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In stead of just giving you a short rundown I took the liberty of copying the most prevalent information from the Wikipedia website – so here you is loads of info for you – Enjoy!
Molasses is a thick by-product from the processing of the sugar beet or sugar cane into sugar. (In some parts of the US, molasses also refers to syrup.) The word molasses comes from the Portuguese word melaço, which comes from "meli", the Greek word for "honey". The quality of molasses depends on the maturity of the sugar cane or beet, the amount of sugar extracted, and the method of extraction. Sweet Sorghum syrup is known as molasses in some parts of the U.S., though it is not true molasses.
Sulphured molasses is made from young sugar cane and sulphur dioxide, which acts as a preservative, is added during the sugar extraction process. Unsulphured molasses is made from mature sugar cane and does not require treatment with sulphur during the extraction process. There are three grades of molasses, Mild or first molasses, Dark or second molasses, and Blackstrap. These grades may be sulphured or unsulphured.
To make molasses, which is pure sugar cane juice, the sugar cane plant is harvested and stripped of its leaves. Its juice is extracted from the canes, usually by crushing or mashing; it can also be removed by cutting. The juice is boiled to concentrate, which promotes the crystallization of the sugar. The results of this first boiling and removal of sugar crystal is first molasses, which has the highest sugar content because comparatively little sugar has been extracted from the source. Second molasses is created from a second boiling and sugar extraction, and has a slight bitter tinge to its taste.
The third boiling of the sugar syrup gives blackstrap molasses. The majority of sucrose from the original juice has been crystallized but black strap molasses is still mostly sugar by calories; however, unlike refined sugars, it contains significant amounts of vitamins and minerals. Blackstrap molasses is a source of calcium, magnesium, potassium and iron. One tablespoon provides up to 20 percent of the daily value of each of those nutrients. Black strap is often sold as a health supplement, as well as being used in the manufacture of cattle feed, and for other industrial uses.
Sugar beet molasses
Molasses that comes from the sugar beet is different from cane molasses. Only the syrup left from the final crystallization stage is called molasses; intermediate syrups are referred to as high green and low green and these are recycled within the crystallization plant to maximize extraction. Beet molasses is about 50% sugar by dry weight, predominantly sucrose but also containing significant amounts of glucose and fructose. Beet molasses is limited in biotin (Vitamin H or B7) for cell growth, hence it may need to be supplemented with a biotin source. The non-sugar content includes many salts such as calcium, potassium, oxalate, and chloride. These are either as a result of concentration from the original plant material or as a result of chemicals used in the processing. As such, it is unpalatable and is mainly used as an additive to animal feed (called "molassed sugar beet feed") or as a fermentation feedstock.
It is possible to extract additional sugar from beet molasses through a process known as molasses desugarisation. This technique exploits industrial scale chromatography to separate sucrose from non-sugar components. The technique is economically viable in trade protected areas where the price of sugar is supported above the world market price. As such it is practiced in the U.S. and parts of Europe. Molasses is used for yeast production.
Cane molasses is a common ingredient in baking, often used in baked goods such as gingerbread cookies. There are a number of substitutions that can be made for molasses; for a cup of molasses the following may be used (with varying degrees of success): 1 cup honey, or ¾ cup firmly packed brown sugar, or 1 cup dark corn syrup, 1 cup granulated sugar with 1/4 cup water, or 1 cup pure maple syrup.
In the cuisines of the Middle East, molasses is produced from several other materials: carob, grape, date, pomegranate, and mulberry.
Because of its unusual properties, molasses has several uses beyond that of a straightforward food additive. It can be used as a chelating agent to remove rust, as the base material for fermentation into rum, as the carbon source for in situ remediation of chlorinated hydrocarbons, and it can be used as a minor component of mortar for brickwork.
In Australia, molasses is fermented to produce ethanol for use as an alternative fuel in motor vehicles, and is used to treat burns. 
Molasses is also used in some brands of tobacco used for smoking through a middle eastern water pipe (i.e. hookah, shisha, narghile, etc). It is mixed into the tobacco along with glycerine and flavorings; sometimes it is used along with honey and other syrups or fully substituted by them. Brands that use molasses include Al Fakher and Tangiers along with others.
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