Molson Coors Canada Inc. and Canadian medicinal cannabis producer Hexo Corp. appointed Brett Vye as CEO of its joint venture that will develop nonalcoholic, cannabis-infused beverages, the companies said Oct. 4.
Vye, who was previously Molson Coors Brewing Co.'s chief commercial and strategy officer for its international division, will report to the board of Truss, the companies' joint venture.
Truss' board of directors consists of three directors appointed by Molson Coors' Canadian subsidiary and two members appointed by Hexo.
The news comes as the companies announced that they have closed the transaction for the joint venture, which Molson Coors Canada and Hexo agreed to form Aug. 1.
As part of the deal's closing, Hexo also issued 11.5 million warrants to Molson Coors Canada, which the Canadian alcoholic drinks manufacturer can exercise to buy Hexo shares at $6 each for three years.
Also under the agreement, Truss, which is 57.5% owned by the Denver-based brewer's unit, is structured as a stand-alone company operated by its own board and independent management team.
Gowling WLG (Canada) LLP acted as adviser to Molson Coors Canada, while Norton Rose Fulbright Canada LLP acted as adviser to Hexo.