Anheuser-Busch InBev (NYSE: BUD), also known as AB InBev, announced that Tilray (NASDAQ: TLRY) has entered into a joint venture partnership of up to $100 million with Budweiser manufacturer, Anheuser-Busch to research cannabis beverages.
The strategic partnership between the two companies will consist of up to a $50 million investment from each company that will be utilized to research beverages that contain tetrahydrocannabinol (THC) or cannabidiol (CBD).
Tilray Chief Executive Officer, Brendan Kennedy, said: “[the company] was not interested in an investment from its partner, and is not seeking to be being bought or acquired at this point” and also went on to say that the overall goal of the joint venture is to understand the creation behind cannabis beverages and to produce “iconic and responsible cannabis-infused beverages and brands that will arrive in product formats will likely be new to the industry”.
AB InBev and Tilray have firm belief that the market for legal beverages that contain THC and CBD will boom within the near future, but only if there is appropriate regulation on production, marketing, sale, and use of adult cannabis beverages.
Tilray Enters into $100 Million Joint Venture with Budweiser Manufacturer, Anheuser-Busch