BRK-A, BRK-B) CEO Warren Buffett and Vice Chair Charlie Munger have some advice for Coca-Cola (KO): Stay out of the cannabis business.
Liz Claman tweeted on Friday that Buffett and Munger told Fox, “It would be a mistake for Coca-Cola to get into the marijuana – cannabis business. They have a wholesome image and that would be detrimental to it.”” data-reactid=”16″>Fox Business Network anchor Liz Claman tweeted on Friday that Buffett and Munger told Fox, “It would be a mistake for Coca-Cola to get into the marijuana – cannabis business. They have a wholesome image and that would be detrimental to it.”
Yahoo Finance’s Brian Sozzi that the beverage giant has no plans to enter the cannabis drink space. A month earlier, in September, the company, which had been rumored to be nearing a partnership with Candian company Aurora Cannabis, said it was “closely watching” the space and had not yet decided on whether to get involved.
On Friday, a Coca-Cola spokesperson reiterated that the company is not planning to enter the cannabis space. “Our chairman and CEO, James Quincey, has repeatedly stated we don’t have plans to get into this space,” said Scott Leith, senior director, financial communications for Coca-Cola.
9.4% of Coca-Cola, a stake worth about $19 billion.” data-reactid=”34″>Berkshire Hathaway owns 9.4% of Coca-Cola, a stake worth about $19 billion.
Berkshire first bought a major stake of Coca-Cola back in 1988, noting in its annual investor letter that it expected to hold the securities “for a long time.”
the company’s 1988 shareholder letter stated.” data-reactid=”36″>“In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,” the company’s 1988 shareholder letter stated.
for the drink’s China launch in 2017.
Here’s a look at Berkshire’s other investments:
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