The CEO of the world's largest publicly-traded cannabis company explains why he partnered with the $41 billion brand behind Corona (CGC)
- Canopy Growth Corporation is the largest publicly-traded marijuana company.
- Canopy CEO Bruce Linton recently sat down with Business Insider to talk about growing the company from a startup into a $6 billion behemoth.
- The company recently got a $191 million investment from the brand behind famous beers like Corona and Modelo — a partnership Linton says he was eager to pin down.
- Follow Canopy Growth’s stock price in real-time here.
Constellation Brands — the $41 billion giant behind beers like Corona and Modelo — made waves earlier this year when it announced a $191 million investment in Canopy Growth Corporation, a the world’s largest publicly-traded marijuana company.
The investment was one of the first by traditional beverage makers into the nascent industry of legal cannabis — and Canopy Growth’s CEO, Bruce Linton, recently told Business Insider that other beverage makers are now playing catch up.
“We believe people should have a choice in how they wish to improve or alter their socialization,” Linton said in an interview earlier this month.
“Why are you having a beverage on a Friday night? It’s about a social lubricant. I think they didn’t view themselves as a beverage company so much as an entity that provides those occasions with some kind of lift if you will — and that’s an easy way to look at cannabis, not as a threat, but as an alternative or additional.”
Linton continued: “They get it and are on it, and that’s caused every other beer wine and spirits provider to have a headache.”
As for why Canopy chose to work with Constellation and not another major alcohol distributor like AB InBev, Linton said it all comes down to values. “Part of the reason we like them isn’t just because they’re a diversified beverage maker — meaning they do beer, wine, and spirits — but because they’re actually entrepreneurial,” he said.
Cannabis-infused drinks are also planned for Canopy’s arsenal as well, in addition to chewables and oil for cooking or vaping, Linton said.
“We will definitely be making beverages, but since there is no alcohol there will be no calories, which means the pounding on your liver is effectively nil,” he said.
“The idea that you get access to the biggest wallets with a virtue of no calories yet feeling a bit upbeat and positive is a pretty compelling argument.”
Read the full article from it’s original source: http://uk.businessinsider.com/canopy-growth-stock-price-ceo-interview-on-partnering-with-corona-parent-company-constellation-brands-2018-7