Sam Adams Says Hold My Beer — And You Are: Sales Numbers Dispute Cannabis Cannibalization Narrative
Sam Adams maker Boston Beer Co (NYSE:SAM) isn’t seeing its cannabis-infused beverage segment tap revenue from its flagship lager.
What Happened: The company disclosed its financial results for the first quarter, which ended on March 30. Its performance exceeded analyst expectations, too.
The company reported a net revenue of $426.1 million
That’s more than 3.1% higher than analyst estimates of $413.21 million.
Earnings per share (EPS) of $1.04 was above the analyst estimate for EPS of 9 cents.
Sam Adams likely owes some of its success to the backlash Anheuser-Busch Inbev (NYSE:BUD) faced from conservative beer drinkers. The Bud Light parent company saw sales plummet on the heels of a promotional campaign with transgender influencer Dylan Mulvaney.
THC’s so-called cannibalization of …