"This is the British Johnnie Walker," Cramer said on "Squawk on the Street." "Suddenly, all their stuff is in strong currencies is back to weak; the exact opposite of the strong dollar and how bad it is."
The British pound hit its lowest levels in about 30 years after the U.K. shocked the world and voted in favor of leaving the European Union.
Diageo's U.S.-listed shares have struggled this year, shedding more than 11 percent. On Tuesday, the stock gained about 2 percent.
DEO in 2016Source: FactSet
Disclosure: Cramer's trust did not own Diageo stock when this story was published.