Tilray Brands said it completed the acquisition of certain highly strategic assets of BrewDog’s global platform, including the global brand and related intellectual property, the UK brewing operations and eleven strategic brewpubs in the United Kingdom and Ireland, for a total consideration of £33 million.

Tilray, which also produces medical marjuana, is separately negotiating to acquire certain BrewDog assets in the United States and Australia.

Founded in 2007, BrewDog quickly became one of the largest independent craft beer brands in the United Kingdom with its portfolio of iconic craft, premium and low & no alcohol beer brands, including Punk IPA, Hazy Jane, Lost Lager and Wingman. From its beginnings in the UK, it developed its strong global brand awareness through its global expansion via international breweries, localized brewpubs and strategic partnerships. For Tilray, the acquired asset portfolio presents a significant opportunity for growth in the UK and previously untapped international markets.

"With the BrewDog acquisition, our total global beverage platform is expected to grow to ~$500 million in annual revenue, creating one of the largest diversified craft beverage platforms globally," Irwin D. Simon, Chairman and Chief Executive Officer, Tilray Brands, said. "Through this expanded platform, we see significant growth opportunity for BrewDog through broader distribution and the ability to invest back into brand and innovation, while introducing Tilray’s complementary beverage brands into international markets. On a combined basis, we expect Tilray’s diversified global business to reach ~$1.2 billion in annualized revenue.”

Tilray has built a diversified beverage portfolio spanning craft beer, spirits, energy drinks, water and emerging categories. Expanding Tilray’s established U.S. beverage brands into international markets is a strategic priority and a natural next phase of growth. The addition of BrewDog accelerates our ability to enter new markets by providing scaled brewing capacity outside the U.S., an established international distribution network and a premier brewpub and hospitality infrastructure in the UK and select international markets.