Cannabis company Hexo’s pot-infused beverages, developed in concert with alcohol giant Molson Coors, are set to hit shelves the same day the products are cleared for sale in Canada, according to a recent report.
The federal government announced last week that cannabis-based edibles and other similar derivatives will become legal for sale on Oct. 17, but a 60-day waiting period to receive a licence will mean no products will hit shelves until mid-December.
Hexo’s joint venture to develop cannabis beverages with Molson Coors, Truss, will be ready to go on day one, Bloomberg reported Monday. Hexo has stated it was targeting retail by the fall.
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CEO Sebastien St-Louis has said previously the potential market in alternative cannabis products represents great potential for the Gatineau-based pot producer. A recent report by Deloitte estimated the Canadian market for such pot-infused products is worth about $2.7 billion annually.
“We decided as a business that we did not want to be a spectator as this new market opened up and we clearly wanted to be a participant,” St-Louis said year.
On Molson Coors’ end, the push for cannabis drinks comes as consumer behaviour switches away from solely alcohol.
“Consumers are drinking slightly less, but better,” said Molson Coors CEO Mark Hunter earlier this year.
– With files from Canadian Press