The brewing company Molson Coors Canada (MCC) and Canadian licensed cannabis producer HEXO said yesterday that they have finalized an agreement to form the new joint venture Truss; giving the two companies the opportunity to pursue the development of non-alcoholic, cannabis-infused beverages for the Canadian marketplace, in the future.
Molson Coors stated that the joint venture, Truss, “will be led by former Molson Coors executive, Brett Vye, in the role of Chief Executive Officer. Vye will report to the Truss board of directors consisting of three members appointed by MCC and two members appointed by HEXO.”
“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,” said Brett Vye, Chief Executive Officer at Truss. “When consumable cannabis is legalized 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.”
Truss, structured as a standalone company, has its own board of directors and independent management team. Molson Coors has a 57.5% controlling interest with HEXO holding the remaining 42.5%.
About Molson Coors Canada
Molson Coors Canada is the Canadian business unit of Molson Coors Brewing Company. Headquartered in Toronto, Ontario, MCC is North America’s oldest brewer and Canada’s second largest brewer by volume, selling approximately one-third of the total Canadian beer market in 2017. Its portfolio consists of leading brands in all major product and price segments, including global priority brands Belgian Moon, Coors Banquet, and Coors Light, regional champion Molson Canadian, and other key owned brands, including Creemore Springs, Granville Island, Molson Dry, Molson Export, Old Style Pilsner, and Rickard’s, and strategic distribution partnerships, including those with Heineken. MCC also includes partnership arrangements related to the distribution of beer in Ontario, Brewers’ Retail Inc., and in the Western provinces, Brewers’ Distributor Ltd.
HEXO creates and distributes innovative, easy-to-use and easy-to-understand products to serve the Canadian cannabis market. One of the country’s lowest-cost producers, HEXO is rapidly increasing its production capacity in the lead up to the adult-use cannabis market. The Company currently operates with over 300,000 sq. ft. of production capacity with construction on another 1,000,000 sq. ft. expansion set to be complete by year-end. HEXO will serve the adult-use market under the HEXO brand, while continuing to serve its medical cannabis clients through the well-known Hydropothecary brand.
By Marijuana.Ca Staff