It was standing room only for Jim Cramer's fireside chat Saturday with CEO Bruce Linton of Canopy Growth (CGC) and COO Bill Newlands of Constellation Brands (STZ) at TheStreet's Invest Like the Pros event in New York.
Constellation upended the legal-cannabis business earlier this year when the alcoholic-beverage giant took a major stake in Canopy Growth, a cutting-edge marijuana firm.
Cramer asked Newlands: "Did you ever discuss: 'We can't be associated with stoners!'?"
The question got a lot of laughs, and Newlands admitted that at first, "we were skeptical too. We looked carefully at all of the players" and decided to go with the "biggest player" -- Canopy Growth.
Linton and Newlands said the future of legal cannabis won't be marijuana that people smoke, but gel caps, beverages and other products that people consume to enjoy the substance's recreational and potential medical effects without firing up a joint.
Cramer asked if that might get a Gatorade-like cannabis infused drink that would help to reduce swelling after a workout, as some believe marijuana can. "The answer is a definitive yes," Newlands said.
Linton added that it's a key moment for the cannabis business because Canada will become the first major country to completely legalize recreational weed this coming Wednesday. "Prohibition is over in Canada in three or four days," he said.
You can watch their session with Cramer above.
Other Highlights for Jim's 'Invest Like the Pros' Session
Here are some other highlights from Saturday's symposium:
- Real Money columnist Stephen Guilfoyle said that "when the markets act like this, guess what? You're in a fist fight."
- Jim Cramer told the crowd "I think Nvidia is going to miss the quarter." Expect more on that during this week's Action Alerts Plus members-only call on Thursday at 11:30 a.m. ET. Sign up here to participate.