POINT ROBERTS, Wash., Nov. 29, 2018 (GLOBE NEWSWIRE) -- Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks releases a sector snapshot with a focus on the shift and demand for seasoned beverage industry experts to enter the rapidly growing cannabis infused beverage market.
As cannabis focused companies prepare to enter into the infused beverage market, finding seasoned experience to enter into the international and national beverage markets has become paramount, as many of the technologies and R & D reach their final stages and are now simply waiting on legislation.
Companies like Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF), who have secured a proprietary water soluble technology which is being readied for the market, have now pushed their focus towards people. Sproutly just appointed Constantine Constandis to the Advisory Board, as well as announced that Michael Bellas, CEO and founder of Beverage Marketing Company, has joined the Company’s board of directors.
From the news: Mr. Constandis is a global C-level executive with over 34 years of experience in the wine and spirits industry in Canada, USA, Europe and Asia. Constandis was a former senior executive with Pernod Ricard SA (RI:PA), the €37B publicly traded producer of wine and spirits whose global portfolio includes leading brands such as Absolute Vodka, Jameson, The Glenlivit, and Beefeater, among others; most recently serving as President of Pernod Ricard China and Pernod Ricard Asia Travel Retail. Prior to Pernod Ricard, Mr. Constandis was the CEO of Corby Spirit and Wine Ltd (TSX:CSW.A)(TSX:CSW.B) the TSX listed alcohol manufacturing and distribution company whose portfolio includes some of the most renowned brands in Canada, including J.P. Wiser’s Canadian whiskies, Lamb’s rum, Polar Ice vodka and McGuinness liqueurs.
Continued: “We are very pleased with the addition of Constantine Constandis to Sproutly’s Advisory Board,” said Keith Dolo, President and CEO of Sproutly. “Constantine is committed to becoming an active member of the Company’s Advisory Board. His experience in brand building, operations, sales and marketing in the highly-regulated spirits industry will prove to be extremely valuable to Sproutly as it continues to develop into a leading cannabis beverage company,” he concluded.
Sproutly Canada, Inc. also announced that Michael Bellas, CEO and founder of Beverage Marketing Company, has joined the Company’s board of directors. Mr. Bellas is a seasoned beverage executive who brings over 45 years of experience working with leading beverage companies across all beverage categories.
From the news: “Mr. Bellas is among the most respected names in the beverage industry and we are extremely pleased that he has joined our board of directors,” said Keith Dolo, President and CEO of Sproutly. “His experience in the beverage industry, working with some of the largest global companies and brands in the beverage sector adds tremendous value to Sproutly’s mission,” he added.
Sproutly may be on the move to gather as much beverage industry experience as possible in the coming months but they are not alone.
In June, Aphria Inc. (TSX: APHA) (NYSE:APHA) announced the appointment of Joel Toguri as Vice President of Sales, effective on June 18, 2018. Mr. Toguri joins the Company from Southern Glazer's of Canada where he was Vice President of Sales and Operations since 2013.
From the news: “Toguri brings more than 20 years' experience in the Canadian beverage alcohol industry. Prior to Southern Glazer's, Mr. Toguri held leadership roles at MolsonCoors, Maxxium Wine & Spirits, and Beam Global Spirits & Wine.”
Other companies have taken a different approach of simply combining company strengths, most notably the joint venture between HEXO Corp (TSX:HEXO) (OTC:HYYDF) and Molson Coors Canada (MCC). Truss, which will be led by former Molson Coors executive, Brett Vye in the role of Chief Executive Officer, will report to the Truss board of directors consisting of three members appointed by MCC and two members appointed by HEXO.
This trend of beverage company executives, as well as the companies themselves, shifting towards the cannabis sector is due not only in part to the massive potential of the cannabis infused beverage industry, but also to a decrease in sales in the alcohol industry, which many have directly attributed to the added competition of cannabis infused products.
One article discussed this relationship between dropping alcohol sales and rising cannabis sales and the relationship millennials have started to play.
“The majority of the 55 million recreational marijuana users in the U.S. are millennials, according to a 2017 Yahoo News poll. Most millennials use marijuana socially: Only 25% of them smoke alone.”
Continued: “Millennials drink far less alcohol than past generations, an annual national survey of 50,000 adolescents and young adults in America from the Monitoring the Future Study found. The share of college students who drink alcohol daily fell from 4.3% in 2016 to 2.2% in 2017, a drop of more than four percentage points from the 6.5% of college students who used alcohol daily in 1980.”
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