping them relax, sleep, and stay present. They’re label conscious, prefer clean ingredients, and often look for military/veteran discounts. While stigma may still linger, many are eager to share their positive experiences, especially if it helps fellow veterans find healthier paths.

For Endorphin Chasers, THC is part of the workout. These high-performance exercisers swear by THC as a tool that enhances their physical training: deepening the mind-muscle connection, boosting endurance, and helping them power through the last set or final mile. Unlike Wellness Seekers, who avoid alcohol to stay on track, Endorphin Chasers use THC proactively to go harder. They’re chasing the pump. These folks often talk about being “in the zone” and love the feeling of being fully in their body. THC drinks are used before or during workouts, often alongside playlists, pre-workout drinks, or warm-ups. They know what gets them going, and THC helps them hit their stride.

Meet Veteran, Vic (M, 34): Vic is a medically retired US Army Veteran and father who found THC drinks after struggling with pain and poor sleep. He’s careful about ingredients and dose, appreciates brands that honor veterans with discounts and programming, and actively shares product reviews in vet groups online.

“I’m still a novice when it comes to THC because I couldn’t use it in the military. I wanted to drink less alcohol, but I wanted to have something to relax with. Things get stressful; I get bad migraines; I have arthritis; I get a lot of flare-ups. I was looking for alternatives to heavier drugs that I get from my doctor. THC beverages do a fantastic job with pain management.”

Meet Endorphin Chaser, Marcus (M, 29): Marcus hits the gym six days a week. He cracks open a 2.5mg roadie on his walk there, which he says is just enough to loosen up without losing focus. For him, THC amplifies the workout: better flow, better lifts, better vibes. He’s not looking to zen out or crash, just to stay in motion and push his body to new limits. His fridge is stocked with pre-workout powders, protein shakes, and a few cans of THC in between.

“I love THC drinks pre-workout, especially right before a long run. In conjunction with some CBG/CBD, you get about a mile in and you just FLOW. Everything feels great — like you’re floating around. Get lost in the moment. It’s bliss. Plus, you get the runner’s high on top of already being high.”

These personas reveal the diversity of humans and the range of needs that drive people to buy and consume THC drinks. By humanizing drinkers in this way, we can transform abstract user data into relatable, memorable, and emotionally resonant characters that brands can build for, advocate for, and align around.

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CONSUMER TRUTHS Beyond who these THC drinkers are, it’s helpful to explore what they believe — the truths that fuel the decisions they make.

In this section, we explore three powerful consumer perceptions that emerged irrespective of persona segment. These are not intended to be digested as facts but rather as truths as people see them, offering a lens into the belief systems that power consumer decision-making.

Truth 1: THC as harm reduction Many view THC drinks not as a vice or indulgence but as a pathway to achieving health and wellness goals.

Comparisons to alcohol drive a mirrored perception of THC drinks — that they are a vice, an indulgence, something to enjoy in moderation and maybe even feel a little guilty about.

Instead, a different story emerged from our research. For many, THC drinks are viewed as a tool for health and, in that sense, a form of harm reduction. They’re not something to cut back on; they’re something to lean into on a path to a better you.

Our data backs this up: Nearly a quarter (23.3%) of drinkers say they choose THC beverages because they’re prioritizing their health. For others, THC drinks offer a healthier alternative to more harmful indulgences and coping mechanisms, such as alcohol and smoking cannabis, as highlighted in Fig. 10 and Fig. 11.

Listen® Ownable Occasions What’s driving your interest in THC beverages?

46.4% 46.2%

I’M TRYING TO DRINK LESS ALCOHOL ENJOY EXPLORING NEW CANNABIS PRODUCTS

31.9% 28.5%

I WANT TO AVOID HANGOVERS I LIKE TO GET HIGH FROM LIQUID FORMAT

23.3% 22.9%

I’M PRIORITIZING MY HEALTH I WANT SOMETHING DISCREET (VS SMOKING)

19.3% 7.2%

I’M TRYING TO SMOKE LESS

I DON’T WANT TO GO TO THE DISPENSARY

2.6%

MY FRIENDS ARE DRINKING IT Fig 10

Fig. 10 — Health goals are the main driver behind THC beverage use

less harmful to your body in the long run:

THC, the more “natural” alternative

“In a nutshell, the things that alcohol affects are probably “from a body perspective” worse [than THC] — the potential cancers it can cause across your throat, mouth, stomach, colon, everything and anything in between. Overall, THC is a natural product.”

For most, this perception of THC as a tool for harm reduction is rooted in a deep-seated belief that THC is healthier than alcohol. A number of participants made reference to the US Surgeon General’s Advisory detailing the link between alcohol and cancer risk — highlighting that the 2024 report confirmed their suspicions that alcohol can wreak havoc on the body. As one interviewee told us: “What is healthier about cannabis? The way you feel when you’re done.

There are lingering effects with alcohol — you’re beating the crap out of your liver. Obviously, alcohol is not healthy for you in any way, shape, or form.”

THC, in contrast, felt to consumers like the healthier alternative — more natural,

“THC — it’s not really a drug. We have a cannabinoid system. [...] Our forefathers were smoking hemp and hash. So it’s not this foreign thing.”

“My parents think about THC as a ‘gateway drug.’ I find that to be incorrect. In my personal situation in college, I think alcohol is a gateway drug. I can have one beer and be fine, but I think one beer is worse than one can of THC. I think alcohol is more of a gateway than THC or CBD would be.”

Consumer Truths

Aging as a key motivation For some, a movement away from alcohol was part of a life-stage transition related to aging, such as becoming a parent or hitting a milestone birthday.

For others, it was triggered by a negative health event, a wake-up call.

“I’m in my thirties with a two-year-old.

If I have two to three drinks, my sleep quality is greatly diminished. It’s not healthy. I don’t have a problem with drinking socially, but having a couple beers on Friday night and then having to wake up to parent a two-year-old isn’t great. I feel sluggish.”

“For the first time in my life, I had high blood pressure in December. We usually drink High Noon a lot in the summer. I don’t know if I’ll do that this summer.

I’ll probably just pack a cooler of THC drinks.”

“I had a very weird [lab result] last summer. It was brought out by stress and other things. And so that’s kind of when I was like — Okay, first of all, I gotta get my stress levels down. Second, I should probably exercise more and really think about what I’m consuming. That’s when I knew I wanted to smoke less. I wanted to drink alcohol less. I needed to be more on this health journey.”

What it means: For many consumers, a trade-down has already occurred.

They’ve already swapped craft beer for hard seltzers or soda for zero-sugar alternatives. They likely have tried Dry January or Sober October with varied success. Now they’re reaching for THC drinks with similar intent. They view these beverages as the key to actual behavior change. They offer a way to feel the shift they want or need without compromising their health goals. In this way, THC doesn’t get in the way of their goals, but it makes them feel more achievable.

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THC for harm reduction?

Reducing alcohol intake 58.1% drink THC beverages to help them shift away from alcohol — either because they’re trying to drink less or avoid hangovers.

Reducing smoking & inhalation injury 19.3% drink THC beverages to help them smoke cannabis less while 22.9% are looking for something more discreet than smoking or vaping

Reducing unhealthy coping mechanisms or prescription drugs 70.4% drink THC to help with stress relief

Fig 11 Fig. 11 — Many drinkers view THC as harm reduction

Truth 2: The THC/ alcohol paradox THC drinks live in a cultural contradiction: the “healthier” option is still the one people work hard to hide.

