The Company Behind Corona Beer Is Investing Nearly $4 Billion in Legal Pot

Bloomberg — Constellation Brands Inc., which for seven decades has made its money off beer, wine and whiskey, sees its future in a marijuana leaf.

In the biggest (legal) cannabis deal, the Victor, New York-based beverage company will spend about $3.8 billion to boost its stake in Canadian grower Canopy Growth Corp., betting legalization will gain traction around the world and especially in the U.S.

“This is rocket fuel,” Canopy Chief Executive Officer Bruce Linton said on the company’s earnings call Wednesday. “We’re going to be way more global.”

Constellation, among whose brands are Corona and Ballast Point beers and Robert Mondavi wine, will own 38 percent of Canopy, up from about 10 percent, according to a statement Wednesday. The record investment reflects a world in which pot has become ubiquitous as its counterculture stigma fades. In the U.S., a patchwork of state laws and gentle enforcement under the Obama administration have made its pungent odor common from Colorado ski towns to the sidewalks of New York.

Now, makers of alcoholic beverages are trying to add cannabis as an edgy ingredient as their traditional business slows. Molson Coors Brewing Co. has started a joint venture with Hydropothecary Corp. to develop non-alcoholic, cannabis-infused beverages for the Canadian market. Heineken NV’s Lagunitas craft-brewing label has launched a brand specializing in non-alcoholic drinks infused with THC, marijuana’s active ingredient.

After Wednesday’s deal, Canopy’s Canadian shares jumped as much as 52 percent to the highest since the stock began trading in 2010. Constellation fell as much as 9.2 percent, the most intraday since November 2016.

U.S. Ban

Marijuana once was anathema to polite society and its use harshly punished. It was popular among bohemian types like jazz musicians, and the subject of sensationalist entertainment like “Reefer Madness,” a 1936 film advertised with the line “Women cry for it — Men die for it.” In 1987, the revelation that federal Judge Douglas Ginsburg once sampled its charms torpedoed his nomination to the U.S. Supreme Court. But as decades passed — and prisons filled with otherwise law-abiding users — governments began to run up the white flag.

On Oct. 17, Canada will become the first G-7 country to legalize pot for recreational use. In the U.S., federal law still prohibits the drug, but states from California to Colorado have made it legal, and its medical use is thriving. The situation has created legal dissonance, but also the expectation that America will one day support …read more

Source:: Time – Business

      

Hollywood’s biggest studios are blatantly still working with men fighting #MeToo accusations

The #MeToo movement brought what’s been widely called a “reckoning” against men accused of sexual misconduct. But some of Hollywood’s most powerful still aren’t facing any consequences.

Much of the entertainment elite slammed with allegations — Harvey Weinstein, Kevin Spacey, Charlie Rose — can’t find work, and some have even faced legal consequences. Yet for the likes of James Franco, Casey Affleck, and some other men ensnared in #MeToo allegations, not much has changed, The Hollywood Reporter says.

Franco faced five accusations of sexually exploitative behavior in a Jan. 11 Los Angeles Times story. Six months later, it was leaked that he was in talks to direct a Focus Features film about ESPN. And he’s still onboard to star in a second season of HBO’s The Deuce because “the fact of the matter is that James is in the show,” HBO president Casey Bloys told The Hollywood Reporter. “It’s business as usual. There is no effort to hide the fact that [Franco] is in the show,” Bloys continued.

That’s not sufficient for activist website Care2. It successfully petitioned director Matthew Newton, accused of domestic violence, off of the upcoming film Eve, and is hoping to do the same with Franco. “Crisis PR,” like what HBO has said to justify Franco’s continued employment, is growing even more common, Care2 senior director Rebecca Gerber tells The Hollywood Reporter. “In Hollywood, they make business calls about whether people can make a comeback.”

Franco has already skipped out on media appearances for The Deuce, something Gerber says is typical of actors hoping to outlast sexual harassment allegations. They’ll disappear for a while, “hoping that it all dies down,” she tells The Hollywood Reporter.

Care2 is prepared to make sure that doesn’t happen. Read more about the road ahead for Franco, Affleck, and others at The Hollywood Reporter.

…read more

Source:: The Week – Business

      

Dave Ramsey: Do adult kids have to provide financial assistance to a parent?

Dear Dave: Do you believe the adult child of a senior citizen, who is physically and mentally healthy but has neglected to plan for retirement, should be burdened with providing financial assistance to that parent?

— Robbie

Dear Robbie: Based on the wording in your question, I can only believe you don’t think the adult child should be “burdened” to provide this assistance. My guess is you’re talking about one of your own parents. I understand that you might be aggravated with a parent who has been irresponsible with their money. But in my mind, there’s a bigger question. How big is the burden?

I talked to a guy recently who was making $1.5 million a year. He was questioning whether he should help his dad — an older man in poor health, who didn’t handle his money well — by giving him $1,000 a month. There’s no question you give that guy money. You’re making millions, but you don’t want to help your sick dad? Come on! But if you bring home $2,000 a month, and your family is barely getting by, you’re not morally required to financially take care of a parent who was irresponsible with their money.

It’s all relative. Do you have the money? Can you provide this help without placing an undue burden on yourself and your family? If the answer is yes, you may be asking more about your own aggravation than any sort of moral obligation.

But no, you’re not morally obligated to destroy your own life, or your family, to take care of a relative who didn’t take care of themselves financially.

— Dave

Dear Dave: I’m going to be debt-free with a full emergency fund in place by the end of the year. I’m going to get a dog after that, but I wanted to make sure I did it the right way and was in good financial shape before making that move. Is a separate emergency fund for pets a good idea?

— Scott

Dear Scott: My wife and I love animals. We’ve had at least one dog the whole time we’ve been married. Still, I think a full emergency fund of three to six months of expenses will cover you and your pet.

You go through some expense as a pet owner, along with happy, wonderful times and heartbreaking things, too. We lost our golden retriever recently, and I can tell you that was really hard on everyone. You …read more

Source:: Deseret News – Business News