The joint venture will be majority owned by Molson Coors
US based Molson Coors Beverage Company and Canada headquartered HEXO Corp have formed a joint venture (JV) to explore opportunities for non-alcohol hemp-derived CBD beverages in Colorado.
Established in Colorado, the joint venture will be majority owned by Molson Coors and will operate as a standalone entity with its own board of directors, management team, resources and go-to-market strategy.
Exploring hemp-derived CBD beverages is part of Molson Coors’ strategy to grow beyond the beer aisle with wine and spirits and non-alcohol drinks.
Molson Coors and HEXO have another joint venture to produce non-alcohol cannabis-infused beverages for the Canadian market called Truss Beverages.
Truss has been preparing for launch, including completion of product formulations, branding and construction of a cannabis beverage production facility in Belleville, Ontario. Truss is expected to launch its first beverages in Canada later this year.