Budweiser Teams Up With Tilray To Bring Cannabis Drinks To The Market
The maker of Budweiser is partnering with famous Canadian cannabis company Tilray in a $100 million deal to research cannabis-infused drinks for the Canadian market. Yesterday both parties announced the latest foray by a major beer company into the cannabis business in Canada. As you all know, Canada legalized recreational cannabis earlier this year, opening the market for the big players.
Belgium-based AB InBev, the owner of more than 500 beer brands, including Budweiser and Stella Artois, said it would participate in the project through its subsidiary Labatt Breweries of Canada.
Labatt is committed to staying ahead of emerging consumer trends,
said Labatt Breweries President Kyle Norrington.
Earlier this month, Marlboro maker Altria Group Inc. invested $1.8 billion for a 45 percent stake in Cronos Group. In August, wine, liquor and beer company in Canadian pot producer Canopy Growth Corp. Further, Coca-Cola, Pepsi and Guinness brewer Diageo have said they are closely watching the market for cannabis as it evolves.