Instead of shrinking in fear from the rising green tide of legal marijuana, the parent company behind booze brands like Corona, Svedka, and Robert Mondavi is jumping right in with a big investment in the legal marijuana business.
Constellation Brands Inc. is shelling out $191 million for a 9.9% stake in Canopy Growth Corp, a Canadian company — known as WEED on the Toronto Stock Exchange — that sells medicinal cannabis products in that country and other markets where it’s legal.
Constellation doesn’t have plans to start selling weed products in the U.S. — or anywhere else, for that matter — until it’s legal “at all government levels.”
In the mean time, Constellation can get a jumpstart on figuring out what will the next big thing in legal marijuana, which is “predicted to become a significant consumer category in the future.”
“Our company’s success is the result of our focus on identifying early stage consumer trends, and this is another step in that direction,” Constellation CEO Rob Sands said in a statement.
While you won’t be able to crack open a cold can of weed-infused Corona any time soon, there could be some kind of cannabis beverage down the road — again, wherever it’s federally legal — as the two companies will be exchanging “knowledge and expertise.”