Molson Coors to launch marijuana beverages in CanadaStaff Writer | August 4, 2018
Molson Coors Brewing Co. plans to develop non-alcoholic, cannabis-infused beverages for the Canadian market following legalization.
Drinks Molson Coors is Canada's second largest brewer by volume
Molson Coors is Canada's second largest brewer by volume, selling about one-third of the total Canadian beer market in 2017.
Canada legalized medical cannabis way back in 2001 and is home to many of the largest cannabis companies in the world.
Hydropothecary Corp., the only licensed marijuana producer headquartered in Quebec, counts itself as one of Canada's lowest-cost producers.
Hydropothecary plans to supply the recreational cannabis markets in Canada and elsewhere under its newly launched HEXO brand, while continuing to serve medical cannabis clients under its original Hydropothecary brand.
Through the joint venture, the two companies expect to tap the highly anticipated consumable cannabis market, which is expected to be legally permissible in Canada in 2019.
Molson Coors noted that the joint venture will be structured as 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 the JV, while HEXO will own the remaining ownership interest. ■