AB InBev (BUD), the world’s biggest brewer, said Wednesday that it’s teaming up with Canada’s Tilray (TLRY) to research cannabis-infused drinks.
It’s the latest major company to start exploring the pot market following decisions to legalize recreational marijuana in Canada and a number of American states. AB InBev and Tilray will invest a combined $100 million into researching non-alcoholic drinks containing cannabis elements.
“We intend to develop a deeper understanding … that will guide future decisions about potential commercial opportunities,” Kyle Norrington, president of AB InBev’s Canadian subsidiary Labatt Breweries, said in a statement.
For now, AB InBev is only looking at using cannabis ingredients in Canada. The company, whose top brands include Bud Light and Stella Artois, will make a decision on whether the pot products are commercially viable at a later date.
Tilray’s Nasdaq-listed stock surged following the announcement of the tie-up, gaining about 13% premarket on Thursday. The company, which is based in British Columbia, specializes in medicinal cannabis products.
Its stock has more than quadrupled since it went public on the Nasdaq in July. The company’s backers include billionaire investor Peter Thiel’s venture capital firm Privateer Holdings.
Earlier this week, Tilray announced a partnership with Swiss pharmaceuticals company Novartis (NVS) to distribute medicinal pot in international markets.
Source : https://philadelphia.cbslocal.com
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