Molson Coors Canada planning cannabis-infused beverages
Molson Coors Canada announced that it has created a joint venture with 57.5 per cent controlling interest with the Québec-based cannabis producer The Hydropothecary Corporation (HEXO) owning the rest.
Once Canada legalizes cannabis, the joint venture aims to create a line of marijuana-infused, non-alcoholic beverages for the Canadian market. Molson Coors has announced that it will be structured as a stand along “start-up” company with its own board of directors and an independent 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. 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," said Frederic Landtmeters, President and CEO of Molson Coors Canada, in a press release.
"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,” he continued. “We look forward to partnering with HEXO, a recognized leader in the medical cannabis space in Canada that will bring robust production capacity, a track record of innovation, and, most importantly, shared values when it comes to doing business the right way and earning the trust of consumers."
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