Truss CBD, the joint venture between mega brewer Molson Coors (NYSE:TAP) and Canadian marijuana grower HEXO (NASDAQ:HEXO), has introduced its very first cannabidiol (CBD)-infused beverage into the U.S.
Called Veryvell, it's a lineup of sparkling CBD drinks that is only available in Colorado, both in retail stores and online.
A new business for a new market
Truss CBD is a separate entity from Truss Beverages, which Molson and HEXO created in Canada in 2018 as a standalone company with its own board of directors and independent management.
Like that joint venture, Truss CBD is also majority owned by Molson and operates as a standalone business with its own board, management team, and financial resources.
Colorado was chosen as the JV's base of operations and the state to introduce its first CBD beverages into "because of its established regulatory framework for CBD."
Veryvell's drinks are derived from hemp and contain no THC, the psychoactive compounds found in marijuana. They have 20 milligrams of CBD, have zero calories, and zero sugar. Initially anywhere, there are three flavors, including a grapefruit and tarragon blend, strawberry and hibiscus, and blueberry and lavender.
The Canadian Truss Beverages business introduced their first line of five CBD-based beverages last August.
Now that it has entered the U.S. market, Molson Coors, which will be distributing the drinks, is undoubtedly ready to expand distribution of Veryvell beyond Colorado's borders as the regulatory environment opens further.
Peter Marino, Molson Coors president of emerging brands, says Truss CBD and Veryvell are an example of why the company changed its name last year from Molson Coors Brewing Co. to Molson Coors Beverage Co.