Jim Cramer advises not buying shares of Jack Daniel’s distillery

• Jim Cramer cautioned investors on Monday not to invest in Brown-Forman, the owner of the liquor brand Jack Daniel’s.
• “This is a very tough market. It has incredibly high standards. Brown-Forman stock would normally be a no-brainer in a normal slowdown, but it’s impossible for me to recommend here,” he said.

Jim Cramer urged investors on Monday not to invest in Brown-Forman, the owner of the liquor brand Jack Daniel’s.

His remarks follow the revelation that the business will collaborate with Coca-Cola to develop canned Jack-and-Coke cocktails.

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“This is a very tough market. It has incredibly high standards. Brown-Forman stock would normally be a no-brainer in a normal slowdown, but it’s impossible for me to recommend here,” he said.

According to the “Mad Money” host, the reason he can’t promote the company’s stock is that it’s simply too pricey.

“There are all kinds of high-quality companies with incredibly cheap stocks here. Nobody wants to stick their neck out for something pricey, even if the underlying story is a good one,” he said.

The market had a particularly difficult day on Monday, with the S&P 500 dropping to its lowest level since March of last year and closing in the bear market territory. The Dow Jones Industrial Average and the Nasdaq Composite both fell.

Despite the news of the two businesses’ alliance, Brown-stock Formans dropped 3.42 percent.

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Cramer offered investors his approval to buy Coca-Cola stock, albeit he acknowledged that the stock is “just doing okay.”

“This is a textbook recession stock — people will keep drinking their beverages regardless of what happens to the economy,” he said.