Hard seltzer market is big enough for multiple brands, says Molson Coors CEO

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'The key with our portfolio of brands is they're going to be very differentiated,' Molson Coors CEO Gavin Hattersley said on CNBC.

Terms of the deal between Molson Coors and Coca-Cola were not announced. Molson Coors will conduct the marketing, sales and distribution of Topo Chico Hard Seltzer in the U.S.

It is"We'll start out in areas where the brand is particularly strong and well known, and that's in the south of the country," Hattersley said. "Then we'll have a very deliberate national expansion over time."Molson Coors, which brews Miller Lite and Coors Light, also has two of its own hard seltzer brands. Vizzy launched in April, while

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