The world’s major alcohol producers can no longer ignore the pot phenomenon, as young consumers may increasingly swap beer and cocktails for joints and cannabis-infused drinks. Some have seized the moment. Constellation Brands, maker of Corona beer and Svedka vodka, has poured $4bn into the Canadian cannabis firm Canopy Growth. The coming market is "potentially one of the most significant global growth opportunities of the next decade," said Constellation CEO Robert Sands. Sales of legal cannabis and related products should reach $200bn within 15 years and the market is opening "much more rapidly than originally anticipated," he said. Following in Uruguay’s footsteps, Canada on Wednesday will become the second country in the world to legalise recreational cannabis. Cannabis is still banned under US federal law for any purpose but nine states so far have legalised its recreational use under their own laws, while others have moved toward softening its prohibition. As a result newer me...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.