What’s piquing the attention of BeverageDaily readers? Here’s a round-up of our most-read articles from November.
What’s piquing the attention of BeverageDaily readers? Here’s a round-up of our most-read articles from November.
Molson Coors will unwind its Truss USA joint-venture and exit the CBD beverage business in the United States at the end of this year.
The beverage giant cites a lack of certainty over federal legalization of cannabis products: resulting in an unwillingness from other stakeholders (such as retailers and distributors) to take on CBD brands.
It also highlights its strengths are in its ability to scale-up brands – which simply hasn’t been possible in the small US market and doesn’t look likely to become possible in the near future.
Molson Coors is one of several beverage giants which has been taking steps into the cannabis beverage market in North America: hoping to gain that first-mover advantage. Truss USA a joint venture between Molson Coors and cannabis producer HEXO Corp launched in 2020 (mirroring their continuing Canadian joint venture which was launched in 2018).
But without any clear path for federal legalization in the US (in contrast to Canada which legalized edibles in 2019) Molson Coors has decided to concentrate on other areas outside the beer aisle that offer the most potential.
Commenting on this month’s announcement to exit the US market, Pete Marino, president of emerging growth, said: “Not every project or innovation will meet our ambitions. What’s important is that we learn from each and build capabilities that will serve us well into the future.
“The key for us is to go big behind what’s working and smartly pivot out of what isn’t working from a scale standpoint, like CBD beverages.”
Monster Energy has seen share and sales increase as consumers embrace its portfolio of energy drink brands.
Net sales for Q3 2022 increased 15.2% to $1.62bn, up from $1.41bn in the same period last year. And sales of the company's energy brands were up 11.2% in the 13-week period through Oct. 22, 2022, according to Nielsen data for all outlets combined (i.e. convenience, grocery, drug, mass merchandisers).
And the company promises plenty of innovation for next year: with its alcohol launch Beast Unleashed and zero sugar product Monster Energy Zero Sugar planned for January.
Keurig Dr Pepper has announced the resignation of Ozan Dokmecioglu as Chief Executive Officer and a member of the KDP Board of Directors: with Bob Gamgort, the company’s current Executive Chairman and former CEO, reappointed as CEO.
Dokmecioglu – who took the role on from Gamgort in July - agreed to resign ‘due to violations of the company's Code of Conduct that were unrelated to strategy, operations or financial reporting’.
Pernod Ricard USA will invest $22m in creating its first-ever RTD canning line, located at its Fort Smith plant in Arkansas: boosting its ability to bring RTDs to market swiftly.
The plant already produces several Pernod Ricard spirits, including Kahlua Coffee Liqueur and Seagram’s Gin. The new investment will add canning capabilities: ‘helping accelerate growth for the company, add more US jobs and create a spillover of economic benefits for the local community.’
“This investment is an incredible step in strengthening our manufacturing footprint in Fort Smith,” said Pierre Joncourt, Senior Vice President, Pernod Ricard North America. “The high-speed canning line will be instrumental in increasing our production capabilities and swiftly bringing our premium, bar-quality RTDs to market.”
Coffee production is increasingly threatened by climate change: while the production of coffee itself is also water and energy intensive.
Enter Minus Coffee, which is taking ingredients such as chicory root, dates and lentils and putting them through a fermentation process to replicate the taste and aroma of cold brew coffee.