The Boston Beer Company (NYSE: SAM) announced Friday that it will establish a new subsidiary focused on cannabis-infused, non-alcoholic beverages. The company recognizes the potential of the emerging category and will form a Canada-based team for product development, headed by Paul Weaver.
“Our mission since day one has been to offer drinkers the highest quality, best tasting products, and they continue to seek new options,” says Dave Burwick, Boston Beer CEO.
“Innovation is core to what we do,” continued Burwick, “beginning with craft beer, then hard cider, hard iced tea, and now Truly Hard Seltzer. We believe non-alcoholic cannabis beverages could represent a new frontier of innovation and want to be ready for future opportunities in the US.”
The new, wholly-owned subsidiary enables the brewer of Sam Adams and Truly Hard Seltzer to develop and pilot cannabis beverages, while regulations continue to evolve in the lower 48.
In his new role of Director, Head of Cannabis, Weaver said success “begins with respecting the plant and respecting the growers.”
Weaver comes to Boston Beer after innovation roles at Canopy Growth and Molson Coors. Constellation Brands has a large stake in Canopy Growth, while Molson Coors announced a venture with Truss CBD USA to launch Verywell CBD seltzers.
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