The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
Investors might be wary that gasoline prices will continue to rise, and are looking to take back profits by selling off shares.Retailread more
The Trump administration move on California's auto emissions standards would likely set up a fight between the White House and the state.Politicsread more
"I feel really confident that defense-minded CEOs, when they are on defense, they're going to come to" flexible offices and away from traditional leases, Knotel CEO Amol Sarva...Commercial Real Estateread more
Fanatics has hired Michener Chandlee, Nike's corporate audit and chief risk officer, to become its chief financial officer, succeeding Lauren Cooks Levitan, CNBC has learned.Retailread more
Facebook has partnered with Ray-Ban maker Luxottica to develop augmented-reality glasses, people familiar with the matter told CNBC. The glasses, code-named 'Orion,' are being...Technologyread more
As Netflix's rivals prep for their own streaming service launches, and snatch up content belonging to their own networks, Netflix could soon face a dry well when it comes to...Entertainmentread more
"There's a huge reorganization going on in China regarding fentanyl to try to shut it down," Blackstone co-founder Stephen Schwarzman says.Health and Scienceread more
The CEO of Boston Beer Company told CNBC on Friday that the brewer is looking to enter the cannabis market next after its success in the hard seltzer business.
"We're not going to be the first one in, but we're going to study and learn once the [hard seltzer] category develops. We'll play it sometime down the road," CEO David Burwick said on "Power Lunch."
As the cannabis market is emerging, several beverage brands have started to dabble in the space. In 2017, Corona beer maker Constellation Brands bought a near 10% stake in Canopy Growth Corporation. Lagunitas Brewing, owned by Heineken, launched a cannabis-infused sparkling water to be sold in select locations in California.
Burwick said until Boston Beer moves into the cannabis market it will be "happy to grow double digits with the portfolio that [it has]."
The hard seltzer category has expanded in the last few years. According to market research firm Nielsen, sales of the alcoholic beverage grew roughly 200% over the past year.
Boston Beer's Truly hard seltzer makes up about 29% of the market share. "We tripled the brand last year. This year, we're going to come just short of tripling it again. We're investing a lot," the CEO said.
The company's flagship brand, Sam Adams, experienced two years of dramatic declines starting in 2015. But after the launch of its hard seltzer brand, its stock turned around.
The sparkling beverage helped offset the losses of Sam Adams in April 2018. Then by the end of June that year, Boston Beer's stock gained $100 per share, reaching $300. As of Aug. 30, 2019, the stock is about $440 per share, growing nearly 80% year to date.
Burwick told CNBC that hard seltzers "[have] disrupted the broader beer business the way craft beer did in the 1980s. It's that much of a change. It's sort of a gold rush right now. Everybody's trying to get as much shares as they can."