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Hill Street Beverage talking with third-party canning and bottling services following canceled acquisition of OneLeaf Cannabis

The company said it believes working with third-parties to produce its cannabis-infused beverages will prove to be in shareholders' best interest

Glass of beer with a cannabis leaf in it
On October 1, the due diligence period for the proposed acquisition of OneLeaf expired, and the companies chose not to proceed with the deal

Hill Street Beverage Co (CVE:BEER) (OTCMKTS:HSEEF) told investors that it expects to come to an agreement with one or multiple third-party bottling and canning services following the cancellation of its proposed acquisition of OneLeaf Cannabis Corp on October 1. 

In a statement released Monday, the company said it believes working with third-party companies to produce its cannabis-infused beverages will prove to be in the best interest of shareholders.

“We believe this avenue to produce our cannabis infused products will prove to be the best use of capital in a fast-moving industry where fundamental regulatory changes, coupled with changes in available suppliers, technologies, and services are likely to occur on a regular basis,” the company added.

READ: Lexaria Bioscience, Hill Street Beverage sign 10-year joint manufacturing partnership for DehydraTech products

The Toronto-based company said it expects to announce an agreement in the near future with one or more such service providers to accelerate the launch of its cannabis beverage products. 

Edible cannabis products became legal in Canada on October 17, and the sale of cannabis beverages is expected to begin in Canada in December — the earliest a product could hit the market following the required 60-day Health Canada notice period.

On October 1, the due diligence period for the proposed acquisition of OneLeaf expired, and the companies chose not to proceed with the transaction.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Hill Street Beverage Co Inc.

Price: 0.06 CAD

TSX-V:BEER
Market: TSX-V
Market Cap: $6.72 m
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