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Breweries are getting into legal weed.
The latest is Molson Coors (NYSE: TAP).
The second-largest U.S. brewery now plans to launch its own cannabis beverages in 2019.
“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,” said Molson Coors Canada President Frederic Landtmeters.
Molson Coors will partner with Hydropothecary (TSE: HEXO), a Canadian cannabis company.
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The two companies will form a new joint venture partnership. Molson Coors will retain majority control with 57.5%. The companies didn’t disclose the financial investment in the partnership.
Hydropothecary will issue Molson Coors 11.5 million warrants to purchase shares of common stock. Those warrants can be converted at a price of C$6 any time in the next three years.
If Molson Coors converts those warrants, Hydropothecary would receive $69 million in cash. Plus, Molson Coors would effectively acquire a 4.9% equity stake in the company.
This deal was a little different than the partnership between Constellation Brands (NYSE: STZ) and Canopy Growth (NYSE: CGC). With that deal, Constellation invested $191 million for a 10% equity stake in Canopy.
Shares of Hydropothecary jumped 11% on the news. Shares of Molson Coors added 6%.
The news follows similar moves into cannabis by other alcohol companies.
Heineken (OTC BB: HEINY) subsidiary Lagunitas Brewing is launching cannabis-infused sparking water in California. And the inventor of Blue Moon beer is plans to sell three marijuana drinks in Colorado this fall.
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Pot Stock Briefing
Cannabis Real Estate Company Invests $13 Million in Michigan
Innovative Industrial Properties (NYSE: IIPR) is a real estate firm investing in properties for the cannabis industry. The company announced the acquisition of a 56,000-square-foot property in Michigan. The project received unanimous approval from the Michigan Medical Marijuana Licensing Board.
New $35 Million Private Equity Fund for Cannabis
Green Acre Capital is launching its second private equity fund with $35 million. Aphria (OTC BB: APHQF) was a lead investor. High-net-worth investors also contributed to the company’s second fund, focused on early-stage cannabis deals.
Tilray Cannabis Oil Phase II Clinical Trial
A new study from researchers at the Hospital for Sick Children in Toronto shows promising results for a cannabis oil from Tilray (NASDAQ: TLRY). The drug is currently in FDA Phase II trials.
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The overall market for cannabis stocks was largely unchanged this week.
Weekly Performance (Monday – Friday AM):
North American Index: -0.8%
Horizon Medical Marijuana ETF: -1.2%
Cannabis companies are being bought up right and left.
Last week, MedReleaf was acquired for $2.5 BILLION. And I’m expecting major news in the coming days.
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