Tilray Brands said it completed its acquisition of eight craft brands from Anheuser-Busch announced earlier this summer. Terms weren't disclosed.
Tilray is a cannabis firm.
The transaction includes Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy and the breweries and brewpubs associated with the labels.
In addition to selling cannabis, Tilray owns SweetWater Brewing Co., Montauk Brewing Co., Alpine Beer Co., and Green Flash Brewing Co.
Mon, October 2, 2023 at 12:13 PM EDTIn this article:
In a transaction the cannabis company Tilray said would triple its sales the craft brew industry, completing the acquisition of eight beer brands from Anheuser-Busch that it had announced over the summer.
Included in the deal are well known labels like Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy.
The acquisition comes with breweries and brewpubs associated with the labels.
The companies did not disclose financial details of the deal, but Tilray said earlier this month when it announced the acquisition that it would be paying cash.
Tilray Brands had already entered the brewery space, in addition to cannabis sales. The New York City company also owns SweetWater Brewing Co., Montauk Brewing Co., Alpine Beer Co., and Green Flash Brewing Co.
“Tilray has acquired a stellar lineup of eight craft beer and beverage brands that both solidify our leadership in the craft beer industry and strengthen our business in the expansive beverage sector in which we see tremendous opportunity to reinvigorate innovation across many categories including non-alcoholic beverages, energy, and nutritional drinks,” Chairman and CEO Irwin Simon said in a prepared statement.
Acquiring and profiting from bev/al companies is the short-term strategy. The longer-term goal: making cannabis-infused beverages. In an interview with BNN Bloomberg, Simon said, "one day, we will infuse these drinks with THC, with CBD, but we'll have the distribution and we'll have the brands when and if legalization does happen."
The appeal of cannabis-infused beverages us that they can give consumers a buzz with a lot of calories, and they don't result in a hangover the next day. The unanswered question: Can these beverages be real alternatives to beer, expecially in taste?
Shares of Tilray fell 3%were off 5.2% at $2/27 at the close on Monday (10/2).