Despite this ingrained belief that THC is healthier than alcohol, deep-rooted societal stigma is keeping some drinkers from acting on those beliefs out loud. This was especially pronounced for drinkers who came of age in the “Just Say No” era. As one participant reflected: “When I grew up, ‘Say no to drugs’ was the mantra in school you heard all the time.”

Even for drinkers in states with a regulated cannabis industry, stigma persists: “Even though cannabis is legal in Maryland, even if it was legalized at the federal level, I still don’t think I’d do it in public or with family.”

Stigma showed up in interviews as

participants spoke about their THC experiences. A number of interviewees avoided the word “high” — either saying it in a whisper or speaking to it in euphemisms like “buzzed,” “feeling it,” “loose,” or “couch-locked.”

To bring this truth to life, let’s revisit Derek’s story. As you recall, Derek was turning 50 later this year. His transition to THC beverages was closely linked to his getting older (a trigger we heard a number of times in research) and wanting to cut back on alcohol as he works to prioritize health span and longevity.

Derek spoke passionately about his conviction that alcohol is poison and THC is a healthier alternative. However, when asked about his consumption patterns, an interesting tension emerged. Derek said he could easily be found drinking alcohol with his adult children — but would never get high with them:

“I’d have no trouble doing shots or drinking beer with my older kids, but I’d never get high with them.”

22 For Derek, it’s not just about not wanting to drink with his kids. He doesn’t want them to know he drinks THC at all, going to great lengths to keep his consumption hidden. He stores his THC beverages in a separate fridge in his office, pours them into a water bottle, and tosses the can. And if they ask, he says it’s a Fresca. When asked why, Derek shared: “And if they ask, he says it’s a Fresca.

When asked why, Derek shared: “I equate it to smoking a cigarette. I think they’d be shocked. They’d look down on me: How can you do this to your body?!

It’d be disappointing to them. Kids look up to us. I don’t want them to have these other thoughts in their heads.”

We presented this contradiction back to Derek, highlighting the double standard, to which he concluded: “Look, I know the way I view it is contrary to what I’m telling you: I still view it as this sinful thing.”

What it means: Derek is not alone in having to hold two opposing truths in tension at once: reconciling a deep-seated belief that THC is healthier than alcohol and a deep-rooted stigma that alcohol is socially permissible and THC is not. As a result, respondents (especially those over 30) lean on compensating behaviors and a healthy dose of skepticism when engaging this category.

“I was slightly skeptical at first because you don’t know the who, what, when, where, why these days.

But my buddy is meticulous and he’s someone who will do the research and verify. He did the legwork for me, and I trusted him.”

Listen® Ownable Occasions Word of mouth is driving discovery

44%

RECOMMENDATION FROM FRIENDS

37.1% 31.9%

SOCIAL MEDIA RECOMMENDATION FROM RETAILERS

31.3%

ADS - ONLINE, IN-STORE

27.5%

SAMPLING IN-STORE

21% 18.4% 9.3% 7%

SALES, DISCOUNTS AT BARS OR RESTAURANTS GOOGLE SEARCH I DON’T TRY NEW BRANDS Fig 12

As a result, consumers are constantly looking for trust signals. Marketing, brand, packaging, and availability are stand-ins for legitimacy. Being on shelf in trusted retailers lends credibility. So does advertising. As one interviewee told us: “If they can afford ads, they must be legit.”

When asked how she knew she could trust a THC drink brand, one participant shared: “...when the package arrived and the DEA wasn’t behind the delivery truck. I was like, ‘All right, this seems legit.’”

For drinkers still navigating stigma, discretion is key. We heard these drinkers praise discrete can design and packaging. They tended to be sensitive to weedleaf motifs or overly trippy can or carton art. Many alluded to what we call the mother-in-law test: If my mother-in-law came over and opened my fridge, would she be able to tell that I have weed in there?

Despite the fast-growing nature of this category, stigma still persists and casts speculation on brands building in this space. However, consumers are constantly looking for cues that they can trust a brand. And while they may still feel hesitant to drink openly in public, they remain vocal advocates among their close networks — often saying they share their favorites with friends and family members that they trust. In fact, 44% of survey respondents said they typically discover new brands of THC drinks through recommendations from friends (see Fig. 12).

Consumer Truths

Truth 3: The many “jobs” of THC Functional feelability isn’t just about feeling something — it’s about feeling just right, right now.

There’s no single way to drink THC, and there’s no one-size-fits-all formula for how it should feel. Like alcohol, we believe THC beverage will represent an entire industry, not just a single category.

You may have beer in your fridge, wine on your countertop, and spirits on your bar cart. We see a similar future for THC beverage, with consumers regularly shopping multiple formats.

And just as you may pair wine with pasta, beer with football, or vodka with Red Bull — a whole world of ritual, routine, and tradition will be built around the liquid, an opportunity for emerging brands to own.

This idea showed up clearly in our research. Most people weren’t drinking for just one reason but they had a portfolio of occasions. When asked to share her ideal experience with a THC beverage, one participant replied: “Wow, what a complex question.” She proceeded to lay out multiple scenarios, each with a different setting, dose, effect, and desired outcome. She ended simply: “Truly could go on and on…”

The key throughline? Alignment. Successful drinking sessions were those in which everything felt consistent with the present moment — the dose, form factor, effect, pace, flavor, price all lined up.

And the opposite was true, too. Nearly every horror story we heard in this study could be traced back to what we call dose-occasion misalignment: a mismatch between the felt effects and what the consumer wanted in that moment.

Misalignment typically showed up when a drinker got the wrong feel for the moment.

23 These misses generally fell into four buckets: Wrong intensity: Feeling too high or not high enough Unexpected onset: Feeling high too fast or too slow Wrong kind of high: Sleepy instead of social or sedated instead of focused Unwanted side effects: Feeling things you didn’t expect or want, like munchies, grogginess, a “weed hangover,” anxiety, paranoia, or overthinking.

What it means: In the world of innovation, the Jobs-to-be-Done framework asserts that people don’t buy products; they hire them to do a job in their lives.

And if a product fails to perform the job it was hired to do, consumers will “fire” it and look elsewhere. This is a simple concept but a useful one, especially when viewed within the context of THC beverages. This study revealed that there are a number of “jobs” drinkers hire THC drinks to do: help me drink less alcohol or smoke less; help me sleep better, feel better, or show up feeling more like me; help me cope with the frustrations of my day; help me fit in or get past social anxiety. And for each of these jobs, drinkers have a different set of expectations and desired effects.

By formalizing these jobs, we can gain clearer insight into ownable territories for brands building in this space. In the following section, we’ll unpack the six key “Ownable Occasions” that emerged from this work as a way to understand the jobs consumers are asking this liquid to do for them and the role they’re hoping it plays in their lives.

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PART 2: OWNABLE OCCASIONS

Listen® Ownable Occasions

Every decision a beverage brand makes — from the liquid it produces, to the can it’s packaged in, to the truck it arrives in, to the shelf it ends up on — should flow from the drinking occasion it aims to own. It’s about achieving occasion alignment.

The Occasions

So— what’s an Ownable Occasion?

