Molson Coors and Hexo have formed a joint venture company in Colorado which will explore the opportunities for non-alcoholic CBD beverages in the state.
Called Truss CBD USA, the joint venture will operate as a standalone entity, though Molson Coors will hold a majority stake in the enterprise.
According to a statement released by Molson Coors and Hexo, Truss CBD USA’s full operations will be kept within Colorado state lines, as the state has an established regulatory framework for hemp-derived CBD in food and beverages.
Molson Coors added that no hemp-derived CBD products “will be produced at Molson Coors facilities”, implying that the joint venture will operate its own production sites.
Best known for its Coors beer brand, Molson Coors has made a number of moves into the CBD beverage space in the last few years, as the company seeks to diversify its product portfolio and move beyond beer.
Pete Marino, president of emerging growth at Molson Coors, said: “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.”
This latest move builds upon an existing joint venture with Hexo in Canada called Truss Beverages, which stated last year that it would include six cannabis beverage brands as part of its product portfolio.
Molson Coors affirmed that Truss Beverages is expected to launch its first drinks in Canada later this year, and is currently completing product formulations, branding and the construction of a cannabis beverage production facility in Belleville, Ontario.
Sebastien St-Louis, CEO and co-founder of Hexo, added: “Molson Coors and Hexo have already built a great partnership in Canada that we believe will produce some of the best adult non-alcohol beverage brands in the Canadian market.
“I am thrilled with the opportunity to bring those learnings to Colorado, under the leadership of Molson Coors, powered by Hexo.”
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