Brown-Forman, the parent company of Jack Daniel’s whiskey, has seen its stock plummet to a 12-year low after issuing a bleak outlook on Thursday. The Kentucky-based spirits seller reported a steepest one-day drop in its trading history.
The decline is attributed to several factors, including cannabis and weight-loss drugs, which have negatively impacted sales. Additionally, dwindling demand from younger drinkers, known as Generation Z, has also taken a toll on the company’s business.
This trend is part of a broader shift towards healthier lifestyles, with many consumers opting for low-calorie or fat-free alternatives. As a result, liquor sales have been affected by the rise in these health-conscious products.
Source: https://www.marketwatch.com/story/jack-daniels-parent-sees-weight-loss-drugs-cannabis-hurting-liquor-sales-bce7beea