Molson Coors is a drinks brand that we all know and love, renowned for their innovative flavours and constant promotion of new drinks. Wanting to maintain their reputation as innovators, the firm has this week announced that they will be the latest drinks company to enter the cannabis drinks market. Who’d have thought it?
As a market that is said to be worth $10bn in Canada alone, cannabis-infused beverages are understandably the market’s focus.
Following in the footsteps of Coca Cola, Budweiser and the likes, Molson Coors are excited by this venture.
“We will be in a ready to go position and one of the first on the playing field as the market opens up,” CEO Mark R. Hunter told Bloomberg.
“We decided as a business that we didn’t want to be a spectator as this new market opened up – we clearly wanted to be a participant,” he added.
Launched specifically for the Canadian market, the beer giants claim to simply be moving with the times. This comes as Canada legalises Recreational cannabis products, permitting the sale of products such as pre-rolled joints in the country. Soon, the country will see the legalisation of cannabis edibles, vapes and beverages; a part of the market that Coors want to reign supreme in.
Saying that they want to “secure a meaningful share” of the lucrative cannabis drinks market in Canada, the brand has teamed up with Hexo Corp, developing alcohol=free cannabis-laced drinks that will be ready for consumers next year.
What are your thoughts?
Let us know what you think. Is this the type of project Molson Coors should be involved in? We would love to hear your thoughts. Share them with us by leaving our comments below.