Molson Coors to Exit CBD Business in US
Molson Coors will exit the US portion of its CBD joint venture with Canadian cannabis grower Hexo, ending the brewers CBD beverage business in the US.
Molson Coors and Hexo partnered initially to develop cannabis drinks for the Canadian market, and in 2020 began pursuing CBD opportunities in the US.
The decision to discontinue the US CBD business, which was based in Colorado, has been based on the inaction of federal lawmakers in Washington DC to reform many US cannabis laws, according to reports. Without federal approval, CBD businesses are still operating in a grey area without the ability to finance ventures. This has frustrated many large companies who have positioned themselves for nationwide sales and distribution, but remain on the sidelines until Congress acts.
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