Big beer is making big bets on the legal weed market.Constellation Brands, parent company of Corona, as well as Robert Mondavi wine and Svedka vodka, recently invested ~$5 billion CDN in Canopy Growth, a Canadian weed producer. Last year, Constellation bought a 10 percent stake in the company, but this new infusion of capital, according to the Times, is the largest investment made in the recreational weed industry to date.
The entry of big alcohol brands into the weed market is hardly surprising. Last year, sales of legal weed reached $10 billion, and that’s only in the handful of states were it was legal. Meanwhile, growth of the beer market in the U.S. has slowed.
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