It was earlier in the week that Canadian marijuana company Tilray announced a global supply and distribution agreement with Swiss-based drug giant Novartis.
Shares exploded on the news over 20%.
Now the company has announced another major deal and this time its with brewer AB Inbev.
Tilray has announced a $100 million joint venture with the company. As part of the agreement, both companies will invest $50 million each in a deal that calls for the study of THC and CBD beverages. The partnership is limited just to Canada and both companies will decide in the future about commercializing any products.
“Labatt is committed to staying ahead of emerging consumer trends,” Labatt Breweries President Kyle Norrington stated. “As consumers in Canada explore THC and CBD-infused products, our innovative drive is matched only by our commitment to the highest standards of product quality and responsible marketing.”
He added, “We look forward to learning more about these beverages and this category in the months ahead.”
“We are delighted to be joining forces with a world-leading beverage company, AB InBev, to research how to create enjoyable cannabis beverage products. Tilray and AB InBev share a commitment to responsible product development and marketing, and we look forward to beginning our work on this important partnership as Tilray continues to pioneer the development of a professional, transparent, and well-regulated cannabis industry,” said Brendan Kennedy, CEO of Tilray.
Tilray said earlier this week that it will be working with Novartis’ generic drug business Sandoz and supply non-smokable and non-combustible medical cannabis products where it is legally allowed.
“This agreement represents a major milestone in the movement to provide access to safe, GMP-certified medical cannabis to patients in need across the world,” remarked Tilray CEO Brendan Kennedy.
“Tilray is a global company, and we’re thrilled to build upon the success and momentum from our existing agreement with Sandoz Canada by taking our partnership global,” he added.
Disclaimer: We have no position in Tilray Inc. (NASDAQ: TLRY) and have not been compensated for this article.