Because legal marijuana is reportedly cutting into beer sales, brewers have openly embraced cannabis companies. Constellation Brands (NYSE: STZ) was the first major alcoholic beverage company to break the taboo of investing in a pot stock, buying a $4 billion stake in Canadian producer Canopy Growth (NASDAQ: CGC) in 2017. And it wasn't long before FOMO, or the fear of missing out, gripped other brewers, too.
Anheuser-Busch InBev (NYSE: BUD) partnered with Tilray (NASDAQ: TLRY) in 2018, Molson Coors (NYSE: TAP) did so with HEXO (NYSE: HEXO) that same year, and Boston Beer just last month announced it was establishing a cannabis research-and-development hub in Canada.
They've all bought into the idea that cannabis-infused beverages are needed to staunch hemorrhaging beer sales to the tune of millions, if not billions, of dollars. Maybe they should first have asked consumers if that's what they wanted.
For further details see:
Maybe These Beverage Giants Should Have Stayed Away From Cannabis Drinks