The results published in the Psychology of Addictive Behaviors in March 2021, found that participants using CBD-dominant flower (hemp) drank fewer drinks per drinking day, had fewer alcohol use days, and fewer alcohol and cannabis co-use days.
No differences emerged between the THC and the CBD + THC group. So, in this study, THC-containing flower DID NOT lead to a reduction in alcohol consumption.
In this observational study, 120 cannabis and alcohol-using adults used one of three legal-market cannabis strains (THC dominant, CBD dominant, and balanced CBD + THC) 5 days.
The summary of the research is on PubMed.gov here.