With beer sales falling across the US, a growing number of alcohol companies are looking to legalized marijuana to fill the revenue gap.
Although several states have legalized recreational marijuana use, it remains a federal crime, and the companies are therefore pinning their hopes on Europe and Canada, writes Michael J. de la Merced at bizjournals.com.
Constellation Brands, parent company of Corona, announced Wednesday that it had invested $4 billion in Canopy Growth, a publicly traded Canadian cannabis producer. Constellation first took a 10 percent stake in Canopy in November to create nonalcoholic cannabis-infused drinks.
Heineken and Molson Coors have also moved to sell cannabis-infused drinks. Heineken’s Lagunitas brand has started selling nonalcoholic sparkling water featuring THC, the active component of marijuana. And Molson Coors has formed a joint venture with Hydropothecary, a weed producer, to make cannabis-infused beverages.
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