- Molson Coors is entering a joint venture with The Hydropothecary Corporation, a Canadian marijuana producer, to make non-alcoholic cannabis-infused beverages.
- It’s the latest sign that beer makers and alcohol brands are pushing into the cannabis industry.
- Alcohol sales have slumped in states with legalized marijuana.
One of the world’s largest beer companies is jumping into the booming marijuana industry.
Molson Coors Canada announced this week that it is entering a joint venture with The Hydropothecary Corporation to produce non-alcoholic, cannabis-infused beverages.
Molson Coors will retain a controlling interest in the joint venture, and the deal is expected to close before September 30. The venture will be structured as a standalone company, with an independent board of directors and management team.
“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 CEO of Molson Coors Canada said.
“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,…