The global cannabis company’s beverage-market aspirations just got higher, as it entered into a definitive agreement to buy four more beer companies. This follows several years of beverage-company acquisitions and marks a ‘strategic milestone’ in the company’s growth plan.
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Global cannabis giant Tilray Brands Inc. keeps hopping further into the beer market. The company announced Aug. 13 that it entered into a definitive agreement to acquire four craft breweries from Molson Coors Beverage Co. The acquisition includes Oregon-based Hop Valley Brewing Co., Georgia-based Terrapin Beer Co., Texas-based Revolver Brewing, and Michigan-based Atwater Brewery, and will bring the company’s beverage footprint to a total of 18 brands.
The move follows Tilray’s ongoing strategy of acquiring leading craft beverage brands, including its:
2023 purchase of eight beverage brands (including breweries and brewpubs) from Anheuser-Busch, including 10 Barrel Brewing, Widmer Brothers, Redhook Brewery, Square Mile Cider, Breckenridge Brewery, Blue Point Brewing, HiBall Energy and Anheuser-Busch’s in-house created Shock Top Wheat.
2022 acquisition of Montauk Brewing Co., a leading New York-based craft brewer with distribution across more than 6,400 outlets, including top national retailers such as Target, Whole Foods, Trader Joe’s, Stop & Shop, King Kullen, Walmart, 7-Eleven, Costco, BJ’s and Speedway.
2021 acquisition of SweetWater Brewing Co.—which at the time was the 10th largest craft brewer in the nation with distribution across more than 40 states—as part of Tilray’s merger with cannabis giant Aprhia Inc.
2021 acquisition of Breckenridge Distillery, a Colorado-based distilled spirits company largely known for its award-winning bourbon whiskeys, and (ironically) known as the world’s “highest distillery” at 9,600 feet above sea level.
“Tilray Brands is proud to be driving the most compelling and unique growth story in the craft beer industry,” Tilray Brands Chairman and CEO Irwin D. Simon said in a press release. “With the acquisition of these four craft breweries from Molson Coors, we are marking another strategic milestone in Tilray Brands’ growth plan.”
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