By Benjie Cooper
IG: @nuglifenews
YouTube: Lucid’s Vlog
On August 1, the Canadian division of multinational brewing company Molson Coors announced that they would be entering into a partnership with the Hydropothecary Corporation (HEXO) to produce cannabis-infused beverages.
On October 4, the two companies announced that they had closed the transaction and that their joint venture has officially begun.
Truss, as the partnership is named, will be a standalone company led by CEO Brett Vye who has previously served as the Chief Commercial and Strategy Officer of Molson Coors’ international division since 2015.
“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 Vye in a company press release. “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,” he said.
Molson Coors has a 57.5% controlling interest in the partnership and Hexo retains the remaining 42.5%.
As part of the deal, Molson Coors has obtained 11.5 million warrants which the company can use to purchase Hexo shares at $6 apiece for a three-year period.