Ownable Occasions are the distinct, repeatable moments in consumers’ lives where a product or brand can become the go-to choice. They are deeply contextual, emotionally resonant, and ritualistic opportunities where a brand can establish clear relevance and loyalty.

The key to owning an occasion is understanding the consumer’s mindset, motivations, and desired outcome in that moment — and delivering a product and experience that consistently meet that need.

In the pages that follow, we unpack six key Ownable Occasions that surfaced from this body of work. For each occasion, we highlight what it is, what it feels like when it goes right, what it feels like when it goes wrong, and how it tends to show up in daily rituals. You’ll also have the chance to hear directly from consumers themselves, who brought each of these occasions to life as they shared their ideal THC experiences with us.

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Listen® Ownable Occasions

The Unwind— TAKING THE EDGE OFF

“After a long day, I find solace at home.

The infused drinks soothe my nerves and wrap me in a sense of comfort, helping me unwind.” —F, 24, TX WHAT IT IS: That first deep exhale after a long day.

You’re home, the intensity of work or life is behind you, and it’s time to reset.

Maybe you’re cooking, scrolling, sitting on the porch, or sinking into the couch. This is about letting go, taking the edge off, and feeling the tension melt away — without waking up groggy tomorrow.

IN THEIR WORDS: “They make me feel very relaxed and chill — they aren’t an energetic social solution for me. So I need to be still, looking for a peaceful moment to get out of the intensity of the day. I’m generally consuming them at home in place of wine to unwind and take the edge off an intense day.” —F, 45, IL “It’s Friday night. We just finished dinner as a family and the kids’ bedtime routine has started. We divide and conquer kitchen cleanup and bath time. It’s slower and more enjoyable than the midweek routine. Water splashes out of the tub and there are giggles from the kids as they play around. I feel my shoulders relax, and the tightening in my chest from the bustle of the week fades away. John Mayer is playing from the kitchen in the background as I chase the kids to their rooms for a book and to get tucked in. I’m feeling grateful for the busy week and now it’s time to relax with my husband as we put our phones and work aside and savor the quiet downtime.” —F, 32, IL “I’m at home, in my room alone, with my cats. I finished a long day at work, and I’m unwinding with a THC drink. I don’t feel ‘high’, but I feel myself relax.” —NB, 23, AZ

The Unwind

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WHAT IT FEELS LIKE:

LOVED BY:

A healthier way to unwind

•

Mindful Parents

Still functional. Able to react and respond.

•

Wellness Seekers

Relaxing, mellow

•

Past-My-Primers

“Feeling of calmness” Taking the edge off

PAIRS WELL WITH:

Letting loose. Chilling. Peace.

•

Context switching — marking the end of the work day and the start of the evening

“Get out of the intensity of the day.”

Home and family. Cozy.

•

The last hour of work on Friday afternoon

“I’m around stuff that’s familiar.”

•

A warm bath or long shower

Muscles relaxing

•

Mindless vacuuming

“I’m done with everything I needed to get done that day and just

•

A book, a movie, a board game

want to relax.”

•

Mindlessly scrolling social media

“A calming feeling, loosens me up and makes my mind less busy”

TAKING THE PLACE OF:

“Relaxed and at peace, but also productive”

•

Glass of wine while you cook dinner

“Things look normal and feel normal, just a lil chilled out.”

•

“Grabbing a beer” after work

•

Hitting the pen on the commute home

WHERE IT HAPPENS: •

Home, often with family

•

Porch, patio, or backyard

•

On the couch while scrolling through Netflix

OCCASION MISALIGNMENT: Being too high/not feeling functional: •

“Getting too high to the point I can’t function correctly, as

•

“I think ‘overdosed’ drinks are too much. I avoid anything

it could ruin other plans for the day” —M, 24, AZ WHAT IT’S UP AGAINST: •

The hustle/intensity of the workday

•

Stress, busy minds

•

Overstimulation

•

The temptation to keep being productive

•

The habit of coping with alcohol, weed, or zoning out

over 15mg per unit.” —F, 36, FL Paranoia/anxiety: •

“Paranoia/anxiety, falling asleep too fast, and consuming so many snacks that it negates the fact that it has fewer calories than alcohol” —F, 45, IL

Stress relief was the second-most mentioned (70.4%) and top-ranked desired effect from THC drinks, with 25.4% of respondents ranking it as the #1 desired outcome.

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Listen® Ownable Occasions

The NightCap— AIDING SLEEP

“THC drinks have changed how long I sleep as well as how quickly I fall asleep. It has been a game changer for me.” —M, 37, OH

WHAT IT IS: The perfect bedtime ritual. Lights are dim; maybe there’s a book in hand; maybe your head’s already on the pillow.

It’s about quieting the mind, signalling to your body that it’s time to rest, and drifting off naturally. A warm, cozy invitation to sleep — without the restless tossing or next-day regrets.

IN THEIR WORDS: “My ideal experience? I’m at home with my partner lying in bed with my pets. Under the covers, freshly washed of course.

Post full-body shower, pajamas on (also freshly washed, duh).

No big lights. Weather outside? Rainy. Watching Arrested Development for the seventh time. Head empty, no thoughts.”

—F, 26, CA

“It’s legit my sleepy-time drink.” —M, 37, OH “When I want to get tired before going to bed, it gives us the perfect little buzz. I’m super relaxed before going to bed and have less trouble falling asleep.” —F, 31, NY

The Nightcap

WHAT IT FEELS LIKE: Quieting the mind

TAKING THE PLACE OF:

Relaxing, turning in

• Glass of wine before bed

Winding down, shutting down

• Tossing and turning

Body high, not head high

• Suffering through low-quality sleep

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• Melatonin and other sleep aids

“The best sleep and dreams” Calm, happy

OCCASION MISALIGNMENT:

“Cuddling and falling asleep”

Getting too high:

“Introspective, but not in my head”

• “Drinking too much and getting too high” —M, 37, OH Weed hangover:

WHERE IT HAPPENS:

• “Feeling groggy the next day” —M, 37, IL

• At home — often in bed or on the couch

• “Waking up high” —M, 48, IL

• 30 minutes to an hour before bed

• “Brain fog the next day and tiredness” —M, 32, TX

WHAT IT’S UP AGAINST: • Racing thoughts and busy minds • Insomnia or trouble falling/staying asleep LOVED BY: • Cannabis Lovers • Veterans

The wrong kind of high: • “I’d like a full-spectrum product with entourage effect.” —M, 34, IL

• “I avoid sativa-leaning genetics.” —M, 34, IL • “I’m trying to avoid feeling more social.” —F, 26, CA Price/value: • “Cost is always an issue, especially when wanting strong enough doses to work with.” —M, 37, TX

PAIRS WELL WITH: • Magnesium supplement • Getting ready for bed • Watching TV or sports, light reading • Light work or scrolling on social media

43.4% of survey respondents drink THC beverages to help them sleep better, with 7% indicating that better sleep is the most important effect they’re looking for in THC drinks.

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Listen® Ownable Occasions

The Party Trick—

PRIMING THE PUMP

“THC beverage makes it easier and more fun to be with people.” —F, 26, TX

WHAT IT IS: The ultimate social hack. A can in hand, a little buzz, a little looseness — without the awkward first-drink jitters or the next-day hangover.

