Cannabis Company Tilray Acquires 8 Anheuser-Busch Craft Beer Brands

Bud Light parent company Anheuser-Busch said on Monday that it wasto a Canadian cannabis company that's been inching into the craft beer space for quite some time now.

The deal, valued at $85 million according to securities filings, would give Tilray Brands ownership of Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy. Tilray says it expects the all-cash deal to close this year. It would make Tilray the 5th-largest craft beer company in the US, up from its 9th place ranking today, according to analysts from Jefferies. Sales from the new brands are expected to bring in about $180 million annually for the company, according to Jefferies. TD Cowen analysts said that Tilray's beverage brands will bring in $300 million annually.

Tilray's original focus was selling cannabis in Canada. In recent years, however, the company has moved into other lines of business in the US, including CBD products and alcohol. In November, the company bought New York-based craft brewerCannabis plants grow inside the Tilray factory hothouse in Cantanhede, Portugal.

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