- Tilray Brands (TSX:TLRY) is set to acquire eight beer and beverage brands from Anheuser-Busch (NYSE:BUD)
- The company will acquire 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 deal is expected to close in 2023
- Shares of Tilray (TSX:TLRY) are up 25.16 per cent to C$3.88 as of 11:55 a.m. ET while shares of Anheuser-Busch are down 0.41 per cent to US$56.21 as of 12:10 p.m. ET
Tilray Brands (TSX:TLRY) is gearing up to acquire eight beer and beverage brands from Anheuser-Busch (NYSE:BUD).
In a press release, the cannabis producer announced it will acquire Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company and HiBall Energy.
“Today’s announcement both solidifies our national leadership position and share in the U.S. craft brewing market and marks a major step forward in our diversification strategy,” Irwin D. Simon, CEO of Tilray Brands, said in a statement. “We are excited to work with the teams behind these iconic brands that command great consumer loyalty and have a history of delivering strong award-winning products with tremendous growth opportunities.”
Thanks to the brand acquisitions, Tilray Brands is expected to move up to the fifth-largest craft beer business in the United States, which includes its current brands SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company and Green Flash Brewing Company.
Tilray Brands is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America.
Shares of Tilray Brands are up 25.16 per cent to C$3.88 as of 11:55 a.m. ET while shares of Anheuser-Busch are down 0.41 per cent to US$56.21 as of 12:10 p.m. ET.
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