Emily Flippen

The truth is, people are just drinking less alcohol.

And it seems like management, especially for consolation brands, refuses to acknowledge this broader trend and is blaming it on the macro environment.

And while I'm sure that's partially true, I'm curious if in y'all's reality, as you look across the alcohol landscape here, alcohol consumption declining quarter after quarter,

Surveys finding that this has been going on for a while, where the percentage of Americans who drink alcohol is at all-time lows.

So, Jason, when you see this type of shift in consumption, does it strike you as something that is temporary due to external factors?

Or is this really a permanent seismic shift in the market?

And some of those beer brands have been more proactive, to your point about Constellation Brands, versus companies like Boston Beer, who have continued to see, I think Jim Koch, the interim CEO, said that he saw something to the effect of THCs taking mid-single-digit share of beer in certain states where it's been legalized.

So they might not be investing, but they're certainly aware.

As we wrap up here, I'm going to put you both on the spot.

In maybe 10 seconds or less, if you had to choose between investing in a broad-based basket of companies, let's say alcohol versus cannabis, I'll even throw pharmaceuticals in there with the GOP ones.

Which one do you think is going to outperform and why?

I'll quickly start.

I'll say I think it's the cannabis industry.

I think there's a reason why consumers are continuing to shift there.

That's where a lot of the growth is.

It's clearly still getting its feet sorted out from underneath of itself, but I think in five years, they probably relatively outperform.

Jeff, what about you?

I love that idea.

You know what?

I can't wait.