What you ask can be done in many ways, the way i would personally do it is by making a base item with all the functions and variables for everything pickable, than i would make a new class derived from the base one for consumables and do more specific functions like drinking or eating.
This way you would have more control over your items without breaking too much later on.
So the hierarchy would look something like this:
PickableItem_BP - Consumables_BP - Food_BP
- Drink_BP
- Potions_BP
- Weapons_BP - Sword_BP
- Mace_BP
- Axe_BP