Close X
Thursday, January 16, 2025
ADVT 
National

Molson Coors Thinking 'very Carefully' About Legalization Of Marijuana

Darpan News Desk The Canadian Press, 02 Nov, 2016 12:09 PM
    MONTREAL — Molson Coors says it is looking to Colorado for insight on the possible effects the legalization of marijuana in Canada could have on its beer sales.
     
    Stewart Glendinning, CEO of Molson Coors International, was asked by an analyst Tuesday during the company's quarterly earnings conference call for his opinion on the potential impact the legalization of marijuana could have on Canada's beer sector.
     
    "Cannabis is something we are thinking very carefully about, not only as a business but also as an industry," Glendinning, who was the former head of Molson Coors' operations in Canada, said in response.
     
    "There's just a lot we don't know at the moment. ... It's steady as she goes because of the lack of clarity about the deployment of the drug itself."
     
    It's not clear whether Glendinning's comments are a signal that Molson Coors views a recreational marijuana industry as a threat or opportunity. He did not elaborate and the company did not return calls seeking clarification.
     
     
    But during the call, Glendinning said Molson Coors (NYSE:TAP) is looking to Colorado, the state where the recreational use of marijuana was legalized in 2013 and where the company is headquartered, for guidance.
     
    The federal government has said it plans to introduce a bill in the spring to legalize the recreational use of marijuana.
     
    Stephen Beaumont, an industry watcher and Canadian author on beer trends, said the Colorado breweries he follows have not reported any impact on sales.
     
    "It could be one of those things that hit more at mass-market breweries because if someone wants to get a buzz on instead of buying Coors Light, they'll buy some weed," he said.
     
    "On the West Coast of the United States, craft beer and marijuana have happily co-existed for quite some time."
     
    Brittany Weissman, an analyst with Edward Jones, said any possible effect from marijuana legalization in Canada on Molson Coors' beer sales will be mitigated. She said that's due to the fact that Canada represents a smaller share of the company's market following the US$12.2 billion acquisition of Miller brands and SABMiller's 58 per cent stake in MillerCoors.

    MORE National ARTICLES

    4-Vehicle Crash In Langley, Driver Dead, Two Critical

    4-Vehicle Crash In Langley, Driver Dead, Two Critical
    Officers were advised the suspect vehicle, a Cadillac was driving at excessive rates of speed and veering into oncoming traffic and was last seen eastbound on 72 Avenue. 

    4-Vehicle Crash In Langley, Driver Dead, Two Critical

    No Damages Reported Following Earthquake In South Okanagan

    No Damages Reported Following Earthquake In South Okanagan
    Earthquakes Canada says the tremour was centred about 40 kilometres south of Penticton, B.C., near the town of Oliver.

    No Damages Reported Following Earthquake In South Okanagan

    Off-Duty Penticton, B.C. Mountie Charged After Child Killed While Crossing The Road

    Off-Duty Penticton, B.C. Mountie Charged After Child Killed While Crossing The Road
    The B.C. Criminal Justice Branch says Const. Ace Jimmy Stewart was not on duty when the vehicle he was operating is alleged to have hit the boy who with his family at the time.

    Off-Duty Penticton, B.C. Mountie Charged After Child Killed While Crossing The Road

    Surrey RCMP Officer Allegedly Involved In 'Creep Catchers' Sting Facing Criminal Charges

    Surrey RCMP Officer Allegedly Involved In 'Creep Catchers' Sting Facing Criminal Charges
    Police also confirmed that the officer in question is not Constable Dan Johnson, as speculated in the sting.

    Surrey RCMP Officer Allegedly Involved In 'Creep Catchers' Sting Facing Criminal Charges

    After 53 Years On The Job, Record-holding Weather Forecaster Set To Retire

    After 53 Years On The Job, Record-holding Weather Forecaster Set To Retire
    The 74-year-old Halifax-based weatherman has announced he plans to retire Sept. 30, more than three years after he was awarded the Guinness World Record for the longest career as a weather forecaster.

    After 53 Years On The Job, Record-holding Weather Forecaster Set To Retire

    Winnipeg Police Say They've Gotten Multiple Reports Of Sightings Of Missing Woman

    Winnipeg Police Say They've Gotten Multiple Reports Of Sightings Of Missing Woman
    Wood hasn’t been seen since Aug. 19.

    Winnipeg Police Say They've Gotten Multiple Reports Of Sightings Of Missing Woman