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Globe says Tilray tripling its U.S. beer business

 

2023-08-08 07:47 ET - In the News

 

The Globe and Mail reports in its Tuesday edition that with federal cannabis legalization in the United States still a distant prospect, Tilray Brands is expanding its beverage business line, buying eight beer brands to diversify its alcohol portfolio. The Globe's Irene Galia writes that Tilray will pay $85-million (U.S.) for the companies, according to documents filed Monday with the U.S. Securities and Exchange Commission. Tilray estimated that the acquisitions will triple its beer business, from four million cases to 12 million cases annually, and bring in $250-million (U.S.) in annual pro forma revenue. Tilray did not share the price of the acquisitions. On Monday, it said it was acquiring the eight brands, including wheat ale brewer Shock Top from Anheuser-Busch. The expected sales volume of the acquired brands will make Tilray the fifth-largest craft-beer business in the country, the company said. The transaction includes current employees, breweries and brew-pubs associated with these brands. The purchase price will be paid in all cash and, subject to regulatory approval, the transaction is expected to close in 2023