Montreal-based firm Cannara Biotech (OTCMKTS:CNBTF), which is focused on cannabis cultivation and cannabis-infused products, is planning to develop cannabinoid-infused beverages in partnership with a Quebec microbrewery.
Cannara said it signed a letter of intent with an undisclosed Quebec microbrewery to develop cannabinoid-infused beverages. The company did not disclose more details about the agreement.
“This agreement also underscores our commitment in building Cannara Biotech into a premium Canadian cannabis company by leveraging our facility’s unique size and flexibility, partnering with industry leaders and supporting these joint ventures with both financial and human capital,” Cannara Zohar Krivorot CEO said in a press statement.
In Canada, the government has not yet allowed edible cannabis products to be sold for recreational use. Following the regulations relating to edibles and beverages coming into effect next October, consumers will be able to purchase a variety of cannabinoid-infused beverages including non-alcoholic beer, kombucha and cider.
Cannara is building an indoor cannabis cultivation facility in Quebec, a 625,000-square-foot facility located in Farnham, near Montreal. The Quebec facility will produce indoor hydroponically grown cannabis and derivative products for the Canadian and international markets, according to the company.
Cannabinoid-infused beverage sales are forecasted to reach $260 million for North America by 2022, according to Canaccord Genuity.
The post Cannara Biotech Plans to Develop Cannabinoid-Infused Beverages appeared first on Market Exclusive.