The hard seltzer is set for U.S. launch in the first half of 2021. Coke's Topo Chico Hard Seltzer was launched in Mexico and Brazil earlier this month.
This will be the third hard seltzer brand in Molson Coors' portfolio after Vizzy and Coors Seltzer.
“This is another significant step in growing our above premium portfolio and becoming a major competitor in the rapidly growing hard-seltzer segment, both key components of our revitalization plan," Molson Chief Executive Gavin Hattersley said in a statement.
“In bringing Topo Chico Hard Seltzer to market, our focus is speed, quality and efficiency," said Dan White, vice president of strategic initiatives at Coke, Atlanta.
"Our relationship with [Molson] allows Topo Chico Hard Seltzer to launch with scale, at an accelerated pace, delivering a product that consumers will love."
The Denver maker of beers like Coors, Miller High Life and Blue will use its marketing, sales and distribution expertise for a scaled national launch in the first half, the company said. The company didn't specify where it would first launch the product.
The production and packaging of the products will be initially handled by a third party that wasn't identified.
Coke acquired the Topo Chico brand in October 2017.
Topo Chico Hard Seltzer will be Coca-Cola's first alcoholic beverage product in the U.S since the 1980s. The beverage giant sold its wine business in 1983.
In 2018 Coke introduced an alcoholic drink called Lemon-Do in Japan, CNBC reported.
Shares of Molson Coors at last check were 1% higher at $33.92. Coca-Cola shares slipped 0.3% to $49.14.