This is for those moments when you want to feel part of the party, let loose a little, maybe even get a little giggly. It looks, feels, and acts like alcohol… just without the impairment, bad judgment, or guilt.

IN THEIR WORDS: “I’m out having a THC cocktail at happy hour with my girlfriends while good music plays and the vibe is chill and lounge comfy.” —F, 22, MO “It’s the first drink of the night and maybe the second and also the last drink of the night too. I like drinking some alcohol in between and spending time with friends.” —M, 36, AZ “I’m out with my friends at a fun bar. I take a THC drink, listen to some good music, hang with my friends and wife, play some cards, have a beer or two.” —M, 27, IL

The Party Trick

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WHAT IT FEELS LIKE:

PAIRS WELL WITH:

Looks, feels, hits like alcohol

• Music and dancing

Can in hand. Participation. Fitting in.

Good mood. Feeling buzzed.

• People who are drinking alcohol (social situations with more alcohol drinkers than cannabis consumers)

Crushable. Sessionable.

• Low/dim lighting

Social lubricant. Quieting the social anxiety.

Maybe a little giggly. Silly.

Gearing up, rallying Tingly, euphoric, elated. “Body high.” “Playful energy.”

“I’m with friends and I get really high so I can deal with their drunkenness.”

“The pressure to drink alcohol isn’t there.”

“Gets me smacked and tastes like Dr. Pepper” “I am raving with my friends and I’m totally in the zone.”

“Around people that I am close to that I can be silly with” WHERE IT HAPPENS: • Any social environment where alcohol is typically consumed • Pre-games

TAKING THE PLACE OF: • NA beer, club soda/bitters, non-feelable alternatives • Bar calls, shots • A few drinks to loosen up • Suffering through low-quality sleep OCCASION MISALIGNMENT: Feeling sleepy: • “Sleep. I don’t want to sleep.” —M, 45, IL • “I want to feel talkative and giggly, not sleepy/tired.” —F, 27, IL • “I like trying new THC bevs, but they have made me feel very relaxed and sleepy when I’d prefer an upbeat vibe.

When I take shrooms, I get more of that happy vibe.” —M, 39, NC

• On premise (music festivals, concerts)

Lack of sessionability:

WHAT IT’S UP AGAINST:

• “I want to be able to crush bevs just as much as anybody else [drinking alcohol] does, and I want a can in hand the whole time.” —M, 39, NC

• Social anxiety • Limited availability outside the home

• “I’m looking for a mild high to be a social lubricant. I would like to be able to have more than one” —F, 29, IL

• A desire to feel intoxicated/a buzz without alcohol

Not having access to it when/where you want it:

• Pressure to drink alcohol, judgment of others

LOVED BY:

• “I would LOVE to have one of these at a concert. Ideally, it comes on slow, mimicking an alcohol” —F, 29, IL

• Wellness Seekers • Night Owls

47.6% of survey respondents drink THC beverages to make them feel more social, with 9.46% saying that feeling more social is the most important effect they’re looking for in THC drinks.

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Listen® Ownable Occasions

the zone in— IMMERSING FULLY “I’m at home with my roommates doing a paint and sip. Candles lit, incense burning, the whole nine.” —NB, 28, IL

“I am at an art installation, walking the gallery and talking amongst people. I feel energized and artistic, calm.” —M, 35, AZ “My ideal experience is getting stoned to the bone and doing a craft or activity, alone or with others. I enjoy a body high that relaxes sore muscles but still lets me focus enough for a puzzle.”

—NB, 26, NJ

“I’m feeling goofy, high, creative, energized, happy, euphoric— still able to connect with my wit intact. I notice small details, the beauty of nature, and a resonating sense that all will be okay in the world.” —M, 43, VA

WHAT IT IS: Total immersion. Whether it’s music, art,

“I’m on my couch or in my apartment with my boyfriend on a cozy night, just relaxing watching a movie or playing pool or building Legos and feeling totally at ease, like a blanket of calm is washed over me. Giggles are good too.” —F, 24, NY

Colors pop, flavors hit, creativity flows, and suddenly, whatever you’re doing just clicks. A drink for deep focus, amplified senses, and getting in the flow — alone or with friends.

“Ideally, I’m listening to my favorite music, alone, sipping soda while I work on my art. I’m a full-time artist and spend 5–6 hour sessions on my pieces. THC is why I can sit and work so long — I love adding a 50mg THC seltzer to my routine!!”

a great meal, or even deep cleaning your kitchen, The Zone In is about dialing in and feeling fully present.

—F, 22, NJ

IN THEIR WORDS:

“At an art show, people dressed to impress hop booth to booth, pretending they know more than others. I spot a bar — no alcohol for me, but they have THC drinks. My mood lifts knowing I can elevate the experience with my vice of choice.” —M, 28, NY “I would love to be at a show for a touring band. Something like alt-rock or shoegaze so it is amplified by the drink. Nothing too crowded or hectic.” —M, 21, TX

“I find the best time to enjoy THC is when I’m using my brain and I like how it makes me feel.” —M, 21, IA “The enhancement of the taste of food and the sound of music is what makes it an ideal choice.” —NB, 33, MI

The Zone-In

WHAT IT FEELS LIKE:

PAIRS WELL WITH:

Experiencing something fully — magical or mundane

• Good food, live music, comedy shows

Zeroing in. Diving deep.

• Crossword puzzles, arts and crafts, Lego

Amplifying. Stimulating. Lifted.

• Chores and deep cleaning the house

Enhancing a sensory experience (music, art, sex, food, game, etc.)

• Coloring books and reality TV

“Getting stuff done around the house”

• Incense and candles

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• Video games

Stronger flavors, brighter colors, deeper beats Removing the clutter and noise — monotasking

TAKING THE PLACE OF:

Flow state, euphoric, like a runner’s high

• THC in other formats (edibles, flower)

Awe, wonder, curiosity

• Coffee or espresso shot

Focusing at work or school “Vibin’ out, eating pizza, listening to music, man”

OCCASION MISALIGNMENT:

“Loosened up and creative”

Ineffective/not feelable:

“Hearing more depth in the melodies and the song”

• “It takes 200mg of regular edibles for me so I need a heavy hitter.” —M, 24, MI

“Music feels and sounds a bit more intense.”

Not having it when/where you want it: WHERE IT HAPPENS: • At work or school • Art exhibit or installation • Pre-workout — gearing up for a long run, skateboarding, or shooting hoops WHAT IT’S UP AGAINST: • Distractions and overstimulation

• “I’d love a bar/coffee/social vibe that’s open both early and late (I have a weird set of hours. I’m always looking for a regular spot to work and meet others at!). I’d love a place that feels social like a bar but it’s still a conversation volume, even as it gets later.” —F, 28, IL Speed of onset: • “I want to avoid the jitteriness and the paranoia of a high dose, and I enjoy the gradual come up, slowly sipping a drink, opposed to a typical edible that can hit at once.” —NB, 23, NY

LOVED BY:

Getting too high:

• Night Owls

• “Getting too high, thinking I’m gonna die.” —M, FL, 21

• Cannabis Lovers • Endorphin Chasers

Survey respondents drink THC to make them feel more creative (42%), more focused (20%), and more aroused (19.1%) — while 7.5% said feeling more creative, focused, or aroused is the most important effect they’re looking for in THC drinks.

