Part of cannabis and investing
Moosehead Breweries Ltd. is the latest beverage company to form a joint venture to enter the cannabis-infused beverage market in Canada once it is legalized.
An affiliate of the independent brewer, OCC Holdings Inc., is partnering with Sproutly Canada Inc. to develop, produce and market non-alcoholic beverages using Sproutly’s naturally-produced water soluble cannabinoids.
The companies say their beverages would be able to deliver the effects of cannabis in as little as five minutes and could last up to 90 minutes, providing an experience similar to smoking the drug.
Moosehead is Canada’s oldest and largest independent brewery with 152 years of experience and infrastructure that the companies say will allow the joint venture to more quickly get its cannabis-infused beverages to market.
The companies add that Sproutly’s cultivation facility and processing licence will advance formulation work that’s already been completed to date.
Health Canada has said the final rules about edibles must be brought into force no later than Oct. 17, a year after recreational cannabis use was legalized.
“After careful analysis of the cannabis industry and the cannabis beverage opportunity in Canada, we believe that Moosehead and Sproutly together are well positioned to become a significant player in the category,” stated Matthew Oland, a Moosehead senior executive, who will head the 50-50 joint venture as chief executive officer.