The question is in the title. I'm also happy to get answers about (your favorite adjective) monoidal categories.
Here's a guess:
In order to compute a colimit of monoids we can push everything down to Sets, compute the colimit there, freely generate a monoid from that, and add all the equations that held in any of the original monoids.
Can we do something similar here: Push everything down to Cat, compute the colimit there, freely generate a monoidal category from that, and add in equations/isomorphisms aligning the new monoidal product with the original ones.