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Cannabiniers Rolls Out Cannabis-Infused Craft Beer Line In California

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Cannabiniers Rolls Out Cannabis-Infused Craft Beer Line In California
Read more about our latest Cannabis News! CANNABIS HOME

Cannabiniers announced Tuesday the launch of a line of non-alcoholic cannabinoid-infused craft beer in California.

"Cannabier" comes under the Two Roots Brewing Co. brand and is infused with THC or full-spectrum CBD. It will be available in dispensaries in San Diego, Los Angeles and San Francisco.

Currently, Two Roots Brewing Co. is only sold in Nevada. The company said it managed to hit its target of 2,000 barrels per year for the entire Nevada market from 10 stores alone.

Entering the California market follows the company's execution of its first brewing agreement that covers up to 50,000 beer barrels per year. Since October, Cannabiniers executed letters of intent to acquire three breweries in the San Diego area, which represents 200,000 barrels of capacity.

"Our expansion into California is a huge next step for us, as we move toward distribution in larger markets where cannabis products are popular," Cannabiniers' VP of Market Activations Kevin Love told Benzinga.

Why This Is Important

California's cannabis market is one of the largest in the U.S., with estimated sales of $2.5 billion in 2018, Cannabiniers said. This represents less than a quarter of sales across the entire country.

"As cannabis becomes more widely accepted and legalization continues to spread nationally, CBD-infused beverages are on track to becoming a multi-billion dollar market in the U.S. over the next four years," Love said. "Beverage makers are taking advantage of this mainstream shift, noticing that revenue from cannabis beverages could outpace the general demand for cannabis products twofold, capturing 20 percent of the market for marijuana edibles by 2022."

Shares of cannabis company Canopy Growth (NYSE: CGC) skyrocketed last summer after alcohol producer Constellation Brands (NYSE: STZ) made a $4 billion investment in the company.

What's Next

Cannabiniers plans to add other breweries by the end of March to expand its capacity by 200,000 to 300,000 barrels, which will allow the company to get closer to hitting its national target of 500,000 barrels per year ahead of the plan.

Cannabiniers also is working on launching a line of cannabinoid-infused iced teas and coffees under the Just Society brand.

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Starbucks CEO Says A Cannabis-Infused Drink Is 'Not On The Roadmap'

Read more about our latest Cannabis News! CANNABIS HOME

Posted-In: Cannabiniers Cannabis Beverages Cannabis-Infused Beverages Two Roots Brewing Co.Cannabis News Markets Interview Best of Benzinga

 

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