The cannabis industry just got its biggest investment to date: $4 billion, enough to make the legal weed market a booming global operation. The future of legalization is looking bright indeed, folks.
That huge chunk of money was invested by Constellation Brands, which owns drinks like Corona, Modelo, and Svedka, into Canadian cannabis company, Canopy Growth, which boasts the largest legal cannabis footprint in the world. It’s a marriage of a booze giant to a weed giant.
Last year, Constellation invested $191 million in Canopy Growth to get to work on cannabis-infused drinks. (Cannabis-infused drinks don’t have THC, so they don’t get you high.) This new $4 billion investment is for even more growth, and specifically into 30 countries where federally approved medical marijuana is on the horizon. The money will also go towards products like edibles, as well as cannabis products used for medical treatment alternatives to anxiety, insomnia, and pain.
Canada approved a measure to legalize marijuana across the entire country that goes into effect in October. The United States is way behind, and Constellation says it won’t sell cannabis products on this side of the border until cannabis is legal at a federal level. But when Big Beer invests this much in weed, it’s a pretty good sign that the tide may be turning.
If you can’t wait for America to catch up, book a trip to Canada. They’re working on a cannabis beer with THC as we speak.