Tilray Brands, a company focused on cannabis lifestyle and consumer packaged goods, recently revealed its acquisition of the remaining 57.5% equity stake in Truss Beverage from Molson Coors Canada.
Truss emerged as a collaborative project between Molson Coors and Hexo, a cannabis product manufacturer. Together, their aim was to create cannabis-infused, non-alcoholic beverages tailored for the Canadian market. In June of this year, Tilray took over Hexo through an acquisition.
In a statement, Tilray said that regulatory shifts are expected to facilitate market entry for cannabis-infused beverages, promising “substantial growth for the category,” with authorities re-evaluating their consumer policies. Tilray said the acquisition would strengthen its market position and streamline sales and distribution.
Blair MacNeil, president of Tilray Canada, said, “In addition to acquiring full and direct ownership of a stable high-growth brand, this acquisition further strengthens Tilray’s number one 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.”
Tilray has broadened its range of cannabis products to encompass XMG, Mollo, House of Terpenes, and Little Victory, resulting in a collective pro-forma market share of approximately 36%.
The announcement follows news last week that Tilray had acquired eight beverage brands from AB InBev in an $85 million deal.