Molson Coors Pour Out Plans to Get Into Cannabis-Infused Beverage Market
Molson Coors, like Corona, get into the Cannabis-infused drink market
Something’s a brewing at Molson Coors and it’s not beer. Molson Coors’ Canadian division is getting into the booming pot business. Molson Coors Canada and one of Canada’s biggest pot producers Hydropothecary Corporation announced Wednesday they are teaming up to bring a non-alcoholic, cannabis-infused beverage to Canada.
Huge growth market for Cannabis Infused drinks
It’s not clear what kind of beverage they will be producing but it’s clear they want a piece of what is sure to be a booming market. In the U.S., Bloomberg is predicting the cannabis industry will be worth $50 billion by 2026, so it’s no surprise the big food, beverage and alcohol company’s are swarming ahead of 2019.
“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.
Molson Coors, late to the game?
In 2017, Constellation Brands, the company behind Corona, Modelo, and Svedka bet early on Bill-C45 passing in parliament. Constellation Brands bought up a minority stake in another huge Canadian marijuana company, Canopy Growth. The stake is said to be worth about $191 million and the Wall Street Journal is reporting that Constellation will also create cannabis-infused drinks.
“Canopy Growth has a seasoned leadership team that understands the legal, regulatory and economic landscape for an emerging market that is predicted to become a significant consumer category in the future,” said Constellation Brands CEO Rob Sands in a statement. “Our company’s success is the result of our focus on identifying early stage consumer trends, and this is another step in that direction.”
