Investors Sell Molson Coors Brewing Co Class B (TAP) on Strength

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This new venture will function as a stand-alone startup company that has its own independent management team and board of directors. "So you can imagine the possibilities are pretty limitless", said St. Louis. "We expect today's Hexo/Molson Coors Canada JV to be nothing short of trend-setting for the cannabis industry as a whole".

"There is a paradigm shift underway and cannabis has the potential to provide answers to the alcoholic drinks industry's existential questions", said Spiros Malandrakis, head of alcoholic drinks at Euromonitor International.

He said the marijuana industry could fuel alcohol's next growth cycle or instead suffocate an industry already on the defensive.

The Hydropothecary Corporation is ramping up its production capacity in advance of Canada's legalization of recreational-use marijuana on October 17, to more than one million square feet.

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Beer makers may be spurred to pursue deals in the cannabis space as research shows alcohol sales have slumped in U.S. states where marijuana is legal.

In February, Aurora Cannabis bought a stake in Liquor Stores N.A., which has since changed its name to Alcanna.

Last year, Corona beer-maker Constellation Brands Inc became the first major beer and spirits producer to partner with a Canadian marijuana producer, picking up a almost 10 percent stake in Canopy Growth Corp.

He added: "As two leading companies who share a track record of excellent practices, as well as respect for law and regulations, Hexo and Molson Coors Canada have established a relationship built on trust, and together we will develop responsible, high-quality cannabis-infused beverages for the consumable cannabis market in Canada".

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Gatineau, Quebec-based HEXO now operates with more than 300,000 square feet of production capacity with an additional 1,000,000 square feet of expansion set 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.

Shares of Molson Coors Brewing Co Class B opened at $69.33 on Thursday, MarketBeat.com reports.

Excluding one-time items, underlying profits rose 10.6 per cent to US$406.1 or $1.88 per share, five cents above analyst expectations according to Thomson Reuters Eikos. For the three months ending June 30, the company reported more than $2 billion in U.S.net sales, down 3.1 percent compared to 2017 levels.

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