Molasses is largely sugar, it should ferment just fine. If anything, I'd be worried about harshness - molasses, minus the sweetness, has a tarry flavor. But that will depend on whether you used the real dark 'blackstrap' molasses, or a lighter version. When I brewed a molasses oatmeal stout, I used blackstrap molasses (not really thinking about it) and used quite a bit of it, and when I first sampled it after fermentation it had a strong, harsh, bitter, tarry taste. I was worried it was ruined but the batch ended up with a very high FG (due to a number of other factors) so the sweetness helped, and after a couple weeks it smoothed right out. It's too sweet to be a session beer but it really earned its final name: "liquid breakfast"
I seem to recall that I used something like 1/2 to 3/4 cup of blackstrap molasses. I don't know how much it was by weight to compare to what you used... but offhand it seems like it would be a lot less than 1.25lb... Though if you were using a lighter grade of molasses you'd probably have no real problem.
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