Molson Coors to make cannabis-based drinks in Canada

04 August, 2018, 05:48 | Author: Mary Valdez
  • Gatineau's Hydropothecary, Molson Coors launch cannabis drink project

The joint venture will be set up as a start-up company with both its own board of directors and an independent management team.

Hydropothecary would own the rest.

"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.

Closing of the transaction, which is targeted to occur before September 30, 2018, is subject to the satisfaction of certain conditions.

The Hydropothecary Corporation partners with Molson Coors and the pair hope to develop many cannabis beverages ahead of the national recreational legalization of cannabis in Canada.

Adults in states with legal cannabis binge drink an average of 13% fewer times per month than those in states without legal recreational marijuana, according to Vivien Azer, a cannabis industry analyst at the investment bank Cowen. Molson Coors said it expects cannabis beverages to be legal by 2019.

Vidal & Barcelona Reach Agreement Over Personal Terms
Vidal trained with his Bayern Munich team-mates on Thursday for the last time before making the move to the Spanish champions. Daily SPORT journalist Albert Rogé has gone to extraordinary lengths to track the movements of Barcelona target Arturo Vidal .

John Kelly says Trump wants him to stay at White House
That's according to three White House officials Tuesday, who were not authorized to speak publicly about private conversations. Almost a month after Porter's resignation, Kelly admitted that he mishandled his response to the allegations against Porter.

Facebook Uncovers Fake Accounts Ahead of Midterm Elections
We disabled the event earlier today and have reached out to the admins of the five other Pages to update them on what happened. According to Facebook, the pages ran roughly 150 ads on the social media sites at the cost of approximately $11,000.

"There is a paradigm shift underway and cannabis has the potential to provide answers to the alcoholic drinks industry's existential questions", said Spiros Malandrakis, head of alcoholic drinks at Euromonitor. "Indeed, our own consumer survey work in Canada, as well as consumer survey work conducted by Deloitte, indicate that only 20% of users regularly consume alcohol when using cannabis".

He added: "As two leading companies who share a track record of excellent practices, as well as respect for law and regulations, Hexo and Molson Coors Canada have established a relationship built on trust, and together we will develop responsible, high-quality cannabis-infused beverages for the consumable cannabis market in Canada".

Corona beer distributor Constellation Brands Inc. invested $245 million for a 9.9 per cent stake in Canada's largest licensed cannabis producer, Canopy Growth, last year.

Molson Coors Canada is headquartered in Toronto and is indeed North America's oldest brewer, with sales that capture about one-third of the total Canadian beer market, selling brands like Coors Light, Belgian Moon, Molson Canadian, and several others.

These deals appear to be hedges against falling alcohol sales where legal cannabis has been introduced.

Its stock closed up 11.03 per cent or 0.48 cents to $4.83 on the Toronto Stock Exchange. The company reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.05.

Recommended:



Popular

Harvey Weinstein Will Reportedly Seek Dismissal Based on Email Evidence
He risks being jailed for life if put on trial and convicted of the most serious charge against him, predatory sexual assault. Hollywood producer Harvey Weinstein is seeking to get the criminal case against him thrown out of court.

Manchester City chase visa for Douglas Luiz amid transfer frustration
Ahead of the traditional season curtain-raiser, the Community Shield, Guardiola said: "I don't know". I'm happy that a manager of that level is here in the Premier League.

How Urban Meyer will handle OSU investigation
On how Meyer responded: "He looked at me and said, 'I swear to God, Zach, if I found out you hit her, you're done". Now, he seems to be backtracking, admitting he "failed" after denying he knew of the 2015 allegations.

Mother of missing Iowa woman believes she may be held captive
She called Tibbetts an "incredibly strong woman". "Just do the right thing and let her go", he said. Tibbetts was studying psychology and wanted to get a doctorate and write books, her father said.

Mexican official says "getting close" on autos deal — NAFTA
Senate panel that it wasn't "unreasonable" for an updated NAFTA deal to be concluded by the end of August. Lighthizer, declined to comment on the automotive negotiations.

Serena Williams suffers worst loss of career to Johanna Konta
It was her first match since losing in the Wimbledon final, after missing most of the 2017 season due to a pregnancy. Konta next faces Sofia Kenin , who earned a dominating win over qualifier Veronica Cepede Royg on Monday.

Shiggy urges people to "be safe" when doing "In My Feelings" challenge
One of these dancers is Shiggy , the internet star who was the first to #DoTheShiggy dance and took the #InMyFeelingsChallenge viral.

Fortnite for Android is going to bypass the Google Play Store
Android gamers have been itching to get their hands on Fortnite ever since the game made the jump to iOS back in April. Epic Games' chief executive Tim Sweeney said 30% was "disproportionate" to the contribution Google made.

EPA Proposes Freezing Fuel Economy Standards At 35 MPG Until 2026
But private transportation experts say there are so many factors involved that the 1,000 lives saved figure is questionable. The proposal unveiled on Thursday is one of several under consideration, but is the favoured option, officials said.

Montreal model known as Zombie Boy dead at 32
Gaga told her social media followers that she would be working to raise mental health awareness in the months ahead. Radio-Canada reported news of the death and cited a police source, but Montreal police did not confirm the death.