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'Marijuana Beer' From Coors Doesn't Need to Include Alcohol

'Marijuana Beer' From Coors Doesn't Need to Include Alcohol
(Volodymyr Matskevych/Dreamstime.com)

By    |   Friday, 03 August 2018 09:18 AM

"Marijuana beer" from Molson Coors Canada could soon be available to Canadian markets in connection with that country's recent legalization of weed for recreational use, The Wall Street Journal reported Wednesday.

Molson Coors Brewing Co. and The Hydropothecary Corp., a cannabis producer in Canada, announced the joint venture this week to develop non-alcoholic, cannabis-infused beverages, according to a press release.

The Wall Street Journal reported that the announcement comes after Corona's Constellation Brands invested in Canopy Growth, another Canadian cannabis company, last year. Heineken's Lagunitas brand also rolled out a cannabis-infused sparkling water in California this week.

Molson Coors and Hydropothecary, also known as HEXO, declined to describe the new products as "beer" in its news release Wednesday, using the word "beverage" to describe what a future product may look like.

"Canada is breaking new ground in the cannabis sector and, as one of the country's leading beverage companies, Molson Coors Canada has a unique opportunity to participate in this exciting and rapidly expanding consumer segment," Frederic Landtmeters, president and chief executive of Molson Coors Canada, said in a statement.

"This new venture is consistent with our growth strategy and our commitment to being First Choice for Consumers and Customers by ensuring that Canadians have access to high-quality products that meet their evolving drinking preferences," Landtmeters continued.

Molson Coors has been hit with sluggish beer sales as Americans turn away American light lagers like Miller Light and Coors Light, according to The Wall Street Journal. Global volumes fell 2.4 percent in the second quarter, driven by declines in the U.S. of 4.8 percent in volume and 3.1 percent in revenue.

"While we remain a beer business at our core, we are excited to create a separate new venture with a trusted partner that will be a market leader in offering Canadian consumers new experiences with quality, reliable and consistent non-alcoholic, cannabis-infused beverages," Landtmeters said in the statement.

Molson Coors' statement said that the joint venture will be a standalone start-up company with its own board of directors and an independent management team. Molson Coors Canada will have a 57.5 percent controlling interest in it while Hydropothecary will have the remaining ownership interest, the statement noted.

"HEXO continues to lead the way for smoke-free cannabis innovation in Canada," HEXO's chief executive and cofounder Sebastien St-Louis said in the Coors statement. "We are excited about this partnership with Molson Coors Canada, an iconic leader in adult beverages, as we embark on the journey of building a brand new market."

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"Marijuana beer" from Molson Coors Canada could soon be available to Canadian markets in connection with that country's recent legalization of weed for recreational use, The Wall Street Journal reported Wednesday.
marijuana, beer, alcohol, coors
418
2018-18-03
Friday, 03 August 2018 09:18 AM
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