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Last Thursday 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 for soon to be legal Canadian market.
Here’s the deal…
First announced in August, the new venture, Truss, will be 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.
Not surprisingly Brett Vye seemed positively ‘buzzed’ about the new arrangement…
“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.”
Vye comes to Truss after a decade of success leading brand building and integration efforts, as well as executing long-term growth strategies.
Vye most recently served as the Chief Commercial and Strategy Officer for the International division of Molson Coors from 2015 to September 2018.
In a press release announcing the completed deal Molson Coors detailed the parameters of the new joint venture…
“Truss is structured as a standalone company with its own board of directors and independent management team.” Molson Coors Canada has a 57.5% controlling interest in the venture and HEXO holding the remaining 42.5%.
As things stand now the Truss’ five-member board of directors will consist of Frederic Landtmeters, President and CEO of MCC; Paul Holden, MCC’s VP of Legal and Industry Affairs; Scott Cooper, VP, Global Innovation of Molson Coors who will served as Chairman of the Board.
Sebastien St-Louis, CEO and co-founder of HEXO, and Ed Chaplin, HEXO’s CFO will round the newly assembled board of directors…
So clearly this thing is ON…
Recreational cannabis, which some analysts project could be worth $3.3 billion by 2027, will become legal in Canada on October 17th. And for the Truss team we expect that that day can’t come soon enough.
