Molson developing non-alcoholic drinks infused with cannabis

Molson Coors Canada the business arm of Molson Coors Brewing Co. says it has entered into a joint venture to develop non-alcoholic cannabis-infused beverages

The partnership will be structured as a standalone company with its own board and management team and a chief executive officer is expected to be named within the coming weeks.

Molson Coors Canada will hold a 57.5 percent controlling stake in the stand-alone joint venture.

Hydropothecary would own the rest.

As part of the agreement, Hydropothecary is going to issue share-purchase warrants to Molson, and both companies hope to close the deal before the end of September.

The Hydropothecary Corporation is ramping up its production capacity in advance of Canada's legalization of recreational-use marijuana on October 17, to more than one million square feet. Molson Coors will control 57.5% of the now unnamed venture, the company said in a news release.

He said the marijuana industry could fuel alcohol's next growth cycle or instead suffocate an industry already on the defensive.

In a memo, Euromonitor's head of alcoholic drinks, Spiros Malandrakis, wrote: "There is a paradigm shift underway and cannabis has the potential to provide answers to the alcoholic drinks industry's existential questions".

Yellowstone Park superintendent: Man taunting bison was 'reckles
The man escaped serious injury only because it was the bison who made the decision to walk away. A video of the bison incident was captured by Lindsey Jones of Elko, Nevada, on August 1.

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.

Beer and alcohol companies are circling Canadian marijuana companies amid falling beer consumption and concerns that the buzzy and soon-to-be legal drug could take a further bite out of booze sales.

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 will attempt to sell pot-infused drinks in Canada, where consumable marijuana will become legal in 2019.

Gatineau, Quebec-based HEXO now operates with more than 300,000 square feet of production capacity with an additional 1,000,000 square feet of expansion set to be completed by the end of the year. Its stock rose about seven per cent to $5.30 in morning trading on the Toronto Stock Exchange after the deal was announced.

Molson Coors Brewing Co Class B (NYSE:TAP) last posted its quarterly earnings data on Wednesday, August 1st. The company reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.05.

Revenues for the period ended June 30 slipped to almost US$3.1 billion, slightly below expectations.

Related News:

  • Fortnite's Android release will dodge the Google Play Store, developer Epic confirms

    Fortnite's Android release will dodge the Google Play Store, developer Epic confirms

    Lastly, he states that Android's permission system will help protect users by informing them of what an app will be allowed to do. Epic Games has made a decision to not distribute the game through the Google Play Store for financial reasons.
    Pompeo Renews Calls for the Return of American Pastor Imprisoned in Turkey

    Pompeo Renews Calls for the Return of American Pastor Imprisoned in Turkey

    Cavusoglu told Turkish press that the meeting was "constructive", but also spoke out against the sanctions. Pastor Brunson is an innocent pastor and they need to let him a return to the United States".
    West Nile fever confirmed in Kozhikode

    West Nile fever confirmed in Kozhikode

    In a very few cases, West Nile fever leads to encephalitis or meningitis with associated neck stiffness, confusion, or seizures. The resident started to feel ill on July 27 and was hospitalized the next day, the release said.
  • Demi Lovato's Bodyguard Credited With Saving Her Life

    Demi Lovato's Bodyguard Credited With Saving Her Life

    One of TMZ's sources, said: "She could die if she doesn't, and that's not going to be on my watch that we did nothing". Cape Town - Demi Lovato has reportedly agreed to enter rehab after allegedly overdosing on opioids.
    Everton have deal in place to sign Mina

    Everton have deal in place to sign Mina

    While PSG wonderkid Kylian Mbappe openly admitted into attempting the diminutive midfielder into returning to France. If the 23-year-old does make the move to Merseyside, he would join former Barcelona teammate Lucas Digne.
    Max Meyer: Crystal Palace sign Germany midfielder from Schalke

    Max Meyer: Crystal Palace sign Germany midfielder from Schalke

    Meyer has also received a healthy signing on bonus as part of the deal and will meet up with his new teammates this week. The Guardian reports that the German has held "positive talks" over a move to Selhurst Park after leaving Schalke .
  • Will Apple retain its trillion-dollar bite?

    Will Apple retain its trillion-dollar bite?

