Molson Coors Brewing Company said it's looking into possible expansion into the marijuana industry.
This week in a conference call with analysts, Mark Hunter, CEO of the Denver brewing giant, was asked about Molson Coors and its marijuana plans.
"Obviously, being based here in Colorado, we're very familiar with cannabis, as it's been legalized here. And clearly this is something that, as the whole legal landscape continues to change, we're actively working to understand. We have a team of people working on that. We're looking at potential impacts and/or the opportunities associated with and we're developing a range of responses," Hunter said in the conference call.
But Hunter wasn't giving away any specific future pot plans.
"I think the important thing is to make sure we don't get caught in some kind of adrenaline rush. We're very thoughtful, very purposed and we're very clear on how we want to respond to both what could be challenges and what also could be opportunities. So, more to come in due course," he continued.
The beer industry's push to marijuana was intensified earlier this week when Constellation Brands Inc., the U.S. distributor of Corona beer, paid about $190 million to buy a 10 percent stake in Canadian marijuana company Canopy Growth Corp.
“Canopy Growth has a seasoned leadership team that understands the legal, regulatory and economic landscape for an emerging market that is predicted to become a significant consumer category in the future,” said Rob Sands, Constellation Brands president and CEO, in a statement.