Find your buds? The U.S. marketer of Corona, the Mexican beer known for its “Find Your Beach” tagline, is dipping its toe into the marijuana business. Constellation Brands, which also markets wine and spirits brands, has taken a 9.9% stake in a Canadian marijuana company called Canopy Growth Corp., the Wall Street Journal reported Sunday.
A Constellation spokesman confirmed the deal, which is expected to be formally announced on Monday. According to the Journal, Constellation will work with Canopy to create and market cannabis-infused beverages. Constellation will not sell any such pot products in the U.S. unless marijuana is legalized nationally, but it is eyeing the Canadian market, the Journal reported.
Canada is expected to legalize recreational pot next year. In the U.S., recreational marijuana use is legal in eight states and Washington, D.C. A Gallup poll released last week showed 64% of Americans supporting pot legalization, the broadest support Gallup has found in nearly a half-century of polling. For the first time, a majority of Republicans, 51%, back legalization, according to Gallup. Republican Attorney General Jeff Sessions is considered to be hostile to legalization, but he “could find himself out of step with his own party if the current trends continue,” Gallup noted. [Read more at AdAge]