Dominic Torretto’s favourite beer company just became a lot more appealing to every character Seth Rogen’s ever played, because the makers of Corona have just invested very heavily in the ol’ wacky baccy.
Constellation Brands, which also own Modelo, have pumped an amazing US$4,000,000,000 – FOUR BILLION DOLLARS – into Canada’s biggest cannabis producer, Canopy Growth. That’s a lot of weed.
They started their relationship last year, partnering up in a $200m joint venture (HA HA JOINT VENTURE HA HA) to make a a non-alcoholic weed-based drink.
The news was seen as very exciting by shareholders in Canopy, and less so by shareholders in Constellation. Canopy shares rose 30% while Constellation ones dropped 6%. Canopy investors are probably all stoners, right? Excitable people.
There’s a lot of speculation in the business world as to how best to work with and profit from the move towards legalising cannabis. Several US states have legalised it – and Canada is in the process of doing so – and huge amounts of money have been generated.
Canopy manufactures weed-based oils and, as well as making drinks, plans to expand into doing cannabis chewy bars, inhalers and what is euphemistically referred to as “pre-rolled items”. Joints, then.
There are extremely strong arguments to legalise it here in the UK – doing so would reduce crime, increase government income from taxes, regulate quality, control underage access to cannabis, and lots more – but also arguments against it, such as: “No, I don’t want it, it is different,” and “Doing this would make people happy and I don’t think people should be happy”.
The hookup between Corona and cannabis also seems to make a lot of sense. Both have a lot of devotees who live in vans and enjoy sunny days, the music of Incubus and calling each other “Bra”.