Benzinga | Jan 12, 2022 07:57AM EST

Tilray And Budweiser Maker AB InBev Call Off Cannabis Beverage Partnership

The world's leading brewer, AB InBev (NYSE:BUD), and Tilray (NASDAQ:TLRY) have ended their partnership, reported MJBizDaily.

When Tilray first announced the partnership in 2018, the two companies had pledged to invest $50 million in the venture, called Fluent Beverage Co. Each company had a 50% ownership interest.

"We do not expect these changes to have any significant impact on Fluent's day-to-day operations as it remains focused on commercializing CBD-infused non-alcoholic beverages in Canada," said Tamar Nersesian, communications director for Labatt Breweries of Canada, a subsidiary of AB InBev.

"We concluded our joint venture relationship with AB InBev," (...) "We retained the manufacturing equipment associated with CBD and THC beverages, obtained a royalty-free, perpetual, worldwide license to utilize the technology related to the manufacture of CBD and THC beverages, which was developed by the joint venture and negotiated a co-manufacturing arrangement to manufacture CBD beverages on behalf of Fluent," Tilray disclosed in a regulatory filing on Monday.