Market Overview

Starbucks CEO Says A Cannabis-Infused Drink Is 'Not On The Roadmap'

Share:
Starbucks CEO Says A Cannabis-Infused Drink Is 'Not On The Roadmap'

Cannabis-flavored coffee and tea will become a reality in certain states in the United States and a Starbucks Corporation (NASDAQ: SBUX) "triple venti cannabis -- whatever" sounds more appealing than what any of its competitors would offer, CNBC's Jim Cramer said Friday.

Triple Venti Cannabis?

No Starbucks customer is able to order a triple venti cannabis coffee at any Starbucks location, CEO Kevin Johnson said in response. The company is aware of all the trends in the cannabis sector, but the top priority is "the beverage innovation that we are driving and right now it's all about Nitro."

Companies like New Age Beverages Corp (NASDAQ: NBEV) have seen their valuations skyrocket over the past few moths due in large part of their presence in the cannabis-infused beverage space.

'Not On The Roadmap'

Not satisfied with Johnson's response, Cramer pushed the executive and asked why not "just take it by storm" in a state like California. The city of West Hollywood and new cafes that allow smoking will be opening in 2019, according to Eater.

Before this is a reality, Johnson said there are a "lot of issues" that need to be explored and the reality is cannabis is "not on the roadmap," Johnson said.

Johnson acknowledged how cannabinoid and CBD oils are considered within the health and wellness category but emphasized once again it will merely be "watching" the space.

Starbucks posted a strong quarterly earnings print and the stock was trading higher by 3.7 percent to $67.16 per share Friday afternoon.

Related Links:

Coca-Cola CEO Talks Coffee, Cannabis With Cramer

The Street Mostly Agrees: Starbucks Print Shows 'Positive, Less Controversial' Quarter

Posted-In: cannabinoid Cannabis-Infused Beverages CNBC coffee Jim CramerCannabis Markets Media Best of Benzinga

 

Related Articles (SBUX + NBEV)

View Comments and Join the Discussion!

Morgan Stanley: Activision Blizzard Has Multiple Catalysts In 2019

Delays At LaGuardia, Newark, Philadelphia Concern Air Freight