Diageo may be the next beverage alcohol company to tap the cannabis market. The London-based drinks giant has had discussions with at least three Canadian cannabis producers about a deal for pot-infused beverages, according to BNN Bloomberg. Reports of the talks late last week lit up cannabis stocks.
There’s been plenty of cannabis activity in recent weeks in the beverage alcohol industry. Molson Coors on Aug. 1 announced it was forming a joint venture with Hydropothecary Corp. to develop non-alcoholic cannabis-infused drinks,
Constellation Brands on Aug. said it had increased its ownership interest in Canada’s largest licensed cannabis producer, Canopy Growth Corp. Constellation, which acquired a minority stake in Canopy late last year, is making a $5-billion investment that will give it a nearly 40% stake.
Recreational marijuana will be legal in Canada on Oct. 17, though cannabis-infused edible products, such as drinks or candies will reportedly not be legal in the country for another year. The Wine & Spirits Wholesalers of America (WSWA) in July announced support for states’ cannabis rights.
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Author: Melissa Dowling