It was in September that beverage giant Coca Cola had indicated it could be interested in getting into the marijuana industry but now the company has squashed that idea.

During the company’s earnings call on Tuesday, CEO James Quincey said the company “doesn’t have any plans at this stage” to enter the CBD market.

Cowen & Co. analyst Vivien Azer had asked about rumors that the company was looking at the CBD category.

For the three months ending in September, Coca Coal reported earnings of 58 cents a share, 3 cents ahead of the consensus forecast and 16% higher from the year ago quarter. Group sales saw a fall of 9% to $8.2 billion but still beat the $8.16 billion that was expected Organic sales jumped 6%, while volumes rose 2%, with the company citing “double-digit volume growth of Coca-Cola Zero Sugar across all groups.”

“We continue to be encouraged by our performance year-to-date as we accelerate our evolution as an even more consumer-centric, total beverage company,” said Quincey.

“The recent leadership appointments are intended to help accelerate the transformation of our company.”

Disclaimer: We have no position in The Coca-Cola Co (NYSE: KO) and have not been compensated for this article.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

New Jersey Doctor Suspended for Doing This With Medical Marijuana Patients
12 January 2019
Advocate to Lift Ban on Marijuana Passes Away at 68
30 July 2019
Michigan Will Allow Marijuana Shops to Stay Open
02 November 2017