Hexo Corp (TSX: HEXO) (NYSE: HEXO) has entered the US CBD market via its joint venture with Molson Coors (NYSE: TAP). The joint venture, Truss CBD USA, has launched a new line of sparkling CBD beverages under the the Veryvell brand, available exclusively in Colorado.
The Veryvell brand is a hemp-derived sparkling CBD beverage that will be available to consumers in the state under three distinct flavours. The announcement also marks a milestone for Hexo, with the firm now being able to state that it has exposure to US cannabis-related business.
The firm reportedly also has “near term plans to invest additional capital in the USA to support Truss CBD USA.” It’s also not exclusive to beverages, with the company stating that it is ongoing negotiations with other potential CPG partners to execute on the “Powered by HEXO” strategy.
The line of Truss CBD USA products are said to be produced within Colorado state lines under regulatory framework that is currently in place for hemp-derived products. The products are exclusively distributed by Coors Distributing Company. The firm has also indicated that Truss CBD USA is distinct from Truss Beverages, whom focuses on cannabis-infused beverages in Canada.
Hexo Corp last traded at $6.77 on the TSX.
Information for this briefing was found via Sedar and Hexo Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.