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Hill Street Beverage contracts with Molecule Holdings to produce cannabis infused beverages

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Hill Street Beverage Company is an established Canadian beverage platform focussed on alcohol-free beer, wine, and adult-format beverages, signed a non-binding Term Sheet with Molecule Holdings Inc. to produce select cannabis infused beverages.

Additional Information:

Company: Hill Street Beverage Company
Website: http://www.HillStreetBevco.com
Stock Symbol: TSXV: BEER
Date Published: Oct 15, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Hill Street Beverage Company an established Canadian beverage platform focussed on alcohol-free beer, wine, and adult-format beverages, signed a non-binding Term Sheet with Molecule Holdings Inc. to produce select cannabis infused beverages.

The products will be produced for Hill Avenue Cannabis Co., the wholly owned subsidiary of Hill Street created to manage its business in the legal cannabis segment.

Hill Avenue Cannabis Co., is currently constructing a cannabis and hemp oil transformation facility to produce these ingredients, which will be used to create edible and topical products including infused beverages, drink mixes, tablets, capsules, water soluble powder to be used as an ingredient in a multitude of products.

Terry Donnelly, Chairman & CEO of Hill Street, stated: "We are delighted to expand our manufacturing strategy to include Molecule, given their tremendous knowledge and expertise in beverage formulation, innovation, development, and manufacturing. Their areas of expertise complement ours and we are very much looking forward to working with them to create a portfolio of world class beverages."

Hill Street's brands include Hill Street Craft Brewed Lager, Vin (Zero), and Vintense wines, which have won numerous medals and accolades around the world.

The Notice of New Product Introduction to Health Canada was filed on October 1, 2020 for the first beverages to be produced by this partnership.

The agreement will commence once Hill Street's Cannabis Processing Facility has been licensed by Health Canada under the Cannabis Act.

This begins the sixty-day notice period wherein the two companies can begin arranging sales and distribution agreements with provincial regulators and independent retailers.

It is anticipated that Hill Avenue Cannabis beverages will be available to purchase during the holiday season in select provinces and expanding nationally in 2021.

The three-year long agreement will include both formulating and manufacturing beverage products using proprietary infusion technologies provided either by Molecule or Hill Street's previously announced Joint Manufacturing Partnership with Lexaria Biosciences.

Hill Street owns a joint manufacturing partnership with Lexaria Bioscience to produce fast-acting, water-soluble, and shelf-stable ingredients made from cannabis extracts for the global Cannabis 2.0 market.

Phil Waddington, President & CEO of Molecule, added: "Hill Street is a renowned leader in the alcohol-free beverage market. We are pleased and excited to be entering into this partnership with such a reputable company, led by an extremely capable team."

Molecule operates a 15,000 sq. ft. cannabis beverage manufacturing facility located in Lansdowne, Ontario, which has been fully licensed for sales of cannabis 2.0 products including edibles and beverages.

Molecule provides the infrastructure, know-how, technology, and licensing for craft producers to create consumable cannabis products, for those who choose not to go through the significant process of obtaining the required cannabis licences themselves.

The shares are trading at $0.075.

For more information, please visit the company’s website at www.HillStreetBevco.com, contact Terry Donnelly, Chairman and CEO, at 416-543-4904 or email terry@HillStreetBevco.com.
I’m Cassandra Bolinski for Investmentpitch Media