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This week the owner of Corona beer, Constellation Brands, took a $4 billion dollar bet by investing in Canadian cannabis pharmaceutical company Canopy Growth Corporation.
The legalisation of cannabis and its extracts is a movement that is sweeping across the globe, with anti-marijuana laws being repealed in countries such as Canada, Chile, Spain and Uruguay. It is now legal in 9 US states, and the food industry has been quick to capitalise on ‘edibles’ or food based cannabis products.
Canopy Growth focuses on cannabis extracts in the form of oils and capsules, focusing on a lifestyle enhanced and improved by cannabis rather than the dark images of cannabis users as “drug addicts”. The branding is sleek, modern and speaks to a more mature cannabis consumer.
The strategy for the future has not been disclosed, but the parallels between social drinking and social cannabis use are clear. Constellation Brands also owns vodka, wine and whiskey brands and is a big player in the US domestic market.
Rob Sands, Chief Executive Officer, Constellation Brands said in a statement, “Over the past year, we’ve come to better understand the cannabis market, the tremendous growth opportunity it presents, and Canopy’s market- leading capabilities in this space. We look forward to supporting Canopy as they extend their recognized global leadership position in the medical and recreational cannabis space.”
At this time, the consumption of cannabis is not legal in South Africa, nor socially acceptable, but perhaps a new generation of beer lovers will embrace the new style of cannabis-alcohol crossovers?
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