The booming legal marijuana industry in the United States and Canada have some major brand-name companies investing in marijuana.
The industry is still young, but major companies are spending major money investing in cannabis, The Motley Fool reported. The big businesses listed below come from the alcohol, tobacco and cultivation industries.
5 big businesses that invested in marijuana companies:
Anheuser-Busch InBev, which owns the Budweiser brand among many others, invested $50 million with a cannabis marijuana grower to create non-alcoholic cannabis beverages in Canada.
Altria, a Big Tobacco company that owns Marlboro and other cigarette brands, invested nearly $2 billion into the marijuana company Cronos Group. It also owns a 35% of the vaporizer company Juul.
Molson Coors Brewing
Molson Coors Brewing, which owns many American beer brands, invested millions to develop cannabis-infused beverages.
Scotts Miracle-Gro owns Hawthorne Gardening which is quietly buying up hydroponic companies that directly supply marijuana cultivators around the world. Recently, they spent $450 million to acquire a cultivation supply company that supplies marijuana growers.
Constellation Brands, which sells brands such as Corona and Modelo beers, invested more than $4 billion into the Canadian cannabis producer Canopy Growth.
Arizona may be short on big brand-name businesses that are involved in the cannabis industry, however, Tempe is headquarters to Harvest Health and Recreation, one of the largest cannabis companies in the world.