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Canadian Craft Beer Co. Steam Whistle Looking For Cannabis Partnership

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Canadian Craft Beer Co. Steam Whistle Looking For Cannabis Partnership

Steam Whistle Brewing, one of the largest craft brewers in Canada, is reportedly interested in joining the cannabis industry.

According to BNN Bloomberg, the company is in talks with a number of cannabis producers to invest in them or create a joint venture.

What Happened

In an interview with BNN Bloomberg's David George-Cosh, Steam Whistle's Andy Burgess said its entry into the cannabis space might involve either the creation of a line of cannabis-infused beverages, or the launch of a Steam Whistle cannabis brand.

Moreover, Steam Whistle's flagship location at the Roundhouse Park building gets over 125,000 visitors each year and the brewer is exploring opportunities to open a pot shop there. Cannabis in Ontario can currently be only purchased online, but brick-and-mortar stores will be available in April. Burgess also told BNN Bloomberg the talks are at an early stage.

Why It's Important

Steam Whistle has been eyeing the cannabis space for a while now. According to reports earlier this year, the brewer was in talks to be acquired by Aurora Cannabis Inc. (NYSE: ACB), but discussions didn't move forward.

Beverage makers have been making waves in the cannabis space this year.

Molson Coors Brewing Co (NYSE: TAP) formed a joint venture with Hexo Corp (OTC: HYYDF); Constellation Brands, Inc. (NYSE: STZ) has amassed a big stake in Canopy Growth Corp (NYSE: CGC); And other companies such as Diageo plc (NYSE: DEO) are reportedly also looking for opportunities to get exposure to the cannabis industry. 

What's Next

Even though Canada has fully legalized marijuana, beverages and edibles won't be available for at least another year. Nevertheless, Molson Coors said the cannabis beverages market alone could be worth $3 billion in Canada.

Related Links:

Molson Coors Expects To Launch Cannabis Beverage In 2019

Canada's Province Brands To Release Cannabis Beer In 2019

Posted-In: Beer BNN Bloomberg Cannabis-Infused Beverages Steam Whistle BrewingCannabis Markets Media Best of Benzinga

 

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