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Full steam ahead for Molson Coors' Canadian cannabis JV

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Molson Coors has completed the creation of its cannabis-focused joint venture in Canada, where the drug has recently been cleared for legalisation nation-wide.

Molson Coors cannabis company will run as a standalone unit

Molson Coors' cannabis company will run as a standalone unit

The partnership, with Hydropothecary Corp (HEXO), was initially announced in August. Earlier this month, the brewer confirmed the founding of Truss, a JV designed to "pursue opportunities to develop non-alcoholic, cannabis-infused beverages for the Canadian market".

Brett Vye, chief commercial & strategy officer for the brewer's international division, will move to become CEO of Truss, which will run as a standalone company.

"When consumable cannabis is legalised in Canada, Truss will be ready to make its mark as a responsible leader in providing high-quality beverages for the Canadian consumer," said Vye. "Why 'Truss'? We are joining together the extensive experience and excellent practices of each partner to build a powerful foundation for the future."

The board for the unit will comprise Molson Coors Canada's CEO, Frederic Landtmeters, Paul Holden, VP of legal & industry affairs at MCC, and Scott Cooper, VP of global innovation for Molson Coors, who will also be the chairman. HEXO, which owns 42.5% of Truss, will be represented by CEO Sebastien St-Louis and CFO Ed Chaplin.

The use of recreational cannabis became legal in Canada earlier this month, although the sale of cannabis in food and drinks products is not expected to become law until next year.

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