Following the legalisation of marijuana in 4 more U.S. states last week , Rob Sands, chief executive officer of Constellation Brands announced to explore possibilities of producing alcoholic beverages that also contain cannabis. After the election night last Tuesday there is now a huge new market for legal weed.
One in five American adults living in eight states plus Washington DC are now permitted by law to consume marijuana for recreational use.
Where others fear the competition of marijuana, Sands sees huge opportunities. “Maybe the whole thing will work out synergistically,” he said in an interview. A study from financial services group Cowen & Co. expects the market for marijuana and related products to grow eightfold in the next decade from $6 billion in 2015 to $50 billion by 2026. Sands believes that big players will enter the market of such a size. “If there’s a lot of money involved, it’s not going to be left to small mom-and-pops.” as Sands puts it.
