Boston Beer said it is introducing a line of cannabis-infused beverages that will be available throughout Canada in July.
The launch of TeaPot, a line of teas containing five milligrams of tetrahydrocannabinol, or THC, per can, will make Boston Beer one of the first major brewers to offer a drink containing marijuana’s psychoactive ingredient. The company, whose brands include Samuel Adams beer and Truly Hard Seltzers, said the infused teas will be the first drink launched by its subsidiary BBCCC.
The stock was up 4% in premarket trading to $342.99. It has fallen 34% so far this year, while the S&P 500SPX +0.34% is off 18%.
Growth in demand for hard seltzers has waned over the past year as consumers have spent more time at bars and restaurants rather than drinking at home, as they did earlier in the Covid-19 pandemic. In April, Boston Beer reported a first-quarter loss of 16 cents a share, down from a profit of $5.26 a share for the same period last year. Revenue was $430.1 million, a 21.1% decrease from the first quarter of 2021. Analysts surveyed by FactSet were expecting $448 million. [Read more at Barron’s]
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