The product is thought to have staggering potential within the market
The partnership between Molson Coors Canada and Quebec-based cannabis producer Hydropothecary will be structured as a standalone company with its own board and management team. A chief executive officer will be named in the coming weeks.
“We decided entering the cannabis space would provide us with a real growth opportunity,” Frederic Landtmeters, CEO of Molson Coors Canada, said in a phone interview. After talking with several potential partners, Molson Coors chose Hydropothecary because of its research and development capabilities, its loyal customer base and its strong brand, he said.
The partnership is a first for a major brewer with operations in Canada, where recreational marijuana will become legal on Oct. 17. Though cannabis-infused edibles and beverages won’t initially fall under the provisions of the law, Molson and Hydropothecary expect those products will become legal sometime in 2019.
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