Eastside Distilling Receives Acceptance For Trademark Application Of Hemp-Based Beverage
Shares of Oregon-based maker of craft spirit maker Eastside Distilling Inc (NASDAQ:EAST) ticked higher Monday after the company's potential move into the CBD-infused beverages space became more clear.
According to the webpage of the U.S. Patent and Trademark Office, Eastside Distilling applied for the trademark on Feb. 26, and on March 1, the Office accepted the application. The trademarked name for Eastside Distilling's hemp-based beverage is "OUTLANDISH."
The U.S. Patent and Trademark Office states that a new application will be assigned to an examining attorney around three months after filing date.
Back in October, the company appointed David Holmes to its Board of Directors, saying he would provide advice and leadership to the company's spirit RTD and CBD initiatives. Holmes is the CEO of Plant, a company developing and marketing a hemp-derived CBD-based beverage.
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Why It's Important
The market for cannabis-infused beverages in the U.S. is expected to amass a large share of the cannabis industry. Canaccord projects it could reach a value of $600 million by 2022. Between THC and CBD-infused beverage, analysts estimate the former to be worth $340 million and the latter $260 million. Given the legality of cannabis in Canada and other markets, the potential is even bigger.
In this way, Eastside Distilling joins a list of other beverage makers that are making forays in the cannabis-infused beverage makers. Last year, a number of beer manufacturers including Constellation Brands, Inc. (NYSE:STZ), Molson Coors Brewing Co (NYSE:TAP), Heineken and Anheuser Busch Inbev NV (NYSE:BUD) entered the cannabis-infused beverages segment.
Shares of the microcap Eastside Distilling traded up 2.5 percent at $5.85 Monday afternoon.
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