Canadian cannabis and alcohol company Tilray Brands has acquired brewer Molson Coors Canada’s remaining 57.5% interest in cannabis beverage joint venture Truss Beverage Co. for an undisclosed price.
Truss was originally a joint venture between Molson and Canadian company Hexo Corp., and launched a portfolio of cannabis-infused drinks in Canada in 2020.
Hexo was acquired by Tilray this year.
Molson exited the U.S. CBD beverage aspect of the Truss joint venture with Hexo at the end of 2022, citing uncertainty in light of “no near-term pathway to federal (cannabis) legalization” in the U.S.
Tilray said in a Friday morning news release that Canada’s cannabis beverage market has “over 10.6 million potential consumers remaining untapped,” and that “cannabis beverages are almost $100 (million) at retail.”
“Regulatory shifts are expected to facilitate market entry for beverages, with the possibility of on-tap THC options in restaurants and bars promising substantial growth for this category,” Tilray said in its release.
“Over time, we expect the regulatory landscape for beverage distribution to evolve, with authorities re-evaluating their consumer policies,” Tilray continued.
“We expect this shift to fuel strong growth in the market for cannabinoid-based beverages, catering to diverse needs and occasions.”
Tilray has also made significant moves into beverage alcohol in the U.S., most recently announcing its $85 million acquisition of eight brands from brewer Anheuser-Busch.