As legal #Marijuana use continues to gain social acceptance, one big beverage company is showing its support of #cannabis by investing some money in it – a lot of money. #Constellation Brands, the conglomerate behind beer products Corona and Modelo, just bought a huge stake in a cannabis company [VIDEO].
First ever deal between beer and weed
Based in Canada, Canopy Growth Corp. received $191 million from Constellation in exchange for 10 percent of the company. This large investment marks the first time a major alcohol producer has decided to take a risk on legal marijuana. The company is likely banking on a huge return on investment once recreational weed becomes legal in Canada next year.
In addition, this investment potentially puts Constellation in a “first-mover advantage” position over competitors in the U.S. with marijuana already legal in over half the states and a growing push that will eventually sanction the drug at the federal level.
Alcohol industry kingpin Constellation Brands is investing $191 million in weed-infused beverages: https://t.co/LhX3cclbk4