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Listen® Ownable Occasions

The Bonfire— STOKING SHARED EXPERIENCES “I’m sitting on the beach with my besties, eating snacks and sipping on a THC beverage — people watching, reading, chatting away.” —F, 36, IL WHAT IT IS: Good people, good vibes, no strangers.

The drink you crack open when you’re with your closest crew — gathered around a fire, floating in a pool, under the stars, or deep in conversation over dinner.

This is about connection, shared experiences, and feeling totally in the moment. No pressure, no performative small talk — just real, easy presence with people you trust.

IN THEIR WORDS:

“I’m at a bonfire with my friends on a cool night. There’s talk of going to the bars later but nobody is interested as we’re still busy catching up and unwinding after a long week. The night is young, the sun is setting, the air has a tinge of smoke smell from the fire, and life is good.” —NB, 21, MN “It’s summertime and I am at a park with friends watching live music. We are grilling out and maybe playing Frisbee or something. We are all hanging out enjoying each other’s company while soaking up the sun and good vibes.” —M, 38, IL “I’m at the beach in San Diego — toes in the sand, listening to Stick Figure — and the waves, sun hitting my face while I sip. I close my eyes while I take another sip. I look at the waves, take another sip, and wait until this bad boy hits the body. It finally hits — I have a good buzz. My friends show up, I open another drink while we make a sand castle and wait for the sun to set while we eat some cheese and crackers and sip on our nice cold THC beverages.” —F, 35, TX “Most recently, I had a board game night with my friends and I was really enjoying my THC seltzer. I felt like it enhanced my experience and was a fun thing to do that was not getting drunk.” —M, 21, NJ “Relaxing at the beach. Some THC drinks to make everything more chill and make everyone have a great time. With any friends. Want to experience the details of the beach.” —M, 21, MA

The Bonfire

WHAT IT FEELS LIKE:

PAIRS WELL WITH:

Experiencing something shared with others

• Nature and being outside / Sunshine

Going through a shared experience

• Small, intimate groups of friends you know well

Small group. Close friends. People you trust. “Good company.”

“I’m comfortable and with people I love.” “No strangers.”

TAKING THE PLACE OF:

Deep discussions. Connecting.

• A cooler full of beers or spiked seltzer

Gathering around a fire. Hanging at the beach. On a boat. Game night. Admiring a sunset. On a pool float. Hiking or camping.

Golfing.

• A pitcher of margaritas

Connecting with nature

OCCASION MISALIGNMENT:

Dancing, socializing — free from judgment

Feeling sleepy or drowsy:

Deep enjoyment and connection

• “Getting too sleepy from it. I feel like THC drinks are an active drink.” —M, 26, NY

Feeling “in the moment”

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• A joint passed around a campfire

• “Sleepy, anxious, in my head” —F, 29, IL

Intimate gathering. Small-group dinner. Togetherness.

Not feeling the right kind of high:

“Low-stakes environment”

• “I like staying in the sweet spot of my high, so I pace myself.

It’s less enjoyable when it hits too strong, leaving the rest of the drink unable to keep me there.” —NB, 21, MN

WHERE IT HAPPENS: • Outdoors — on a beach, a lake, a boat, a hike • At a friend’s house — often a patio, porch, or backyard WHAT IT’S UP AGAINST: • Large social gatherings • Loud restaurants, bars, clubs, or venues

Too filling or sugary: • “Feeling full or over-sugared” —M, 47, MN • Not having it where you want it: • “Ideally, I’m hanging out in a small group, eating in a restaurant, but they’re never on the menu.” —F, 41, IL • “I like being at home or a friend’s place where I’m comfortable. As an occasional consumer, I’d rather not be in public in case of adverse effects.” —F, 26, MA Feeling antisocial:

LOVED BY: • Mindful Parents

• “I don’t like to drink it before at least a beer. Too heavy and antisocial to start with a weed drink.” —M, 45, IL

• Past-My-Primers

47.6% of survey respondents drink THC beverages to make them feel more social, while 9.46% said feeling more social is the most important effect they’re looking for in THC drinks.

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Listen® Ownable Occasions

The Relief —

TREATING SELF “It’s the only thing that helps with my pain and it helps make things just a little less shitty for a little bit.” —F, 51, IN

WHAT IT IS: For some, it’s not about fun; it’s about

feeling better. This is for those self-treating with THC — those who have found medical-grade relief, gotten sober, or found a better way to ease chronic stress, pain, or anxiety. The painkiller.

A functional sip that actually does something — helping bodies and minds feel more at ease, naturally. It’s a key part of a wellness routine.

IN THEIR WORDS:

“I have MS and spinal stenosis, and THC is a large part in managing my conditions.” —F, 23, AZ “I’m at home, in my room alone, with my cats… I don’t feel ‘high,’ but I feel myself relax. My pain is tempered. I am more focused on the game I am playing than I would be sober.”

—NB, 23, AZ

“I have a nice body high that relaxes my sore muscles but I can still concentrate enough to do a puzzle.” —NB, 26, NJ “I have severe rheumatoid arthritis, and this helps with the pain.” —F, 59, FL “I start my night off with one so my stomach doesn’t get as upset when I switch to beers.” —M, 28, NY

The Relief

37

WHAT IT FEELS LIKE:

LOVED BY:

A welcome pause

• Veterans

A painkiller

• Endorphin Chasers

Life-altering. “It saved my life.”

No panic attacks

TAKING THE PLACE OF:

“Makes me feel like I’m part of society. It makes me feel normal.”

• Prescription drugs • More harmful or addictive forms of self-treatment

“Myself — not drugged or groggy” Freedom

OCCASION MISALIGNMENT:

Being in control

Not having it when/where you want it:

“Great mood, motivated, inspired, no more pain”

• “I’d love to use in a public social setting.” —M, 52, NY

Surviving

• “I appreciate the way THC helps me manage chronic pain/ PTSD so it’s nice to have a beverage option more places.”

WHERE IT HAPPENS: • At home — often on the couch or in bed • Soaking in the bathtub WHAT IT’S UP AGAINST: • Stress • Addiction • Chronic pain

—F, 28, IL

Feeling full, bloated, or uncomfortable: • “It’s a little slower and sometimes I feel full/bloated from all the liquid so it’s probably my second or third choice when I’m home.” —F, 34, MA Not efficacious or feelable: • “It is not nearly as strong, but it is a lot more casual. I don’t get high, since I can smoke a bowl of flower a day, but it’s more of a treat.” —NB, 23, AZ

• PTSD

• “I’m just learning and experimenting with it now, but it seems like a very mellow beginner relax rather than a highly high, in my experience.” —F, 42, AZ

PAIRS WELL WITH:

Not tasty or inconvenient:

• Chilling and watching TV

• “I prefer the taste of other beverages and the convenience of THC creams/lotions.” —NB, 21, WA

• Anxiety

• Puzzles, low-key activities • Sex • Other medical treatments

Interacting with medication: • “It doesn’t give me a hangover or interact with my medication.” —NB, 26, NJ

27.9% of survey respondents drink THC beverages for pain relief, with 5.8% reporting that pain relief is the most important effect they’re looking for in THC drinks.

