With plans to make cannabis-infused beverages using cannabis. CBD drinks are a huge Canadian growth market; the cannabis drinks became 100% legal in October.
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Moosehead Breweries is Canada’s #1 independent brewery.
It plans to get into the cannabis drink business by partnering with Sproutly Canada.
Moosehead will provide its brands, distribution channels and intellectual property. Meanwhile, Sproutly will provide its patent-pending Infuz20 technology that’s crucial for creating cannabis-infused drinks.
Initially, the companies plan to create cannabis drinks with CBD.
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The two companies will form a new joint venture partnership – with each owning 50% of the equity.
On Oct. 17, 2019, Canada plans to expand the legalization of cannabis. That’s when the government will allow companies to sell edibles and drinks infused with CBD and THC.
The move is expected to open up the market to millions of people who are interested in cannabis – but don’t want to smoke or vape.
The expanding market for cannabis beverages has already attracted interest from the major alcohol companies.
Fortune 500 company Constellation Brands (NYSE: STZ) invested $4 billion in Canopy Growth (NYSE: CGC). And the two companies are working on creating drinks with CBD and THC for the Canadian market.
Meanwhile, Molson Coors (NYSE: TAP) formed a partnership with HEXO (OTC: HYYWF) to create cannabis brews.
One privately held company is also preparing to launch its own cannabis drinks. Plus, it’s working to partner with some of the biggest drink companies.
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