In September the Coca Cola company hinted that they were considering getting into the CBD infused beverage industry, and everyone got excited for Coca Cola Cannabis. CNN reports that this is not happening after all.
During a conference call on Tuesday CEO James Quincey told analysts that Coca Cola “doesn’t have any plans at this stage” to get involved in the cannabis industry. In September it was hotly rumored that the company would be partnering up with Aurora Cannabis, the largest cannabis grower in Canada, in a deal that would have been worth billions. Soon after, the CFO of Pepsi said that they might come up with a cannabis infused beverage on their own. The next day Pepsi clarified that they were not planning on getting into the cannabis industry any time soon and their stock dropped
Since Coca-Cola made that first announcement, one thing has changed: Canada began selling recreational weed. Things have been a bit rocky on that front. There is a weed shortage affecting the two largest provinces. Stocks in cannabis companies have also been especially volatile in the last couple weeks, so it does make some sense to wait.
Coca Cola may also be waiting to see what the US does with legalization. Michigan, Missouri, North Dakota and Utah each have ballot initiatives to legalize, most of which are pretty up in the air. We might see Coke change their mind in the future, but for now, Coca Cola cannabis is not to be.
Image Source: TIME
Are you glad Coke is staying out of the cannabis business, or were you really looking forward to Coca Cola cannabis? Tell us in the comments!