Canadian licensed cannabis producer Hexo and beer-maker Molson Coors Brewing Company are launching a joint venture of non-alcoholic cannabis-derived CBD beverages in Colorado, according to a BevNet report. The new venture, Truss CBD USA, will be majority-owned by Molson Coors but operate independently with its own management team, resources, and board of directors.
The products will be produced in Colorado and only available for sale within the state, the report says. The two companies already have a partnership in Canada – Truss Beverages Co. – which was launched in 2018 to develop CBD drinks for the Canadian market. Molson Coors holds a 57.5 percent interest in that venture; Hexo holds the remaining 42.5 percent.
Molson Coors president of emerging growth Pete Marino indicated the structure of the U.S. venture is similar in structure to its Canadian counterpart. David Coors, vice president of Next Generation Beverages, which oversees Molson’s cannabis ventures, will serve on Truss CBD USA’s board of directors.
“CBD beverages are a growing segment within the non-alcohol beverage category and this JV provides us an opportunity to build capabilities in Colorado. We chose Colorado because of its established regulatory framework for CBD and we plan to approach any opportunities in full alignment with our commitment to commercial responsibility, transparency and compliance.” – Marino in a statement via BevNet
The venture will not see hemp-derived CBD drinks produced at Molson Coors facilities and the company did not offer specifics on how and when production would begin in Colorado. In Belleville, Ontario, Hexo is constructing a 2.5 million-square-foot facility for Truss cannabis beverages.
Molson Coors is the second-largest beer-maker in the U.S.