Listen® Ownable Occasions

38

Each of these six Ownable Occasions offers fertile ground for social beverage brands to stake a claim. By anchoring to the occasion(s) that feel most aligned, brand builders can more effectively design products that deliver on the right “job” and make sharper downstream decisions about formulation, dosage, packaging, and distribution.

With a deeper grasp on “why” and “when” (Ownable Occasions) and “who” (Personas), we can now take an occasion-informed, consumer-obsessed look at the “what” —— the THC drink itself.

PART 3: ACHIEVING ALIGNMENT

Armed with a foundational understanding of the six key Ownable Occasions and broader context around the core personas driving category growth today, we can now dig into what matters when it comes to the THC beverage itself. In general, what matters most depends on when (and why) someone is drinking — it’s about achieving alignment.

In this section, we explore consumer preferences around core product attributes, including dimensions such as dose, flavor, and form factor — and how these dimensions vary by consumer, occasion, and desired outcome.

Is our obsession with dose missing the point?

Of all the product decisions a brand has to make, THC dosage — milligrams (“mg”) per serving — is one of the most discussed. Regulators debate what feels safe. Retailers track what sells. And because emulsification is now fairly commoditized, brands can dose up or down with little cost or friction. But the more interesting question is:

What do consumers actually want?

To get a sense for what consumers prioritize most when it comes to THC beverages, we asked participants to force rank seven key purchasing drivers by what matters most and least to them when choosing a THC beverage.

As it turns out, consumers are thinking a lot about dose, too. Of the seven key selection criteria, THC dosage emerged as the top driver of choice, with 40.6% of respondents ranking dose as their number-one priority. Fig. 13 shows a heat map breakdown of how each dimension stacked up in terms of relative importance. Beyond dose, flavor, price, and familiarity or reputation of a brand stood out as influential factors in consumer decision-making.

Achieving Alignment

39

When choosing a THC beverage, what factors matter to you? Rank in order of importance.

RANK

MOST IMPORTANT

NEUTRAL

LEAST IMPORTANT

THC DOSAGE

1

40.6%

27.3%

13.7%

8.4%

4.7%

2.8%

2.5%

FLAVOR

2

17.0%

22.2%

22.1%

16.1%

11.9%

5.3%

5.4%

PRICE

3

11.7%

18.4%

20.3%

16.5%

10.2%

11.0%

11.9%

BRAND REPUTATION / FAMILIARITY

4

9.6%

8.1%

11.2%

16.6%

16.8%

23.6%

14.0%

NUTRITION FACTS

5

9.1%

9.5%

13.8%

14.2%

15.9%

14.9%

23.6%

RECOMMENDATION

6

6.8%

8.4%

9.3%

12.1%

24.0%

20.7%

18.7%

AVAILABILITY

7

6.1%

6.1%

9.6%

16.1%

16.5%

21.7%

23.8%

Fig 13

Dosage and flavor are the top drivers of THC beverage purchase Fig. 13 —

For drinkers, dose is more than a number. It’s the difference between a good experience and a bad one. But a good high in one context is a bad high in another. Similarly, a good high for one person is a bad high for another. Some study participants experienced “controlled euphoria” from one 2.5mg can, while others said they needed at least 100mg to feel a buzz. That’s a 40x milligram difference between two versions of a good time — making dose a more nuanced and complex priority than what first meets the eye.

Of the seven key selection criteria, THC dosage emerged as the top driver of choice.

Listen® Ownable Occasions

40

60%

How many milligrams of THC do you look for per serving (e.g., per can)?

THE UNWIND THE NIGHTCAP THE BONFIRE

40%

THE PARTY TRICK THE ZONE IN

20%

THE RELIEF ALL

0%

0-2mg

2-4mg

4-6mg

6-8mg

Fig. 14 — Dose preferences vary widely depending on the drinking occasion As with most product attributes, dose priorities shift with context. Let’s now unpack drinkers’ desired dosing with an occasion-informed lens. Fig. 14 illustrates per-serving dose preferences split out by our six Ownable Occasions. This graph clearly shows that while dose is a priority across the board, what drinkers mean by dose differs by occasion: The Unwind: Drinkers in The Unwind cluster around 4–6mg (30.6%), but there’s a meaningful 25.2% in the 10+mg group.

This suggests a split: some are sipping to chill, others are dosing to shift gears fast. The Unwind seems to straddle both mild social relaxation and potent solo decompression.

The Nightcap: The Nightcap skews more toward 2–4mg and 4–6mg, with 60% falling in that combined zone. This hints at a gentler, more controlled approach for most, likely focused on relaxation or sleep support without overwhelming psychoactive effects. That said, nearly a quarter (22.5%) of drinkers in The Nightcap need a higher dose (10+mg) to hit reliable feelability.

8-10mg

10+mg

I don’t know

Fig 14

people in this occasion are open to experimenting or modulating their dose based on the vibe or context. Some may want a strong high; others may want a lighter touch.

The Zone In: With nearly half (48.8%) of consumers in The Zone In drinking 10mg or more, this occasion leans toward higher-potency beverages that deliver strong, focused effects.

Rather than sipping casually, drinkers may be looking for a deliberate shift in state. The preference for higher doses suggests they’re comfortable with the intensity and may even seek it out as part of their functional routine.

The Relief: More than half (54.5%) of drinkers in The Relief occasion are reaching for 10mg+, which strongly suggests a desire for either relief-focused effects (e.g., pain, anxiety, sleep) or a fast, no-nonsense route to feeling high. Add in the solid group (21.2%) in the 8–10mg range, and this group is clearly skewing toward high potency and utility over sipping experience.

What drives trial is not what drives loyalty.

The Bonfire: More than half (54.2%) of drinkers in The Bonfire occasion fall in the 4–6mg range, with the lowest representation at 10mg+ (12.5%). This suggests The Bonfire is a social sipping occasion, where drinkers want to maintain a mild, steady high across time and be able to drink multiple rounds without overdoing it. It’s about balance, presence, and longevity — not speed or strength.

It’s often difficult with emerging categories to get a clear view into what makes a brand stand out. New THC drink brands are launching every day. New users are entering the category and experimenting to find what they like. Retailers are still figuring out their product mix. And the fragile regulatory landscape has sparked erratic purchasing behaviors, including stockpiling.

For all these reasons and more, uncovering true loyalty can feel slippery for an early-stage brand.

The Party Trick: The Party Trick shows a more even distribution across dose ranges, with meaningful percentages in 4–6mg (26.7%), 8–10mg (16.7%), and 10+mg (30%). This suggests

To help us unpack what brand love looks like for THC drinkers today, we asked participants to name their favorite brands and to share in their own words what makes them a favorite. This

Achieving Alignment open-ended approach let us surface unprompted themes, which we then coded and quantified to reveal the dimensions that matter most. Doing so also afforded us the ability to compare and contrast the things that drive trial to those that drive loyalty.

Fig. 15 — Dose is something drinkers screen for, not scream for

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When choosing a THC beverage, what factors matter to you? vs What makes your favorite brand?

40.6% 9.5% 17% 52.1% 11.7% 1.3% 9.6% 8.5%

THC DOSAGE

Fig. 15 clearly illustrates that dose is necessary but not sufficient. While dose was the primary driver of purchasing decisions, it was not what drove repurchase or brand loyalty.

