BNN Bloomberg: As alcohol mixes with pot, tobacco may be the next to invest
Uncategorized August 16, 2018 MJ Shareholders
The man is coming for your pot business.
Big pharmaceutical, tobacco, and packaged-goods companies are likely to move into the burgeoning marijuana sector next after initial forays by alcohol companies including Constellation Brands Inc., Molson Coors Brewing Co. and Heineken NV, industry experts said.
“Companies that I wouldn’t have imagined were interested in the space are actively looking at it now,” said Brendan Kennedy, chief executive officer of Vancouver-based pot company Tilray Inc., which has a partnership with a division of Swiss pharma giant Novartis AG to develop medical cannabis products.
Constellation, the maker of Corona beer and Robert Mondavi wine, announced a US$3.8 billion investment in Canopy Growth Corp. on Wednesday, boosting its stake in the Canadian company to 38 per cent from about 10 per cent. That deal, the biggest in the space to date, adds further legitimacy to an industry that’s rapidly becoming an accepted consumer product, offering broad new markets for global corporations.
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