The Hydropothecary Corporation partners with Molson Coors, sending the cannabis company’s stock skyrocketing on both the Canadian and American markets today.
According to an official press release, Molson Coors Canada, a Canadian sub-unit of Molson Coors Brewing Company (NYSE:TAP) will be teaming up with The Hydropothercary to develop a non-alcoholic, cannabis-infused product.
Cannabis-Infused Non-Alcoholic Beer
The Hydropothecary Corporation partners with Molson Coors and the pair hope to develop many cannabis beverages ahead of the national recreational legalization of cannabis in Canada. This new venture will function as a stand-alone startup company that has its own independent management team and board of directors.
Recreational cannabis will become legal across Canada on October 17th, and the clock is ticking. Molson will own 57.5 percent of the venture, while Hydropothecary holds 42.5 percent.
“The new company will combine the proven beverage experience of Canada’s leading brewer with a recognized innovator in the fast-growing cannabis sector to explore the highly anticipated consumable cannabis market, which is expected to be legally permissible in Canada in 2019,” the release said.
As part of the agreement, Hydropothecary is going to issue share-purchase warrants to Molson, and both companies hope to close the deal before the end of September.
Edibles are already a huge part of the cannabis industry in Canada and the US. If Molson Coors can get ahead of everyone, they just might seal the deal for the top cannabis-infused beverage. It is illegal to infuse cannabis with any sort of alcoholic beverage, hence the non-alcoholic beverage deal.
Hydropothecary Stock Movement
According to Yahoo Finance, The Hydropothecary Corporation (OTC:HYYDF) traded extremely well on the US market today and closed the day at $3.74 a share. The stock was up $0.46 (13.97%) from yesterday’s close.
On the Toronto Stock exchange, the company (TSX:HEXO) took a substantial boost as well. According to Yahoo Finance, HEXO closed the day at $4.83 a share, up $0.48 (+11.03%).
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