Cocaine-laced wine was once a popular “nerve tonic”. Now drug-infused drinks are making a comeback. Some marijuana-infused beverages promise to ease pain. Others advertise the buzz of alcohol without the calories or the hangover. Take Ontario-based Tilray. It bills its cocktails as a “healthy and delicious way to enjoy the benefits of smoke-free cannabis”. Investors should be prepared for lows, as well as highs. Tilray’s shares have more than halved since their September peak. But big drinks companies are staying focused. In 2018, beer brewer AB InBev entered a $100m joint venture with Tilray, Constellation took a stake in Canopy Growth and Molson Coors signed a joint venture with cannabis producer Hexo. Lagunitas, owned by Heineken, launched Hi-Fi Hops — containing a “smidge of California sun-grown cannabis in every sip”. There are grounds for caution. The drug is likely to remain illegal in large parts of the world and is associated with increased risks of schizophrenia. Coca-Cola...

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