CEO OF COCA-COLA DENIES PLANS FOR MARIJUANA-INFUSED BEVERAGE
- October 31, 2018
Recently, two major beverage companies (perhaps the rulers of the soft drink kingdom) made an announcement that hinted at plans to enter the marijuana industry. Earlier this month, Pepsi revealed that it was interested in pursuing plans to produce weed-infused drinks, although the company’ Chief Financial Officer Hugh Johnston denied current activity. Meanwhile, the cannabis community had also revealed that the Coca-Cola Company might be interested in this sector, as well. In the wake of the edibles market booming with the marijuana industry, you might not be surprised to hear this news. However, a recent story does shed some interesting light on the allegations made by one of these soda titans. Let’s take a closer look at the recent denial of plans for a marijuana-infused beverage by Coca-Cola.
Just a Rumor?
At some time last month, the rumors about Coca-Cola’s plans to enter the marijuana industry were buzzing around the cannabis community. By the time September 17 rolled around, Bloomberg had already released a report that Coca-Cola had been conducting meetings with Aurora Cannabis, a prominent marijuana company based in Canada. Nevertheless, officials from the Coca-Cola Company have denied these allegations.
Nevertheless, people are confused as to why this company would not team up with Aurora (unless the allegations are true). After all, Aurora’s stocks skyrocketed 23% at the time the report was released to public sources. Is it possible that the drink titan is making plans to enter the marijuana market?
Not This Time, Baby
In a meeting with investors (Tuesday, October 30, 2018), James Quincey (the CEO of Coca-Cola) completed denied that his company would be teaming up with Aurora Cannabis, putting the rumor to rest. Likewise, recent stock market activity also provides support for Quincey’s statement. As of Tuesday, Aurora Cannabis (ACB) traded 3.4% on the New York Stock Exchange (NYSE), while Coca-Cola traded up 2.5%. In other words, there are no signs of banking a deal. Still, executives at the beverage company have not denied plans to enter the industry in the near-future.
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