On Friday, The Boston Beer Company (NYSE: SAM), best known for the Samuel Adams product line, announced it is to develop nonalcoholic cannabis drinks. Unlike in the U.S., the sale and consumption of marijuana there is fully legal at the federal level. With the move, Boston Beer is attempting to get its foot in the door of what promises to be a popular product segment.
The Boston Beer Company today announced that it is establishing a subsidiary to serve as a dedicated research and innovation hub in Canada focused on non-alcoholic cannabis beverages. Boston Beer, the maker of recognized alcohol brands such as Samuel Adams and Truly Hard Seltzer, hopes to continue its industry-leading track record of innovation in this emerging space.
It wouldn't hurt to play a little more defense and a little less offense here, with some stocks struggling to retain their big gains.