What makes someone choose a drink is not necessarily what makes them love it.

FLAVOR

BRAND

But if not dose, what does drive loyalty today? Fig. 16 explores the top-mentioned reasons why drinkers love their favorite THC drink brands.

Fig. 16 — Flavor is the strongest driver of brand love

PRICE

8.1% 3.7% 6.8% 0.2% 6.1% 7.1%

NUTRITION FACTS

So, what drives loyalty? Taste, mostly.

In fact, two thirds (66.4%) of participants said taste is a top reason for loving their favorite brand. While dose was mentioned, it held far less sway than it did in the forced-ranking exercises around purchase decision-making. Only 9.5% of respondents mentioned dose first when it came to explaining what made their favorites their favorites — and only 22.1% mentioned dose at all.

RECOMENDED

AVAILABILITY

TOP PURCHASE DRIVERS

TOP ATTRIBUTES OF FAVORITE BRANDS

Fig 15

What makes your favorite brand your favorite?

2%

20%

40%

60%

TASTE / FLAVOR THC DOSAGE FEELABILITY BRAND REPUTATION AVAILABILITY NUTRITION FACTS PRICE / VALUE FIRST I TRIED CONSISTENCY

MOST IMPORTANT SECOND THIRD

FORM FACTOR INGREDIENTS RECOMMENDED

Fig 16

Listen® Ownable Occasions

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DIMENSION (%)

WHAT IT MEANS

WHAT WE HEARD: WHAT MAKES THIS BRAND YOUR FAVORITE(S)?

Taste/flavor (66.4%)

Flavor profile, flavor variety, tastiness

“The taste! So hard to find good-tasting THC drinks.”

“Smooth taste.”

“Really great flavor without a weed taste.”

THC dosage (22.1%)

Desired level of milligrams of THC

“I love the 2mg dosage level.”

“These are my favorite largely because they’re the right dosage. They float around the 5mg mark which I really appreciate.”

“High dose and strong effects.”

Feelability (19.5%)

How it works in my body, the feeling it gives me

“Broad-spectrum feel.”

“I’ve enjoyed the highs the most.”

“They just get me where I wanna be and no higher.”

Reputation (14.3%)

Brand reputation, community, team, being a local business

“Established, strong brand identity, one of the first players in the space.”

“Small batch and local.”

Availability (11.9%)

Easy to find or stocked where I shop

“It’s the one I have easy access to.”

“It’s available everywhere I shop.”

Nutrition facts (8.9%)

No/low sugar, calories, or carbs

“I like the lower sugar content and real ingredients.”

“No sugar or sweetener.”

Price/value (7.6%)

Good value for what I pay

“They aren’t outrageously expensive, which I really appreciate. It can get real pricey in this kind of product.”

“Reasonable price.”

“Cheap price.”

First one(s) I tried (6.7%)

Introduced me to the category; feels familiar

“Honestly, it was the first one I tried. Good flavors and it was revolutionary at the time for me.”

“It’s just the one I’ve had before.”

Consistency (4.6%)

Reliable effects and dosing

“Consistent products with reliable effects.”

“The fact that they are always uniform. The taste, dosage, and overall effects are always the same.”

Form factor (3.5%)

Size, format, or packaging

“Multiple formats (can size/dose, pouch).”

“It’s soda not seltzer.”

“Nice small shots that are discreet to carry on the go.”

Ingredients (2.8%)

Specific cannabinoids or ingredients I prefer

“No artificial additives at all, no impurities to make me sick later.”

“I avoid drinks that do not have clean ingredients. I avoid sucralose, stevia, and all fake sweeteners.”

“CBD/THC ratio.”

Recommended (0.9%)

People I trust like it

“It’s what I personally most often see being promoted online by influencers.”

“I was introduced by a friend and I am happy with the product.”

Fig 17

Achieving Alignment

43

Winning brands deliver on taste, trust, and feel

Most drinkers prefer familiar, single-serve cans

When it comes to brand loyalty, a handful of factors generate brand love. Fig. 17 explores the top brand loyalty drivers that consumers gave voice to in our study. Now, let’s dive a bit deeper into some of these secondary attributes:

Across responses, form factor preferences consistently mapped back to three key needs:

Fig. 17 —

Form Factor When it comes to form factor, consumers value blendability.

Since many are drinking THC beverages in place of alcohol, they tend to gravitate toward formats that look and feel like traditional alcohol formats, with cans winning out for most social settings. In fact, 86.7% of survey respondents said they favor a 12-oz can in either standard or slim styles. As one participant shared: “I bring them in a little lunch bag with an ice pack to keep them cold. I keep it off to the side and when I grab a drink, I put my little drink koozie on it — just pop it in there. No one sees anything, and no one asks me what they are because it just looks like a White Claw.”

Fig. 18 —

Social normalcy — does it blend in like alcohol?

Experience management — does it offer the right high at the right pace?

Convenience — is it easy to carry and sip without drawing attention?

As with other product attributes, form factor preference is often occasion dependent, and drinkers gravitate towards certain form factors for specific moments. As one participant summed up: “I want the option of high volume or low volume. For example, if I take it as a shot, it would be because I am full or don’t want to carry it around, whereas I prefer larger drinks to carry around at a social gathering.” —F, 28, IL

What’s your preferred format for a THC beverage?

56.6%

STANDARD CAN (12 OZ)

52% SLIM CAN (12 OZ)

13.8% 11.6%

SHOT-STYLE (1.93 OZ)

TALLBOY (24 OZ)

11% BOTTLE (750 mL)

Fig 18

Listen® Ownable Occasions

44

FORM FACTOR

% PREFERENCE

WHY THEY LIKE IT

WHAT WE HEARD:

Standard can like a Spindrift (12 oz)

56.6%

Feels social, familiar, and discreet.

Easy to carry, sip, and control dosage. Fits seamlessly into everyday drinking rituals.

“Makes me feel better in a social setting to ‘fit in’ with everyone else” “Feels a lot more natural in a bar or house-party setting”

Slim can like a High Noon or White Claw (12 oz)

52%

Pony or shorty can (8 oz)

n/a (not listed)

Offers a smaller volume with potentially better absorption and a more compact feel.

“Eight ounces feels like the right amount for my body to absorb the THC”

Shot-style like a 5-hour Energy (1.93 oz)

13.8%

Fast onset, small volume, and ultra-portable. Feels discreet and efficient. Can be sipped solo or mixed into drinks.

“Less filling, more high” “Sometimes I can’t stomach a full beverage.”

Tallboy can like a Liquid Death or Monster Energy (19.2 oz)

11.6%

Good value and feelability per unit. Good for long-duration social settings or stronger effects.

“I want to get the most out of my money.”

“THC makes my mouth dry so [tallboys] help.”

11%

Great for mocktails, controlled dosing, and extended use. Feels premium and aesthetic.

“I can change the dosage easily and make a bunch of fun drinks.”

“It gives more options for either making a larger drink or taking a quick dose.”

Bottle like a spirit (750 mL)

Fig 19

Form factor preferences shift based on the moment and use case Fig. 19 —

For some, format wasn’t a limiting factor at all, especially for those who preferred to pour their drinks into a glass. Some even dressed them up. As one participant shared, “I pour it over ice and add sparkling water or blueberry syrup as needed and garnish.” Another described how a simple glass can elevate the experience: “When you put it in a glass with ice it just feels fancy — like a drink you’d get at a restaurant.”

