Make mine a marijuana merlot
What are they smoking in the boardroom? The world’s biggest wine company, US-based Constellation Brands, has invested US $278 million to buy a 9.9% stake in Canopy Growth, a Canadian seller of medicinal marijuana products.
Diversification into dope might be a smart move. Growth in alcohol is slowing while the legitimate marijuana business is booming. Recreational marijuana is now legal in five US states and Washington DC, with others sure to follow. Canada plans to legalise recreational marijuana by July next year.
The NZ Herald reported that Constellation had no plans to sell marijuana in the US or other markets until it is legal “at all government levels.” Although it is collaborating with Canopy Growth on the development of cannabis-based products, but only in places where the products are legal at the federal level.