Coca-Cola to Launch Alcoholic Drink, Months After Elon Musk Suggested Takeover
Coca-Cola is retracing its step to its early days of offering alcoholic drinks, as the beverage producer signed a deal with Brown-Forman Corporation, the producer of Jack Daniels, to produce alcoholic products, months after Elon Musk suggested he would acquire the firm.
The deal will see both companies produce “Jack and Coke” cocktail, a ready-to-drink canned version, to tap into the $31.76 billion alcoholic drinks market, which is projected to grow annually by 11.95% CAGR 2022-2025.
Jack and Coke will be a mixture of Coca-Cola and Tennessee Whiskey, a product of Jack Daniels. The companies plan to launch the brand in Mexico in the fourth quarter of this year, before global distribution
Coca-Cola’s inroad into the alcoholic business comes two months after Tesla Chief Executive Officer and world richest person, Elon Musk, suggested he might acquire the soft drink company and put back the cocaine that was removed from it 119 years ago.
When Coca-Cola was launched in 1886, it was an alcoholic drink mixed with Cocaine before the firm exited from the alcoholic market in 1903, reviewing its ingredients by removing cocaine in response to U.S government’s law barring the consumption of the substance – this birthed the Coca-Cola soft drink.
Musk, worth $203.3 billion, said he would restore it if he manages to acquire the $265.91 billion beverage company. His statement followed his offer to acquire Twitter for $44 billion. The acquisition of the social media company is yet to be completed, with shareholders expected to vote on the buy offer between July and August 2022.