Thanks to growing acceptance, including Canada’s legalization in 2018, further U.S. state approval, and growing interest from corporate America the global cannabis market could reach $194 billion global market, according to the Bank of Montreal, as noted by Business Insider.

One area seeing a major impact from the boom is the alcohol industry.

Anheuser-Busch InBev announced a partnership with Tilray to research non-alcoholic beverages infused with THC and CBD. Constellation Brands invested $4 billion in Canopy Growth Corporation. Molson Coors agreed to a joint venture with The Hydropothecary Corporation. Heineken subsidiary Lagunitas even just partnered with cannabis company AbsoluteXtracts.

However, this is just the start.

In a recent Molson Coors’ annual shareholder report, the company listed legal cannabis among the biggest possible risks to its business. “The emergence of legal cannabis in certain U.S. states and Canada may result in a shift of discretionary income away from our products or a change in consumer preferences away from beer.”

That realization alone is forcing alcohol companies to seek relationships with cannabis companies, as we’ve already seen.

As the story unfolds, it could very well be beneficial for stocks including Blueberries Medical Corp. (CSE:BBM)(OTC:BBRRF), HEXO Corporation (TO:HEXO)(NYSE:HEXO), and Canopy Growth Corporation (NYSE:CGC)(TO:WEED).

Colombian-based producer, Blueberries Medical Corp. (BBM)(BBRRF), for example just entered into a letter of intent for a joint venture with India Colorada S.A.S., a leading Colombian brewer and producer of Cerveza Colón, to research, develop and commercialize non-alcoholic cannabis-based beverages.

"As consumer preferences continue to evolve away from smoked flower and towards healthier and more convenient products, we plan to be on the leading edge of innovating and commercializing these new product segments,” stated Camilo Villalba, Chief Operating Officer of the company. “We believe that our first mover advantage, combined expertise, and dedication to the highest standards of product quality, will position Blueberries as a leader in this rapidly emerging market."

The Joint Venture is expected to commercialize newly developed cannabis-based beverages through India Colorada’s established and growing distribution channels in addition to Blueberries’ distribution channels.
HEXO Corporation (HEXO) is in a joint venture with heavyweight, Molson Coors to create non-alcoholic, cannabis-infused drinks, as well.

“Canada is breaking new ground in the cannabis sector and, as one of the country’s leading beverage companies, Molson Coors Canada has a unique opportunity to participate in this exciting and rapidly expanding consumer segment,” said Frederic Landtmeters, president and CEO of Molson Coors Canada.

Canopy Growth (CGC)(WEED) attracted interest from Constellation Brands, as well.

In fact, Constellation increased its stake in Canopy Growth by $4 billion. Constellation’s investment in Canopy Growth, the biggest known deal in the marijuana industry, shows just how far traditional alcoholic beverage companies are willing to go to find growth.

“We believe the emerging cannabis space represents one of the most significant global growth opportunities of the next decade, and frankly, our life time," said CEO Bill Newlands. "An opportunity that is opening up much more rapidly than originally anticipated."

Constellation Brands notes that Canopy Growth is likely to reach $1 billion annual sales by 2020 and that its investment in CGC could be accretive to its earnings as early as fiscal 2021.