A new cannabis-based drink may soon be released in the market. Marijuana producer Tilray has teamed up with Budweiser beermaker, Anheuser-Busch InBev SA, to conduct research for the new drink. The research initiative will also explore means of adding new products and finding better ways to produce and package the existing pot products.

According to Market Watch, Tilray and Anheuser-Busch will be investing $50 million each into the project. The primary focus of this research is to come up with a drink that is infused with tetrahydrocannabinol (THC) and cannabidiol (CBD). The partnership is limited to Canada, but both the companies will decide on the future of the products they develop at a later date.

Tilray chief executive Brendan Kennedy pointed out that the industry is still very young, which makes research the right place to focus the investment on. The company has already been researching different aspects of marijuana and how it can be delivered. This new tie-up with the Budweiser beer maker will continue attempting to find out how long it takes for marijuana’s effects to become apparent. They will also explore recipes for new cannabis products, how production can be scaled and how they can better package the products.

According to Fox Business, shares of Tilray (TLRY) witnessed a big spike in price during the premarket trading. The partnership comes at a time when Canada is witnessing such deals by multinational tobacco and alcohol companies in the marijuana sector.

The report noted that Canada was the first country in the world to fully legalize the recreational use of cannabis. Marijuana-based products will reportedly hit the shelves in the country by October next year.

The prospects of marijuana-based products look promising as there is said to be a long-term decline in the consumption of alcohol and tobacco. The use of cannabis, on the other hand, is expected to only rise with time.

According to CNN, Kyle Norrington, president of AB InBev's Canadian subsidiary Labatt Breweries, said that the company intends to reach a better understanding about the product and the market in order to take advantage of the commercial opportunities that will present themselves in the future.

The Budweiser beer maker is in no hurry to bring cannabis products to market. The company will reportedly decide on the commercial viability of such products in the future. Another company that is also not very keen in the marijuana market right now is Coca-Cola.

Cannabis Tilray has tied-up with Budweiser beer maker Anheuser-Busch InBev SA to conduct research for a new cannabis based drink. In Picture: Marijuana plants are grown at Essence Vegas' 54,000-square-foot marijuana cultivation facility on July 6, 2017 in Las Vegas, Nevada. Photo: Getty Images/Ethan Miller