Beverage giant Molson-Coors may be getting into the marijuana business. The company is said to be considering whether to branch out into cannabis-infused beverages after Canada legalizes the drug for recreational use later this year, Bloomberg reports.
Citing people familiar with the matter, Bloomberg says that the company has been in talks with as many as four different cannabis companies over the past six months to discuss plans to enter the space.
While it hasn’t confirmed the report, during an investor presentation on June 6, Molson-Coors CEO Mark Hunter indicated the company was exploring the risks and opportunities of entering the cannabis space in Canada. In its annual financial report filed with the Securities and Exchange Commission in February, the company cited the spread of legal marijuana as a risk to its business.
If Molson-Coors does get into the marijuana business, it won’t be the first beer brand to do so. Constellation Brands, the parent company for Corona, bought a minority stake in the United State’s largest marijuana producer, Canopy Growth last year.
Recreational marijuana will be legal in Canada on Oct. 17.