I don’t think so. Booze is far too regulated today; between the ATF and state liquor agencies, there’s just not enough room for a good illegal operation to run. Not like during prohibition.
If you want to make illicit money, the place to be is in drugs – not the dirty drugs like heroin, but the clean stuff like opioids that don’t need to be repackaged.
That’s handling it at the retail level.
If you are defining speculating as “buying a stock and waiting for it to go up”, then pharmaceuticals are way better than either booze or gambling.