Cannabis seller Tilray broadens footprint in the brewery business, closing deal with Anheuser-Busch

Included in the deal are well known labels like Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy.The companies did not disclose financial details of the deal, but Tilray said earlier this month when it announced the acquisition that it would be paying cash.

Tilray Brands had already entered the brewery space, in addition to cannabis sales. The New York City company also owns SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, and Green Flash Brewing Company. “Tilray has acquired a stellar lineup of eight craft beer and beverage brands that both solidify our leadership in the craft beer industry and strengthen our business in the expansive beverage sector in which we see tremendous opportunity to reinvigorate innovation across many categories including non-alcoholic beverages, energy, and nutritional drinks,” Chairman and CEO Irwin Simon said in a prepared statement.

Tilray said that the transaction, which was announced in August, will triple its beer sales volume from four million cases to 12 million. The acquisition also provides additional manufacturing capacity and innovation capabilities for commercial expansion opportunities.lost its place as America’s best-selling beer

In the month ending July 22, Bud Light’s U.S. retail sales were down 26% compared with the same period a year ago, according to Nielsen data compiled by Bump Williams Consulting. Its year-over-year sales declines have been in the 25% to 30% range every month since the backlash began, the consulting company said.Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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