Beer giant Molson Coors is continuing its push into non-alcoholic beverage categories with the U.S. launch of Veryvell, a line of sparkling CBD-infused drinks available exclusively in Colorado.
Available in three varieties, Veryvell is a zero-sugar flavored sparkling water that includes 20mg of hemp-derived CBD per 12 oz. can. Each SKU also contains adaptogenic herbs for additional functionality: Focus (grapefruit and tarragon flavor) contains ginseng and guarana; Mind & Body (strawberry and hibiscus) has ashwagandha and elderberry; and Unwind (blueberry and lavender) features ashwagandha and L-theanine.
Veryvell is the first product release for Truss CBD USA, a joint venture between Molson Coors, also the majority owner, and Canadian cannabis manufacturer HEXO. Launched in April, Truss CBD USA operates as an independent company with its own board of directors, management and resources, with a remit to develop, manufacture and distribute infused products within the state of Colorado.
Molson Coors formed a similar partnership with HEXO to develop cannabis drinks for the Canadian market in August 2018. Veryvell debuted in Canada last year, though the formulations for those products also contain THC.
Though limited to distribution in a single state, the launch of Veryvell represents another piece in Molson Coors’ strategy to expand its beverage interests outside of beer, including through distributing products in categories like hard seltzer (Topo Chico) and ready-to-drink coffee (La Colombe). Earlier this week, the company announced it was partnering with a group led by actor Dwayne Johnson to manufacture and distribute ZOA, a natural energy drink.
“Last year, we redefined ourselves as Molson Coors Beverage Company and in doing so, laid out a clear vision of leveraging the competitive strengths of our storied foundation in beer to grow in new spaces beyond the beer aisle,” said Pete Marino, president of the emerging growth division for Molson Coors, in a press release. “Truss’ entry into the CBD market in Colorado and the launch of Veryvell, a brand we believe will resonate well with Colorado consumers, is another example of Molson Coors’ expansion into new beverage categories.”
Veryvell is available now in Colorado both from the brand’s website and at select retail stores in the state, where it is offered in individual 12 oz cans (MSRP $3.99) and 4-packs ($14.99). The brand is also offering 8-packs and 12-count variety packs exclusively online.
“Whether you’ve dabbled in CBD before or are curious to try something new, Veryvell invites a moment of self-care to your day through a refreshing and balanced mix of hemp extracts and natural flavors,” said Jane Armstrong Hockman, Truss CBD USA general manager, in a release. “Each beverage in the product line offers a unique blend of CBD and adaptogens, giving consumers the freedom to pick the combination that best meets them in the moment. We are thrilled to bring our beverage expertise and commitment to quality to this emerging wellness category.”
According to cannabis market research firm Brightfield Group, the U.S. CBD beverage market was worth $143.1 million in 2019. Colorado ranks 10th in the country in terms of CBD beverage consumers by state, representing 2.9% of overall U.S. users.
Speaking with BevNET today, Marino said that Colorado’s mature and regulated marketplace for infused products presented the ideal conditions for Molson Coors to make its initial foray into CBD drinks. The company also owns its distribution arm in the state, Coors Distributing Company, giving it further control over Veryvell’s route to market.
Truss CBD USA will explore taking the brand into other regulated markets in other states based on its performance over the next few months, Marino said, as Molson Coors seeks to ramp up the pace of its expansion into wine and spirits, cannabis-infused beverages and non-alcoholic drinks.
“What I told my team early in the new year was that the only change from 2020 to 2021 is that the clock is officially started on our billion dollar ambition,” he said. “I have a goal to build a billion dollar business across emerging growth within the next three calendar years. That’s going to require us to start executing in a lot of these new spaces.”