NEW YORK — The corporate that owns Corona is moving into Canadian pot.
Constellation Manufacturers has agreed to pay $one hundred ninety million for a ten% stake in Cover Progress Company, which sells medical marijuana in Canada and plans to promote leisure pot there when it turns into authorized, as quickly as subsequent July.
Cover CEO Bruce Linton advised CNNMoney that it’s the primary time a serious alcohol producer is investing in hashish.
He stated he plans to develop a pot-infused, non-alcoholic drink for the Canadian market. He stated it’s going to have zero energy, gained’t trigger hangovers, and is the type of factor you’d have earlier than going to a comedy membership. “You could really feel giddy,” he stated.
Constellation CEO Rob Sands, in a press release, referred to as hashish “an rising market that’s predicted to develop into a big shopper class within the close to future.”
However Constellation careworn it has no plans to promote pot in america until it’s authorized in any respect ranges. Leisure marijuana is authorized in eight statesand Washington, D.C., and medical marijuana is authorized in 29 states, however it’s unlawful within the eyes of the federal authorities.
Constellation has seventy six manufacturers, together with Modelo and Pacifico beer, Svedka vodka, and Wild Irish Rose wine.
Associated: Retail marijuana is spreading to California, Massachusetts, Maine
Cover is publicly traded on the Toronto Inventory Trade beneath the ticker image WEED. The corporate produces a number of manufacturers of medical hashish, together with Tweed, Spectrum and Bedrocan. Cover says that its Tweed Farms greenhouse is the most important marijuana greenhouse on the earth.
Cover spokesman Jordan Sinclair informed CNNMoney that his firm plans to promote leisure marijuana when it turns into authorized in Canada “and in any federally authorized market alternatives that emerge around the globe.”
Constellation didn’t return messages from CNNMoney.