Entering a joint venture with The Hydropothecary Corporation, Molson Coors Canada plans to produce non-alcoholic, cannabis-infused drinks.
The partnership will be structured as a standalone company with its own board and management team and a chief executive officer is expected to be named within the coming weeks.
Molson Coors will have a 57.5% stake in the firm and three board eats whilst Hydropothecary will hold the remaining stake and two board seats.
"Canada is breaking new ground in the cannabis sector and, as one of the country's leading beverage companies, Molson Coors Canada has a unique opportunity to participate in this exciting and rapidly expanding consumer segment," said Frederic Landtmeters, president and CEO of Molson Coors Canada.
Recreational cannabis is set to be legalised on 17 October, thought cannabis-infused edibles and beverages will immediately be available. Molson Coors said it expects cannabis beverages to be legal by 2019.
Molson Coors is the latest beer company to enter the Canadian cannabis market.
In October 2017, Constellation Brands, the brewer behind Corona, Pacifico and Modelo beer, bought a 9.9% in Canopy Growth, a Canadian marijuana producer, for $191mn.