Boston Beer‘s (SAM) BBCCC marijuana subsidiary announced Tuesday it was teaming up with Entourage Health Corp. to sell cannabis-infused nonalcoholic drinks in Canada. SAM stock fell, while marijuana stocks were mixed.
The maker of Samuel Adams beer hopes to capitalize on a larger health and wellness trend.
“We are proud to expand into another consumer vertical with award-winning partners of well-known products that will focus on all segments including the emerging self-care market,” said Entourage interim CEO George Scorsis in a statement. “Our collective industry expertise coupled with extensive cannabis research and advanced branding strategies will lay the foundation for new product collaborations and further market expansion opportunities at scale.”
Consumers have been shifting away from high-calorie alcoholic beverages in recent years. Boston Beer was one of the first brewers to hop on the spiked seltzer trend with its Truly brand drinks.
But seltzers have since flooded the market, and now consumers are looking at nonalcoholic options. Boston Beer had been on the hunt for a partner in the cannabis beverage space as legalization picks up support in the U.S.
Marijuana Stocks Team Up With Brewers
Other tie-ups between beer makers and marijuana stocks include: Anheuser-Bush InBev (BUD) and Tilray (TLRY); Corona beer maker Constellation Brands (STZ) and Canopy Growth (CGC); Molson Coors Brewing (TAP) and Hexo (HEXO).
Boston Beer shares fell 1.7% to 566.31 on the stock market today. Among marijuana stocks, Tilray climbed 3.7%, Canopy Growth rose 3.7% and Cronos jumped 3.4%.
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