I haven't had the need for bear spray or ever purchased it. I would think that a waterbottle holder with a draw string would make it slow to whip it out. Have you seen some of the bear videos where the bear comes charging around a bush and knocks the person with the camera down? I think I would want a quick draw holster if I were to carry the stuff. Maybe some kinda clip affair like a cell phone button? I don't know about lite bear spray but I can tell you that lite beer sucks.
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Enjoy your next trip...