You might have to start paying more for soda
Amid an election for the ages, four cities voted to impose soda taxes that will challenge soda industry stalwarts like Coca-Cola Co. (ticker: KO) and PepsiCo Inc. (PEP).
One-cent-per-ounce soda taxes appear to be heading to San Francisco, Oakland and Albany, all in California, reports Bloomberg. Boulder, Colorado has a 2-cents-per-ounce tax ahead. Philadelphia and Berkeley, California, were previously the lone cities with soda taxes in the U.S., though such taxes have been tried more than 40 times since 2009.
The companies have been making an effort to quell consumer concerns about their drinks, including plans to address sugar content and reduced beverage sizes.
The American Beverage Association spent $20 million in the soda taxes race in the San Francisco Bay Area, according to Bloomberg BNA. Marion Nestle, a New York University nutrition professor, told Bloomberg the industry spending indicates the taxes' clout.
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"Why would you put millions and millions and millions of dollars into fighting this in every community that is coming up with one of these if you didn't think it would make a difference and a big one," Nestle said. "It will have an enormous impact."
For what it's worth, the American Beverage Association said it honored voters' choices.
STOCK PRICE FOR KO
"Our energy remains squarely focused on reducing the sugar consumed from beverages – engaging with prominent public health and community organizations to change behavior."
KO stock is down about 1.8 percent on the year, while PEP is up less than 6.6 percent.
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