BUSINESS – Coca-Cola CEO James Quincey, on the matter of CBD, has dismissed rumors that the beverage giant is mulling an entrance into the legal cannabis industry. He unequivocally made this stance despite other beverage brands having explored cannabidiol (CBD)-infused drinks.
Quincey said, “We don’t have any plans at this stage to get into the space. So that’s kind of where we are.”
The global demand for products containing CBD, a non-psychoactive compound in marijuana, has grown in recent years. This is amid pushes in various jurisdictions to legalize pot. Sales of CBD products are projected to surpass $1 billion in 2018, according to the Hemp Business Journal.
Last September, Coca-Cola was reportedly in talks with Aurora Cannabis, a Canada-based marijuana company. Reports claimed they were about to develop a CBD-infused beverage. At the time, Coca-Cola said it was closely monitoring the growth of non-psychoactive CBD. Coca-Cola had intended this as an ingredient in functional wellness beverage around the world. No decisions were made on whether to partner with Aurora.