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Tilray continues to be a financial black hole in the cannabis sector, but the Canadian company has quietly become a major player in the beer industry.
Tilray is set to become the fifth-largest craft brewer in the United States after the company entered into a definitive agreement on August 8, 2023, to acquire eight brewing labels from Anheuser-Busch InBev for $85 million.
“Today’s announcement both solidifies our national leadership position and share in the U.S. craft brewing market and marks a major step forward in our diversification strategy,” Tilray CEO Irwin Simon said in a press release. “We are excited to work with the teams behind these iconic brands that command great consumer loyalty and have a history of delivering strong award-winning products with tremendous growth opportunities. Tilray is fully committed to invest in and champion the future of the U.S. craft beer industry by fueling new innovation that excites and further accelerates the growth of its consumer base.”
Upon completing the transaction, Tilray will acquire Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company and HiBall Energy. Those labels, along with brands already owned by Tilray — Sweetwater, Montauk, Alpine Beer, Green Flash and the Breckenridge Distillery — will place Tilray as the country’s fifth-largest craft brewer.
“Leveraging the deep CPG expertise of Tilray’s leadership team and acquisition integration track record, we intend to drive both revenue and cost synergies, while significantly expanding national distribution to coveted markets across the U.S. and internationally,” Simon said. “In a matter of three years, Tilray has solidified its leadership position in the craft beer industry, and we fully intend to be that change agent that reinvigorates the sector.”
— Patrick Wagner