    PetroChina once had a $ 1 trillion valuation, but only briefly, and most of its shares were owned by the Chinese government. But let's not overstate the case; with 56% of revenue coming from iPhones last quarter, Apple is still a handset company.
    At least 15 dead as gunmen storm Afghan government building

    At least 15 dead as gunmen storm Afghan government building

    He said at least 15 people had been killed and 15 wounded although the total may rise as rescue workers search the site. The larger of the two attacks saw ISIS forces attacking a refugee office in Jalalabad , the capital of Nangarhar.
    Swedish crown jewels stolen from cathedral before…

    Swedish crown jewels stolen from cathedral before…

    The crown jewels of Charles IX and his wife Christina were buried with them upon their deaths in 1611 and 1625 respectively. There has been no confirmation from the police, but the assumption is that the thieves smashed the glass.
  • China says fully prepared for US  threats on escalating trade war

    China says fully prepared for US threats on escalating trade war

    The tariffs discussed in this week's pronouncements are still in the threat stage; they have not yet taken effect. After the earlier tariffs $34 billion of US goods, about $120 billion is available for retaliation.
    Tim Allen's character on 'Last Man Standing' won't be talking about Trump

    Tim Allen's character on 'Last Man Standing' won't be talking about Trump

    Allen, who is a conservative Trump supporter, discussed the climate for comedians in the current hyper-partisan political era. Meanwhile, the Last Man Standing crew addressed comparisons drawn by fans and foes alike between their show and Roseanne .
    Suspect in doctor's killing transferred house deed day earlier

    Suspect in doctor's killing transferred house deed day earlier

    An open gate also sparked concern the suspect may have tried to gain reentry to the home one day after it was searched by police. On Monday, Houston police tweeted out video of the suspect in a nearby neighborhood immediately following the doctor's shooting.


Most liked

Weinstein seeks to toss sex crimes case over ‘intimate’ emails
A spokesman for the New York District Attorney declined to comment. "It is Mr. Just had u cross my mind and thought u would send a hello.

Man City, Chelsea lock horns in Community Shield
According to Guardiola, if City sign one more, it will be because he's a "special player", not an "extra player". We saw in pre-season against Bayern Munich and Borussia Dortmund that he is at a good level.

Archbishop, locals chime in after Pope Francis dismisses death penalty
Rights group Amnesty International recorded at least 993 executions in 23 countries in 2017, down 4% from 2016 and 39% from 2015. John Paul II directed the first edition of the Catechism of the Catholic Church back in 1992, as Catholic News reported .

Florentino Perez: 'Luka Modric available for £670m'
Gazzetta says Modric's wife, Vanja Bosnic, has made contact with Inter to offer the midfielder to the Italians . Cristiano Ronaldo has already quit Real Madrid for Italy, joining Juventus in a £105m deal.

Danish ban on Islamic full-face veil takes effect
Instead, the law criminalises women for their choice of clothing - making a mockery of the freedoms Denmark purports to uphold'. Muslims account for approximately five percent of Denmark's population, with around 200 women opting to wear an Islamic veil.

College Lake Dam considered stable after conditions assessment
Engineers determined that the dam's spillway was not large enough to handle water flow in the event of extreme weather conditions. According to the City of Lynchburg, Lakeside Drive from Old Forest Road to Moorman Drive, will be closed until further notice.

White House: 'The President Is Not Obstructing, He's Fighting Back'
Democratic lawmakers criticized Trump for seeking an end to the probe and urged that Congress protect the investigation. Giuliani said. "We have every reason to believe they don't have anything of the President doing anything wrong".

Samsung leads global smartphone market, Huawei pips Apple
Chinese firm Huawei has overtaken Apple to become the world's second largest smartphone maker by market share, new figures reveal. Huawei has nearly no market share in the USA , due to government accusations that it is tied to the Chinese government.

Robert Lewandowski, Anthony Martial, Wilfried Zaha
They are now scheduled for a friendly at Bayern Munich this weekend before the Premier League curtain raiser against Leicester City.

ALF Reboot in Development at Warner Bros
ALF originally aired on NBC and the network has had luck by bringing back Will and Grace for a revival season recently. Alf is now a pop icon, and the show is often referenced by other TV series llke " The Big Bang Theory " and " Mr.

Verizon and Motorola Unveil the First U.S. 5G Smartphone-Sort Of
However, its primary selling point will be the fact that it is upgradeable and we will be getting to that in just a bit. Moving on to Motorola One Power , the upcoming phone will be smartphone maker's second Android One device after Moto X4.

Sony’s PS4 Worldwide Shipments Top 82.2 Million Units
The figures are Sony's first quarterly results under new CEO Kenichiro Yoshida, who replaced Kazuo Hirai in April. That boosted royalties received by Sony, sending operating profit up 28% from a year ago to ¥32.1-billion.

Assam issue India's internal matter: Official UNB, Dhaka
Will they be left in limbo without rights? Almost all were Muslim and many were children. There have been no reports of violence and security remains tight.

Apple just became the first $1 trillion public company
Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares. Apple hit the US$1 trillion mark when its shares reached an all-time high of US$207.05 around midday in NY (4am NZT).

At meeting, Donald Trump praises Italy's immigration policies
As such, the president of the association Roberto Moncalvo praised Conte's will to raise the issue during talks with Trump. The pair also brushed over differences over Iran, where sanctions have hurt Italian-Iranian commercial relations.