Denver-based Molson Coors Beverage Co. is partnering with a Canadian marijuana company to sell non-alcoholic hemp-derived CBD drinks, the companies announced Tuesday.
Molson Coors and HEXO Corp. said the joint venture, called Truss CBD USA, will be established in Colorado and will be a standalone entity with its own board. It will be majority owned by Molson Coors.
The venture is the latest partnership by the companies to enter the market of non-alcoholic beverages infused with THC or CBD.
The companies first partnered in 2018 to launch beverages in Canada, through another joint venture called Truss Beverages. That project has been beset by delays, though the companies say hey’re planning to launch marijuana-infused, non-alcoholic beverages later this year.
The companies have given no date for when the U.S. company’s beverages would hit shelves in Colorado.
“CBD beverages are a growing segment within the non-alcohol beverage category, and this JV provides us an opportunity to build capabilities in Colorado,” said Molson Coors president of emerging growth Pete Marino.
Production and distribution for the Colorado CBD beverages will be kept within state lines because Colorado is one of the few states with an established regulatory framework for hemp-derived CBD in food and beverages, the companies said.
Molson Coors trades on the New York Stock Exchange as TAP. Hexo Corp. trades on the Toronto Stock Exchange as HEXO.
