Molson Coors Canada said its joint venture with Hydropothecary, which will make non-alcoholic pot-based drinks, will be a standalone company with its own board of directors and an independent management team.
Closing of the transaction, which is targeted to occur before September 30, 2018, is subject to the satisfaction of certain conditions.
The hundreds of active molecules in the marijuana plant can be transformed into various products beyond just ones that give a buzz, said Hexo CEO Sebastien St. Louis.
The Canadian brewer will have a 57.5 percent controlling interest in the venture, with Hydropothecary owning the rest.
The new company combines Molson's experience in the beverage industry with HEXO's track record for innovation in the cannabis sector.
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Molson Coors will attempt to sell pot-infused drinks in Canada, where consumable marijuana will soon become legal. "Visibly intimidated, insular, and inherently conservative, large parts of the alcohol industry acknowledge and highlight the dangers to their penetration rates and profitability, but largely fail to see the huge potential behind the plumes of hazy smoke".
"We're going to start with THC but also CBD and then CBG".
Cannabis is set to be legalized in Canada on October 17, though cannabis-infused edibles and beverages won't immediately be available.
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HEXO, based in Gatineau, Que., now has more than 300,000 square feet of production capacity with an expansion more than three times that size to be completed by the end of the year.
Its stock closed up 11.03 per cent or 0.48 cents to $4.83 on the Toronto Stock Exchange.
Molson Coors Brewing Co Class B (NYSE:TAP) last posted its quarterly earnings data on Wednesday, August 1st.
"Although the industry faced another tough quarter due to a challenging April as well as the impact of holiday mismatches, we are dissatisfied with our overall market share trends and we will continue to focus on reinvigorating Coors Light while maintaining the strong improvements in Miller Lite and continuing to accelerate our performance in above premium to improve both top and bottom line results", Hunter said.
Revenues for the period ended June 30 slipped to almost US$3.1 billion, slightly below expectations.
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