Today’s news adds to the brewing hype.
The Cannabis Beer Market: Province Brands
Let’s start with Province Brands who announced it has invested an eye-watering $38 million USD into what will be the world’s first cannabis brewery. Yes, this is a brewery created specifically for creating Province’s new line of beer which is brewed using the entirety of the marijuana plant. In time the brand will be creating varients too inclusive of pilsners, IPA’s and stouts.
However, Cannabis edibles will not be legalized until another year’s time as they require stricter and more detailed regulation, so Province Brands is still in preparation stages.
It’s more than a good start though, with a $38 million brewery now behind it.
In other cannabis beer related news, Alcoholic drink giant Constellation Brands (NYSE:STZ) announced today that it would be upping its stake in Canopy Growth Corp. Constellation Brands is the maker of the global favorite Corona beer.
The company is upping its investment into the cannabis industry, with an additional $4 billion stake in Canopy Growth Corp. (TSE:WEED)
Constellation began its relationship with Canopy Growth in October with a 9.9% stake in the Canadian cannabis company. The deal allowed the option of future investing which the company had decided to take advantage of and now its stake is 38%.
Its cannabis beer will not go on sale in the United States until legalization is more definitive across the country, but it is expecting to begin selling in Canada in the fall.
And Canopy Growth stock has responded well to the news too, with a massive 26.97% jump.
Featured Image: Deposit Images/Nitrub