Molson Coors Canada (MCC) has finalised an agreement with Canadian cannabis producer The Hydropothecary Corporation (Hexo) to create a joint venture which will sell cannabis-infused drinks.
Called Truss, the new joint venture will develop non-alcoholic, cannabis-infused beverages for the Canadian market, following the country’s vote to legalise the recreational use of cannabis earlier this year.
Molson Coors will hold a 57.5% stake in the company with Hexo holding the remaining 42.5%, and Truss will operate as an independent unit with its own board of directors and management team.
Former Molson Coors executive Brett Vye, who most recently served as chief commercial and strategy officer for Molson Coors’ international division, has been appointed as the CEO of the joint venture.
Truss’ board of directors will initially comprise of Frederic Landtmeters, president and CEO of MCC; Paul Holden, vice-president of legal and industry affairs at MCC; Scott Cooper, vice-president of global innovation at Molson Coors; Sebastien St-Louis, CEO and co-founder of Hexo, and Ed Chaplin, CFO of Hexo.
Vye said: “With the backing of two partners with deep Canadian roots, proven success, and market-leading experience in the respective beverage and cannabis industries in Canada, Truss will hit the ground running.
“When consumable cannabis is legalised in Canada, Truss will be ready to make its mark as a responsible leader in providing high-quality beverages for the Canadian consumer.
“Why “Truss”? We are joining together the extensive experience and excellent practices of each partner to build a powerful foundation for the future.”
© FoodBev Media Ltd 2019