Shares of Tilray Brands Inc. rocketed higher on Tuesday after the Canadian cannabis producer announced a deal to buy eight beer and beverage brands from Budweiser parent Anheuser-Busch InBev. The move elicited both praise and concern from Wall Street analysts.
But one analyst noted that sales of the beverages being bought have been falling since last year amid a broader decline in craft-beer sales volumes, a measure of liquid sold. Craft beer has faced rising competition over the years from nonbeer alternatives. “Indeed, craft beer volumes declined 6% in 2021 and 9% in 2022. Specifically, in Nielsen tracked channels, we can see that the purchased portfolio has seen dollar sales declines of 6.4% [year to date] and -8.5% in 2022,” Azer continued.
Tilray said it would pay in cash. The deal, expected to close this year, also included “current employees, breweries and brewpubs” related to those beverage makers. Tilray said the deal would give it four production facilities — two in Oregon and one each in Colorado and New York — and extra manufacturing capacity.
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