(RTTNews) – Molson Coors Beverage Company (TAP) said on Monday that it decided to invest more in ZOA Energy, an energy drink brand. Further financial details are not known.
With the investment, ZOA is expected to increase its media and marketing to drive incremental sales and expand distribution to international markets. It plans to double its media investment in 2024. Molson Coors will continue to be ZOA’s exclusive distributors and will have a presence on the board as per the agreement.
Molson Coors and ZOA first became partners with the launch of the energy drink brand in 2021, and currently ZOA is available at more than 42 thousand retail locations and has more than 160,000 distribution points across the US and Canada.
ZOA has reported more than $100 million in sales in 2022 reflecting a 138 percent growth year-over-year.
This partnership follows the acquisition of Blue Run Spirits by Molson Coors to complement the company’s Beyond Beer strategy, as its portfolio expands to include brands in growing categories and new routes to market.
In pre-market, shares of Molson Coors are trading at $64.00 up 0.57% on the New York Stock Exchange.