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Money News

Beer Maker Bets $3.8 Billion on Big Marijuana

August 15, 2018

1 min read

Beverage company Constellation Brands, which produces and markets Corona beer and numerous other alcoholic beverages, is making a nearly $4 billion investment in Canadian marijuana grower Canopy Growth Corp.

What you need to know:

More details:

Marijuana is becoming a mainstream commodity, and with relatively few big businesses willing to wade into the cannabis market thus far, Constellation’s move is a big indicator that the corporate world sees it as a promising market.

Likewise, governments are getting on board, too. Several U.S. states have legalized marijuana, and Canada will fully legalize cannabis later this year, becoming the second country in the world, after Uruguay, to do so.

Constellation’s move will make a splash, but it’s not the first company in the alcohol industry to wade into the cannabis industry. Molson Coors is also looking at the cannabis industry as a potential source of growth as beer sales have slowed. The company inked a deal with marijuana company Hydropothecary Corp. to create marijuana drinks in early August, and another beer company, Heineken, is also working on THC-infused brews through its Lagunitas brand.

By Sam Becker

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