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Alcohol Giants Clash with Rising Cannabis Drinks
NEW YORK (Reuters) -Top alcohol makers have been sitting on the sidelines of cannabis drinks boom, watching brands in the fast-growing category like Cann and Wynk make deals with beer and booze distributors, and gain valuable space on liquor store shelves.
Now some alcohol companies, seeing their sales falter, are laying the groundwork to potentially enter the lucrative but risky market, a dozen founders of cannabis brands, ingredients suppliers and drinks manufacturers told Reuters.
Drinks containing THC, the mood-altering ingredient in marijuana, are restricted to licensed dispensaries in
24 U.S. states where recreational use of pot is legal. But small amounts of THC can also be extracted from hemp, a crop that's related to marijuana but is legal federally. Beverages containing THC derived from hemp can be sold in many liquor shops, convenience stores and supermarkets.
That's where Big Alcohol sees opportunity, despite some companies having been burned by past cannabis investments.
Corona brewer Constellation Brands has been internally researching hemp-based cannabis drinks to weigh its next steps, a source familiar with the company's thinking said.
Absolut vodka distiller Pernod Ricard has met with Brez, maker of drinks with THC derived from hemp, as recently as last month to discuss a possible investment, Brez's founder Aaron Nosbisch said.
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