After more than 150 years of brewing beer, Canada’s oldest independent beer company, Moosehead, is preparing to venture into the cannabis beverage market.
Moosehead Breweries Limited and Sproutly Canada Inc. have entered into an agreement to form an exclusive joint venture to develop and produce non-alcoholic cannabis-infused beverages.
The drinks will be manufactured using Sproutly’s proprietary water-soluble cannabinoid technology, Infuz2O , which allows for more efficient bioavailability.
Infuz2O is a patent-pending cannabinoid technology that enables the effects of ingested cannabinoids, such as THC, to be felt within five minutes and last for up to an hour and a half.
“With the anticipated legalization of edibles in Canada later this year, Moosehead has made the strategic decision to enter the cannabis beverage market,” said Moosehead CEO, Andrew Oland in a statement. “As one of the oldest brands in Canada and a leader in the beer category, we believe we are uniquely positioned to be a leader in the cannabis beverage category.”
Cannabis-infused beverages and other marijuana edible products won’t be legal in Canada until Fall, but the market is anticipated to grow to a multi-billion-dollar industry within just a few years.
Moosehead and Sproutly aim to have their new beverages finalized and ready for retail sale by the time such products become legal in Canada in October.