Molson Coors Makes Cannabis-Infused Beverage Deal in Canada

The Molson Coors Brewing Company is a multinational brewing company, formed in 2005 by the merger of Molson of Canada, and Coors of the United States. It is the world’s seventh largest brewer by volume.

Molson Coors plans to sell pot-infused drinks in Canada, where consumable marijuana will become legal next year.

Molson Coors Brewing Co. is based in Colorado, which along with Washington, were the first states to legalize recreational use of marijuana. Recreational marijuana becomes legal in Canada in October, but consumable forms of the drug will be legal there in 2019.

The Denver brewer said its Canadian unit, Molson Coors Canada, is teaming with Canadian cannabis producer, The Hydropothecary Corporation (HEXO), to create a joint partnership “to pursue opportunities to develop non-alcoholic, cannabis-infused beverages for the Canadian market following legalization.”

Molson Coors Canada will have a 57.5 percent controlling interest in the joint standalone venture and HEXO will control the remainder.

Aside from this, Denver-based Molson Coors reported second-quarter net sales fell slightly but second-quarter earnings per share bested analysts’ expectations.

Molson Coors reported second-quarter net sales fell to $3.085 billion from $3.091 billion a year earlier. Analysts were expecting sales of $3.1 billion.

 

Author: Anthony Rogers presents

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