Marijuana-infused beverages are evidently the upcoming trend. US beer maker Molson Coors Brewing Co. is mulling expansion in Canada especially once legalization of recreational marijuana becomes a reality on Oct. 17.
To make its marijuana-infused beverages, Coors is currently having talks with several Canadian-based marijuana companies to invest and collaborate to salvage declining beer sales, according to a Friday report from BNN Bloomberg, citing several unidentified people familiar with the matter.
“We have assembled a team in Canada to actively explore the risks and opportunities of entering the cannabis space in that market, where it will be federally legal by this fall,” Chief Executive Officer Mark Hunter said at an investor presentation on June 6. Spokesman Colin Wheeler declined to say Friday whether it was in talks with specific cannabis companies.
Coors so far has spent the past six months in talks with four Canadian cannabis companies, including Aphria Inc. and Aurora Cannabis Inc., the report said.
“We’ve said specifically we’re interested in the infused beverage space and we do intend to enter that market,” Aurora Cannabis’ Chief Corporate Officer Cam Battley said Friday by phone. However, the company declined to comment further.
Also, Aphria could not be immediately reached for comment.
In 2017, Corona beer seller Constellation Brands Inc. bought a minority stake in Canopy Growth Growth, Canada’s largest marijuana producer with a market value of C$8.8 billion ($6.6 billion).
Many consumers are moving from regular alcohol beverages to THC infused beverages. It is no surprise that legal-marijuana suppliers have reaped $11.3 million in revenue, topping the amount of profit by liquor stores, which made $10.5 million in 2017 for the first time in Aspen, Colorado.