Let’s be honest. There are few things as refreshing as that first sip of beer – especially if you’re lying on a beach on holiday and the sun is shining and you have absolutely no cares in the world.
And Corona, of course, is a holiday favourite – even if you’re just drinking it on a night out at home in the UK, it still makes everything feel that bit more exotic. Pina colada on a budget.
Now, the makers of Corona, Constellation Brands, who also make Svedka vodka, are embarking on a new drinking venture – or perhaps that should be adventure – and have purchased a $191million (£144million, or 9.9 percent) stake in Canopy Growth Corp.
If you don’t already know, Canopy is the world’s largest publicly traded cannabis company, and together the companies plan to create drinks infused with THC (the chemical compound in cannabis otherwise known as tetrahydrocannabinol) to sell to the general public.
Credit: skhakirov / Flickr
It’s worth noting, however, that Canopy is based in Canada, where it’s likely that recreational marijuana use will become legal next year, joining large parts of the USA, where legalisation has become a growing trend (and a multi-million dollar industry)
There are already numerous THC drinks available legally in cities like Portland, and celebrities such as Melissa Etheridge and Whoopi Goldberg have been riding the legal weed business train for a while (Etheridge has developed her own THC-infused wine, while Goldberg has launched a series of products in California aimed at relieving the symptoms of period and PMS cramps).
For legal reasons, we obviously can’t advocate the consumption of such a concoction in the UK, it’s incredibly interesting that such a huge brand like Constellation is willing to test the waters of diversification and invest in Canopy.
Credit: Erik Forsberg / Flickr
“We’re obviously trying to get first-mover advantage,” Constellation chief executive Rob Sands told the Wall Street Journal. And while this wouldn’t be the first marijuana beverage venture in history, it would certainly be the biggest.
To that extent, it seems Constellation have already found their high. After the announcement, shares in Constellation rose as much as one percent in premarket trading. Given that legal marijuana sales almost hit $6billion (£4.5billion) in 2016, that’s a pretty decent return already.
Words: Mischa Pearlman
Featured Image Credit: PA Images