Price Quantitatively, price was the third most important factor for shoppers when it came to choosing what THC drink to buy.

When asked to reflect on price, how expensive a THC drink was perceived to be was relative to alcohol. And in general, THC drinks are priced at a premium to similar formats of alcohol (e.g., beer, spiked seltzer). But consumers didn’t compare THC drinks to alcohol on a can-for-can basis but on a per-session basis. Even more specifically, drinkers adjusted their mental math for the number of servings required to achieve the same effects.

Using this logic, they often justified a higher per-can price for THC because they can drink fewer of them to achieve the same level of buzz:

“It only takes one or two [THC drinks] to really feel the benefit.

In terms of cost, you’re going to spend $5–6 on a beer at a restaurant, so in the long run you save a lot of money.”

“I have to drink more alcohol to achieve a similar feeling. But if you do, then you crash and have a more difficult time getting up the next day, being productive, fighting through lethargy.”

After walking us through their rationale, many consumers ended with the same conclusion: “It’s still cheaper than alcohol.”

Liquid Above all, the magic of THC beverages is inherent to its being a beverage — the liquid is the magic. Here’s how consumers said liquid THC stacks up to other substances they consume (including alcohol and THC in other formats): A gentler, more manageable high Many described THC beverages as producing a lighter, more mellow high, which is ideal for staying social, relaxed, and in control. This “lighter touch” was often framed as a benefit, not a drawback.

“It feels safer and more manageable, will only take the edge off — not end up with you feeling out of control.” —F, 25, NY

Achieving Alignment “It’s just more casual and easier to pace myself. As a person who is particularly sensitive to THC and other substances, I enjoy knowing that I’m slowly consuming THC and I’m less likely to be locked into a bad experience from the jump.” —NB, 23, NY

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complexity of flower.

“I prefer the full-body feeling of flower as it has the full spread of cannabinoids, but I appreciate the drinks for convenience, flavor, and lack of smoke. I also prefer drinks over edibles as they absorb into the bloodstream faster.”— M, 40, WI

More controllable and consistent than edibles Drinks were praised for offering faster onset, easier self-dosing, and a more predictable effect than edibles, which tend to come on all at once. Some noted beverages feel more like alcohol in terms of pacing: gradual and sessionable. You can feel the effects of one before you have to decide if you want another.

“I like the high I get from flower a lot more than I get from drinks or gummies. But drinks don’t make me smelly.” —24, MO

“The effect is a little smoother. It doesn’t hit me all at once like a gummy would.” —M, 26, NY

—F, 35, TX

“I love the control! Edibles still scare me a bit, and smoking is not conducive to my lifestyle as a suburban mom.” —F, 44, TX “I like the liquid format and ability to consume small amounts frequently versus a one and done with an edible.” —F, 37, IL More social, casual, and inclusive Unlike smoking or vaping, drinks don’t require stepping outside or dealing with stigma. Many users mentioned enjoying the experience of “sipping” — blending in at parties or bars without drawing attention.

“I like the high it gives me. A gummy creeps up on you. Smoking gives you an automatic high. Drinking is nice and subtle.”

Not always strong enough, but often preferred anyway Even among those who said they needed multiple cans to feel anything, many still liked THC drinks for the format: no hangovers, easy on the lungs, good sleep, and a healthier-feeling ritual.

“I haven’t found any that will provide the same level of high as smoking, but it’s a delicious alternative to alcohol without the hangover. But I rarely feel very high when drinking THC beverages.” —F, 32, MN “It has less of a kick. Usually when I want to take it slow, I’ll drink the beverages.” —38, IL

“It’s a more social high. I’ve never gotten so high off a beverage that I feel like I need to take myself home. You can be fully present for the experience you’re having in an elevated way that still allows you to relate to everyone around you, without fully distorting the moment.” —F, 41, IL “THC drinks are easier to consume at bars and feel like I have something to do with my hands.” —M, 35, LA “I prefer it because you can do it inside and still participate in drinking games and all the social mixing of drinking without the alcohol.” —NB, 28, IL “I like drinking because it gives me something to do versus edibles which are eaten and gone.” —F, 56, CA Discreet and odorless Without smoke or smell, THC beverages feel more acceptable in mixed company. This was especially important for those who didn’t want others to know they were consuming THC. “It’s a lot more socially accepted and it doesn’t smell. People see you drinking something and not think twice. The same people see you smoking weed, they always will say something.”

—M, 35, AZ

“I don’t smell like crap compared to joints, and I still get the buzzy feeling.” —M, 27, WA A unique kind of high Several respondents noted that the high just feels different — often more body-oriented, calming, or smooth. For some, this was a plus. For others, it didn’t hit hard enough or lacked the

“I like the liquid format and ability to consume small amounts frequently versus a one and done with an edible.”

46

Listen® Ownable Occasions

LOOKING AHEAD As we often say at Listen, this new era of social beverage is in the “early innings.” Loyalty in this space is still fluid, and the relative importance of these dimensions will likely shift as the category continues to evolve. As stigma fades and the category as a whole builds trust, fewer people may feel loyal to the first brands they try. As new retail channels open up or as others shut down, drinkers may increasingly prioritize availability.

Feelability wants and needs may change as new drinkers join the movement and settle into their preferences. And as active ingredient innovation proliferates and formulation possibilities become infinite, ingredient profiles may become more important.

But the dimension that is likely to have the most lasting impact won’t change as the category or consumers evolve, and that’s the need for these beverages to deliver real humans real effects in the settings and moments they want to reach for a drink.

As we look to the future of the THC beverage category, we expect — and are excited to help herald — a world in which brand is not just a stand-in for trust or a signal of legitimacy but evolves to become a true emotional relationship between product and person. And we believe the path to get there requires a consumer-obsessed, occasion-informed strategy.

Conclusion

ABOUT THIS REPORT About this series: Consumer-Obsessed is a series of research deep dives on behavior shifts that we believe are at a tipping point — and that we, as Listen, feel particularly inspired to invest against. Through this work, we tap into the perspectives of experts, founders, and most importantly, consumers themselves to sharpen our point of view and turn our intellectual curiosities into investment conviction. Previous volumes can be found at Listen.co.

About the author: Ellen Wilcox is Head of Listening at Listen.

Fascinated by all things consumer, Ellen has dedicated her career to understanding human behavior and designing elegant interventions that reconcile the rational economic model and the irrationality of the human mind. Ellen brings a rigorous consumer research approach shaped by her time at IDEO, paired with a deep mastery of market dynamics. Her design ethos is heavily influenced by her roots — she blends the curiosity of a Montessori kid with the grit of a Deloitte consultant, the creativity of an IDEO designer, and the business acumen of a Kellogg MBA. Ellen is currently working to reimagine how Listen listens to unlock even greater value for our portfolio companies and their consumers. A purveyor of the taboo, Ellen is happiest exploring the most awkward, icky, sticky, and complex corners of human life.

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Consumer-Obsessed is a series of research deep dives on behavior shifts that we believe are at a tipping point— and that we, as Listen, feel particularly inspired to invest against. This issue is an invitation to rewire how we think about innovation in the social beverage space — to move from function-first to human-first.

A Listen® Research Project