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Drinks

Tilray Brands Acquires Truss Beverage From Molson Coors

By Reuters
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Tilray Brands Acquires Truss Beverage From Molson Coors

Tilray Brands has acquired the remaining 57.5% stake it did not own in cannabis-infused drinks maker Truss Beverage from Molson Coors, as the pot firm seeks to broaden its customer base.

The company's chief executive officer, Irwin Simon, last month told Reuters Tilray was actively seeking strategic acquisitions in the spirits and beverages industry.

Tilray said the acquisition would strengthen its market position and streamline sales and distribution.

Blair MacNeil, president of Tilray Canada, said, "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."

Earlier this month, the company said it would acquire eight beer and beverage brands from Anheuser-Busch for $85 million.

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Truss Beverage

In 2021, Truss Beverage Co launched six pot-infused beverages in Canada, as it hoped summer demand to offset sales hits from COVID-19 lockdowns.

At the time, Truss was jointly run by Canadian pot producer Hexo Corp and Molson Coors.

Truss' portfolio comprises a range of cannabis-infused products for Canadian consumers of legal age, offering various taste experiences.

Molson Coors

Earlier this month, Molson Coors Beverage raised its annual sales and profit forecasts, boosted by strong demand for its core brands Miller Lite and Coors Light.

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For the Americas segment, Molson Coors' net sales rose 10.7% in the second quarter as it shipped more premium beers.

The company now expects full-year 2023 sales to grow in high single-digit percentage, on a constant currency basis. The company had previously forecast a low single-digit percentage rise.

Article by Reuters, additional reporting by ESM.
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