The C$245 million (US$191 million) deal gives Constellation [Brands] a toehold in an industry that the brewer expects to be legalized nationwide in the U.S. in the coming years.
“We think that it’s highly likely, given what’s happened at the state level,” Rob Sands, chief executive of the Victor, N.Y.-based beer, wine and spirits company, said in an interview. “We’re obviously trying to get first-mover advantage.”
Constellationâ€”flush with cash after posting a 13% increase in beer sales in its latest quarterâ€”is interested in developing drinkable cannabis products that don’t contain alcohol, he said. Products currently on the market in U.S. states where they are legal include buzz-inducing sodas, coffees and fruit elixirs.
Just the thing for those readers who are pondering getting into craft brewing.