With the Canadian government recently legalizing cannabis in October, it was only a matter of time for big retailers to attempt a cash in with ‘unique’ creations.
Among others, Molson Coors Canada has announced a new joint venture with Quebec-based cannabis producer HEXO Corp.
The two companies have united to “pursue opportunities to develop non-alcoholic, cannabis-infused beverages for the Canadian market following legalization.”
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As soon as the Canadian government legalizes THC edibles in 2019, ‘cannabis beer’ should be ready to hit the market.
“We will be in a ready-to-go position and, you know, one of the first on the playing field as the market opens up,” said Molson Coors Brewing Co. CEO Mark R. Hunter in a conference call with analysts.
“We decided as a business that we did not want to be a spectator as this new market opened up and we clearly wanted to be a participant.”
Hunter adds that they’re in the early stages with design and taste, and will announce details in the near future.
If things go according to plan, Hunter hopes that cannabis infused, non alcoholic beverages will carve up between 20 to 30 percent of the cannabis market in Canada.
Overall, the industry has a projected market value of $7 to $10 billion.