It appears that Molson Coors (NYSE: TAP) no longer wishes to be associated with cannabis in any form. It was announced this morning that the company has sold its interest in Truss Beverages, a joint venture it initially entered into with Hexo Corp, to that of Tilray Brands (TSX: TLRY).
The sale follows Hexo being acquired by Tilray, a competitor to Molson in the beer space, earlier this year.
The transaction has seen little details released so far, with Tilray indicating it would acquire Molson’s 57.5% stake in the venture for an undisclosed figure.
“In addition to acquiring full and direct ownership of a stable of high-growth brands, this acquisition further strengthens Tilray’s #1 cannabis market share position in Canada and positions the company at the forefront of the adult-use beverage sector. We are excited to build upon our leading portfolio of beloved cannabis brands and to further diversify our product offerings while broadening our consumer reach and enhancing consumer’s lives,” commented Blair MacNeil, President of Tilray Canada.
The transaction follows Molson Coors departing from the Truss USA joint venture last November, which focused on the production of CBD beverages for the American market. At the time the departure was said to be a result of the inability to scale the operation and that it would consider re-entering the market at a later date.
Tilray Brands last traded at $3.58 on the TSX.
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