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Although recreational cannabis products such as dried buds and pre-rolled joints are now legal in Canada, edibles (including THC-infused drinks) won’t be legalized until next year. But Molson Coors has let it be known that it intends to be an aggressive player in the emerging cannabis beverage industry.
On Wednesday the Molson Coors announced its third quarter results. And on a follow-up call with analysts the company’s CEO made it clear that the company intends to be and early entrant into the market according to Bloomberg.
“We will be in a ready-to-go position and, you know, one of the first on the playing field as the market opens up,” Molson Coors CEO Mark R. Hunter expressed on call. “We decided as a business that we did not want to be a spectator as this new market opened up and we clearly wanted to be a participant.”
On October 4th the Canadian division of Molson Coors finalized its joint venture (no pun intended) with HEXO to explore the development of non-alcoholic, cannabis-infused beverages which are expected to become legal in 2019.
First announced in August, the independent company which they’ve named Truss, is being led by former Molson Coors executive, Brett Vye, who steps as the company’s first CEO and will report to the Truss board of directors consisting of three members appointed by Molson Coors Canada (MCC) and two members appointed by HEXO, a leading Canadian cannabis producer.
Having most recently served as the Chief Commercial and Strategy Officer for the International division of Molson Coors he understands the importance of being early to market…
“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 legalized in Canada, Truss will be ready to make its mark as a responsible leader in providing high-quality beverages for the Canadian consumer. We are joining together the extensive experience and excellent practices of each partner to build a powerful foundation for the future.”
Recreational cannabis, which some analysts’ project could be worth $3.3 billion by 2027, will become legal in Canada on October 17th.
And when cannabis-infused beverages become legal next year Hunter expects Miller Coors to “secure a meaningful share.”
Cannabis drink image credit: iStock-853572222
