We consider the random walk in an independent and identically distributed (i.i.d.) random environment on a Cayley graph of a finite free product of copies of $\mathbb{Z}$ and $\mathbb{Z}_2$. Such a Cayley graph is readily seen to be a regular tree. Under a uniform elipticity assumption on the i.i.d. environment we show that the walk has positive speed and establish the annealed central limit theorem for the graph distance of the walker from the starting point.