Coor’s, the world’s seventh largest brewer, has decided it’s stepping into the cannabis game. Molson and Hexo Corp. announced Truss, a joint venture to develop cannabis-infused drinks for sale in Canada. The corporations hope to release the products next year to coincide with the country’s federal lift on its edibles ban.
Mark R. Hunter, Coors’ CEO, delivered the news during the company’s third-quarter earnings report on Wednesday. The announcement caused Coors’ stock to rise on the Toronto and New York stock exchanges. “We will be in a ready-to-go position and, you know, one of the first on the playing field as the market opens up,” said Hunter.
The move into the largely unproven edible market has been seen by some as a strategic pivot from Coors’ decreasing profit margins in its alcohol sales. These declines may be further exacerbated by the spread of legal cannabis, according to Coors. “The emergence of legal cannabis in certain U.S. states and Canada may result in a shift of discretionary income away from our products or a change in consumer preferences away from beer,” stated the company’s 2017 year-end shareholder report.
Coors isn’t the only large corporation to use Canada’s legalization as a catalyst for