Major Beer Company Invests $200M Into Cannabis Beverages

(TIML NEWS) Although marijuana remains illegal on a federal level, a major beer company is investing big drinks made with weed.

According to the Wall Street Journal, beverage conglomerate Constellation Brands — behind brands like Corona and Svedka Vodka — is sinking nearly $200 million into the development of cannabis-infused drinks.

The report says the company has acquired nearly a 10% stake in Canopy Growth, which is described as “the world’s largest publicly traded cannabis company.”

While Constellation wants to develop non-alcoholic, cannabis-infused beverages, it doesn’t plan to sell the products in the U.S. until marijuana is legalized nationwide.

CEO Rob Sands believes federal legalization of marijuana is “highly likely, given what’s happened at the state level.” according to the report.

Further details are unknown. However, marijuana is now legal for recreational use in eight states, and dozens more for medical marijuana use. And, marijuana business is booming throughout the country, raking in nearly $6 billion in sales in 2016.

 

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