The future of cannabis may be canned (and bottled) as a Canadian company has agreed to purchase several craft beer brands from Budweiser’s parent company, with the company’s CEO indicating that they plan to create marijuana-infused beverages.
Tilray Brands, based in Leamington, Ontario, is acquiring eight popular brands including Shock Top, Redhook Brewery and HiBall Energy for $85 million.
The deal includes “breweries and brewpubs associated with these brands, as well as current employees,” the Wall Street Journal reports.
From an alcohol perspective, the move makes Tilray a larger player in the craft beer market, but it also could open doors for cannabis in the future.
In addition to its alcohol holdings, Tilray owns cannabis brands like Broken Coast and Solei, which could allow the company to infuse its drinks with THC, the psychoactive chemical in marijuana.
Tilray CEO Irwin Simon said in a statement to MJBizDaily, which covers the cannabis industry, that the acquisition “marks a major step forward in our diversification strategy” as cannabis becomes more and more legal in the United States.
Nearly half the country — 23 states — has legalized the recreational use of marijuana, and many feel that it’s only a matter of time until cannabis is legal on the federal level as well.
Cannabis-infused drinks do exist, though as the Los Angeles Times notes, quality can be inconsistent and has only recently begun to improve.
Partnering with established breweries could make development of better-tasting drinks easier for Tilray.
“Upon federal cannabis legalization, we expect to leverage our leadership position, wide distribution network and portfolio of beloved beverage and wellness brands to include THC-based products and maximize all commercial opportunities,” Simon said in the statement.
The deal is expected to be complete in September, according to a filing with the U.S. Securities and Exchange Commission.