Waterloo Brewing preparing for Cannabis Infused Beverage production for October 2019
10 December 2018
KITCHENER, Ontario, Dec. 03, 2018 (GLOBE NEWSWIRE) --
- Waterloo Brewing has partnered with Cannabis Compliance Inc. (CCI) to secure its research license and standard processing license to begin developing cannabis-infused beverages (“CIB’s”).
- Development and commercial production of cannabis-infused non-alcoholic beers, teas and flavored waters are planned for the expected October 2019 legalization date.
- Industry estimates suggest the cannabis market could be valued between $7 billion and $10 billion, with the beverages segment worth an estimated $1.5 billion.
Waterloo Brewing, the trade name of Brick Brewing Co. Limited (“Brick” or the “Company”) (TSX: BRB), Ontario’s largest Canadian-owned brewery, today announced it has partnered with Cannabis Compliance Inc. to secure its research license and standard processing license for cannabis-infused beverages from Health Canada. The Company is on track to be ready to commercially produce such products for October 2019 when the legal retail market is expected to open.
“The cannabis market has garnered a great deal of investor interest and after an in-depth review of our strategic options, the Company is positioning itself to be a major producer of CIB’s and to take advantage of this new and developing beverage category,” stated George Croft, President and CEO, Waterloo Brewing. “We plan to develop and grow our own brands and be the production partner of choice for any cannabis company wanting to be ready for the cannabis-infused beverage market by October 2019.”
“We believe that, due to technical infrastructure issues related to the licensing and commercial production of cannabis-infused beverages, we will be one of the few beverage production facilities ready for the upcoming October 2019 legalization date,” said Russell Tabata, Chief Operating Officer. “We have the equipment, the scale, the technical know-how and the speed to be able to pull this off in this extremely tight timeframe,” added Mr. Tabata.
“Cannabis-infused beer and beverages is an unprecedented growth opportunity with an estimated market value of $1.5 billion,” concluded Croft “and we expect to be in a highly advantaged position to deliver significant value for our investors when the infused beverage market opens for business.”
About Brick Brewing
Brick is Ontario's largest Canadian-owned brewery. The Company is a regional brewer of award-winning premium quality and value beers and is officially certified under the Global Food Safety Standard, one of the highest and most internationally recognized standards for safe food production. Founded in 1984, Brick Brewing Co. was the first craft brewery in Ontario and is credited with pioneering the present-day craft brewing renaissance in Canada. Brick has complemented its Waterloo premium craft beers with the popular Laker brand. In 2011, Brick purchased the Canadian rights to Seagram Coolers and in 2015, secured the exclusive Canadian rights to both LandShark and Margaritaville. In addition, Brick utilizes its leading-edge brewing, blending and packaging capabilities to provide an extensive array of contract manufacturing services in beer, coolers and ciders. Brick trades on the TSX under the symbol BRB. Visit us at www.brickbeer.com.
All statements in this press release that do not directly and exclusively relate to historical facts constitute forward-looking statements as of the date of this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "seek", "plan", "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements, which are not guarantees and are subject to certain risks, uncertainties and assumptions, which may cause actual performance and financial results to differ materially from such forward-looking statements. The forward-looking statements included in this press release are made only at the date of this press release and, except as required by applicable securities laws, the Corporation does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.
For further information:
Name: George Croft
Title: President and Chief Executive Officer
(519) 742-2732 Ext. 147
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/52570e08-234f-421e-a0bd-ee7d1da2edca