Highlights:

  • Waterloo Brewing is suspending its development plans for Cannabis-Infused Beverages to further focus on its proven drivers of growth.
     
  • Waterloo Brewing posted significant growth last year in all three segments of its beer portfolio (craft, premium, and value), its Seagram cooler and cider portfolio, and its copack business. These are the areas that Waterloo Brewing will focus its attention on in the coming years.
     
  • New co-pack contracts announced in the previous fiscal year represents a total of over $40 million in expected incremental revenue in the next three years for Waterloo Brewing. 

 

KITCHENER, ON, April 24, 2020 /CNW/ - Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company") (TSX: WBR), Ontario's largest Canadian-owned brewery, today suspended its development plans for the production of cannabis-infused beverages.

In the period leading up to the legalization of cannabis-infused beverages, Waterloo Brewing dedicated resources to secure the necessary licensing and prepared its facilities to produce cannabis-infused beverages.  Since that time, the route to market for cannabis-infused beverages and the associated market opportunity has become less clear and highly uncertain. Given the very strong and proven performance of its current growth drivers, the Company is, for the time being, suspending any activity related to the production of cannabis-infused beverages.

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.