Sipp Launches New Hemp Beers
The company is evaluating next steps to capture market share and maximize shareholder value
A co-hosted event by Major Hemp and Ute Pass Brewing Company on April 20 (4/20) exceeded attendance expectations and at times was standing room only. Major Hemp President Ted Jorgensen stated, "The aroma, appearance and taste of each hemp beer far exceeded my expectations. We also received excellent feedback from patrons and shareholders that attended the event."
Ute Pass Brewing Company Founder and Owner Todd DeRemus viewed the event as extremely positive. "These five hemp beers were some of best craft beers we have ever developed. Major Hemp's ingredient mixture enabled our brewers to truly use their imagination and the end product speaks for itself," commented DeRemus. Both companies realize the significant potential of these hemp beer recipes and plan to secure intellectual property through trademarks and patents.
Having succeeded in research, development, manufacture and proof of concept the company is evaluating next steps to capture market share and maximize shareholder value. Ute Pass Brewery Company has the capacity to produce up to 300,000 gallons of beer per year and is adequate for near term small runs. For larger runs to support wider distribution, production will be carried out by Major Hemp's larger partner, Crazy Mountain Brewery.
As intellectually property for proprietary hemp ingredients and brewing processes are secured, the company is considering the potential of licensing patented hemp beer formulations and processes to other breweries and beer manufacturers.
According to the Brewers Association, craft brewers produced 24.5 million barrels in 2015 representing 21% market share and an estimated retail value of $22.3 billion. "The craft beer industry has matured tremendously over the past decade. The diversity and quality of the beers are amazing. Combining the health benefits of hemp and a unique beer makes the end product even more incredible," commented Syman Vong, chief executive officer.