If you can’t beat them, own them. The alcohol industry is about to start buying up cannabis brands, and a first major purchase was announced this morning. Constellation Brands, one of the major alcohol corporations and the owner of Corona, High West Whiskey, Svedka Vodka and others, has purchased a 9.9 percent stake in Canadian medicinal marijuana seller Canopy Growth Corp, according to Bloomberg.
MORE: Inside the Marijuana Showdown at the Canadian Border
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It’s a smart way to skirt legality issues in the U.S., where marijuana exists in a sort of gray area. Here it’s hard to invest corporate money, because a change in law enforcement procedures could cost a major company millions. But medicinal marijuana has clearer legality in Canada, and as an international corporation, Constellation can dabble in the great white north without ruffling feathers at home (they’re based in New York).
ALSO: Funky Buddha Brewing Sells to Corona Owner, Constellation Brands
Read article
But this is the first major move from an existing alcohol entity into the cannabis arena. That could be a signal of changing tides from a broader alcohol industry that has been accused in the past of hindering legalization because it hurts alcohol sales. Canada plans to legalize recreational marijuana in 2018, so Constellation’s nearly $200 million buy into Canopy is a solid investment, with a lot of growth potential. And if the U.S. follows suit, they’ll have a leg up on the competition in experience, and potential access to a lot of product. We won’t try and draw parallels with Prohibition, but there’s a reason Canadian whisky was so ubiquitous after it was repealed.
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If you can’t beat them, own them. The alcohol industry is about to start buying up cannabis brands, and a first major purchase was announced this morning.
Constellation Brands, one of the major alcohol corporations and the owner of Corona, High West Whiskey, Svedka Vodka and others, has purchased a 9.9 percent stake in Canadian medicinal marijuana seller Canopy Growth Corp, according to Bloomberg.
MORE: Inside the Marijuana Showdown at the Canadian Border
Read article
It’s a smart way to skirt legality issues in the U.S., where marijuana exists in a sort of gray area. Here it’s hard to invest corporate money, because a change in law enforcement procedures could cost a major company millions.
MORE: Inside the Marijuana Showdown at the Canadian Border
Read article
MORE: Inside the Marijuana Showdown at the Canadian Border
But medicinal marijuana has clearer legality in Canada, and as an international corporation, Constellation can dabble in the great white north without ruffling feathers at home (they’re based in New York).
ALSO: Funky Buddha Brewing Sells to Corona Owner, Constellation Brands
Read article
But this is the first major move from an existing alcohol entity into the cannabis arena. That could be a signal of changing tides from a broader alcohol industry that has been accused in the past of hindering legalization because it hurts alcohol sales.
ALSO: Funky Buddha Brewing Sells to Corona Owner, Constellation Brands
Read article
ALSO: Funky Buddha Brewing Sells to Corona Owner, Constellation Brands
Canada plans to legalize recreational marijuana in 2018, so Constellation’s nearly $200 million buy into Canopy is a solid investment, with a lot of growth potential. And if the U.S. follows suit, they’ll have a leg up on the competition in experience, and potential access to a lot of product.
We won’t try and draw parallels with Prohibition, but there’s a reason Canadian whisky was so ubiquitous after it was repealed.
For access to exclusive gear videos, celebrity interviews, and more, subscribe on YouTube!
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More News
Highland Park 54 Year Old Is Among Best Scotch Releases of 2023
The Rambler 10 Oz Lowball From YETI is a Must Own
Best Bars in Mexico City for Low-key Cocktail Lounges and Mezcal Shrines
Class It Up With The International Mountains Whiskey Glasses
Best Beers You Should Be Drinking Now
Uncle Nearest Whiskey Lineup Is Rapidly Expanding
All Stories
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More News
Highland Park 54 Year Old Is Among Best Scotch Releases of 2023
The Rambler 10 Oz Lowball From YETI is a Must Own
Best Bars in Mexico City for Low-key Cocktail Lounges and Mezcal Shrines
Class It Up With The International Mountains Whiskey Glasses
Best Beers You Should Be Drinking Now
Uncle Nearest Whiskey Lineup Is Rapidly Expanding
All Stories
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The MJ5: Tony Hawk on His Favorite Gear, Why He Always Carries His Board, and More
Here's the Difference Between Bourbon and Whiskey
Young Guns and a Supercharged Catamaran: U.S. SailGP Team Takes on New York City
More Videos
The MJ5: Tony Hawk on His Favorite Gear, Why He Always Carries His Board, and More
Here's the Difference Between Bourbon and Whiskey
Young Guns and a Supercharged Catamaran: U.S. SailGP Team Takes on New York City
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The MJ5: Tony Hawk on His Favorite Gear, Why He Always Carries His Board, and More
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