CANADA – Boston Beer, a leading independent American craft brewer, has launched a new line of cannabis-infused iced teas under the brand TeaPot, that will be available in selected Canadian provinces in July.
The introduction of TeaPot is the biggest move yet by the beer maker to use Tetrahydrocannabinol (THC), the psychoactive ingredient in marijuana, as a way to broaden its products amid changing consumer tastes.
The craft brewer behind brands such as Truly and Sam Adams said each can of TeaPot contains five milligrams of THC to minimize any cannabis taste or aroma.
The American craft brewer plans on testing TeaPot in Canada where cannabis use is legal to see how consumers respond to it and make any tweaks as it continues to watch regulatory developments in the U.S. and worldwide.
Last year, Boston Beer created a subsidiary to oversee its research and innovation into nonalcoholic cannabis beverages that have brought about the move that the company is aiming to stake in the nascent category.
The launch follows research by Global Industry Analysts Inc., (GIA) which forecasts the cannabis-infused beverages market to grow by a CAGR of 16.7% and 16.1% by 2026 in Canada and Europe.
It further details that the Cannabis Beverages market in the U.S is estimated at US$752 Million in the year 2022 which accounts for a 70.9% share of the global market.
Asia-Pacific is also forecasted to reach an estimated market size of US$146.7 Million in the year 2026 trailing a CAGR of 14.2% through the analysis period, according to the premier market research company.
Alcohol makers are positioning themselves in the growing cannabis-infused products, which led to Molson Coors partnering with Hexo to launch the Veryvell brand, non-alcoholic, cannabis-infused beverages under Truss CBD USA.
Also, Canopy Growth, which is nearly 39% owned by Corona brewer Constellation Brands, has its own line of cannabis-infused beverages and CBD waters.
So far, 38 states including Washington, D.C., have approved marijuana for medical use while eighteen states and D.C. enacted legislation to regulate cannabis for nonmedical purposes.
Boston Beer’s venture into the cannabis market comes as hard seltzer makers face a slowdown in the once fast-growing category.
Despite slowing hard seltzer growth, Boston Beer, has developed a reputation as an innovator, which has contributed to its many partnerships.
Recently it partnered with Sauza tequila maker Beam Suntory to launch Sauza Agave Cocktails, it also worked with PepsiCo on a Hard Mtn Dew and created a Nordic-inspired sparkling drink called Bevy.
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