KITCHENER, ON, Aug. 14, 2019 /CNW/ - Highlights:
- Waterloo Brewing has secured its research license from Health Canada to begin developing cannabis-infused beverages ("CIB's").
- Industry estimates suggest the beverage cannabis market could be valued at an estimated $1.5 billion.
Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company") (TSX: WBR), Ontario's largest Canadian-owned brewery, today announced receipt of its research license for cannabis-infused beverages. The Company is on track to be ready to commercially produce such products for 2020.
"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 full advantage of this new and developing beverage category," stated George Croft, President and CEO, Waterloo Brewing. "We plan to be the production partner of choice for the beverage cannabis business."
"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 capable of producing these products," 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 beverages is an unprecedented growth opportunity with an estimated market value of $1.5 billion," concluded Croft "and we are now in a highly advantaged position to deliver significant value for our investors."
About Waterloo Brewing
Waterloo Brewing 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, Waterloo Brewing Ltd. (formerly Brick Brewing Co. Limited) was the first craft brewery to start up in Ontario and is credited with pioneering the present-day craft brewing renaissance in Canada. Waterloo Brewing has complemented its Waterloo premium craft beers with the popular Laker brand. In 2011, Waterloo Brewing purchased the Canadian rights to Seagram Coolers and in 2015, secured the exclusive Canadian rights to both LandShark and Margaritaville. In addition, Waterloo Brewing utilizes its leading-edge brewing, blending and packaging capabilities to provide an extensive array of contract manufacturing services in beer, coolers, and ciders. Waterloo Brewing trades on the TSX under the symbol WBR. Visit us at www.waterloobrewing.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 Company 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 Company does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.
SOURCE Waterloo Brewing Ltd.
For further information: Name: George Croft, Title: President and Chief Executive Officer, (519) 742-2732 Ext. 147, E-mail: firstname.lastname@example.org