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A marijuana festival in Berlin. Photo: Carsten Koall/Getty Images

The markets punished Tesla on Friday when CEO Elon Musk smoked pot on camera with comedian Joe Rogan, but some of the world's largest companies are aggressively embracing the green.

What's going on: As alcohol consumption around the world keeps falling, big distillers and brewers are putting their money into cannabis-infused, non-alcoholic cocktails.

The bigger picture: The world is drinking less alcohol — and that's in part due to the rise of legal weed. Alcohol consumption fell 15% between 2006 and 2015 in U.S. states offering medical marijuana licenses, according to a study by researchers from the University of Connecticut, Georgia State University and Universidad del Pacifico in Lima, Peru.

The latest: A string of deals between alcohol companies and cannabis companies illustrate the next big thing in beverages, per CB Insights' Anand Sanwal.

  • Constellation Brands, an American beer, wine and spirits company, is pouring $4 billion into cannabis company Canopy Growth.
  • Heineken’s subsidiary Lagunitas is out with weed-infused sparkling water — a collaboration with AbsoluteXtracts, another cannabis company.
  • Big-time brewer MolsonCoors is linking up with The Hydropothecary Corporation to roll out cannabis-infused drinks.
  • Diageo, the drinks giant behind Smirnoff vodka and Guinness beer, may collaborate with a Canadian cannabis company, per Bloomberg.

Go deeper

Updated 2 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Axios-Ipsos poll: Omicron's big numbersAnother wave of death — FDA limits use of Regeneron and Lilly antibody treatments — Fauci: "Confident" Omicron cases will peak in February.
  2. Vaccines: Pfizer begins clinical trial for Omicron-specific vaccine — The shifting definition of fully vaccinated.
  3. Politics: Biden admin withdraws temporary vaccine-or-test mandate for large employers — New York Supreme Court strikes down Gov. Hochul's mask mandate for public areas — Sarah Palin tests positive, delaying defamation trial — Virginia school boards sue Gov. Youngkin for lifting mask mandate.
  4. World: U.K. to lift travel testing requirement for fully vaccinated — Beijing Olympic Committee lowers testing threshold ahead of Games.
  5. Variant tracker

The Robinhood M&A rumor mill churns

Illustration: Sarah Grillo/Axios

Robinhood's valuation is now just over $11 billion, a fraction of where it traded in August and below that of its last private round of funding. Cue the M&A mongers.

Why it matters: It's not just Robinhood—falling values of growth-oriented tech stocks have raised speculation that formerly high-flying fintechs could be snapped up by more well-capitalized buyers.

3 hours ago - Health

Student's death renews calls for schools to stock opioid overdose drug

Photo: Amy Davis/Baltimore Sun/Tribune News Service via Getty Images

A Connecticut student's death has renewed calls for schools to stock and administer naloxone, a drug that can quickly reverse the effects of an opioid overdose.

Why it matters: U.S. drug overdose fatalities reached six figures in a 12-month period for the first time in November, and synthetic or natural opioids were the cause of a majority of the overdoses.