PepsiCo slides after CFO says company has no plans for cannabis
Investors wanted PepsiCo Inc. to say yes to cannabis.
Shares of the food and beverage giant were little changed in early trading on Tuesday after the company released quarterly earnings. But they took a dip after Chief Financial Officer Hugh Johnston said the company has no plans to invest in cannabis.
Johnston was responding to a question from an analyst on the company's earnings conference call. He said the federal ban on marijuana in the U.S. made it difficult for the maker of Mountain Dew and Cheetos to invest in the burgeoning industry.