- Tilray Brands (TSX:TLRY) has acquired the remaining 57.5 per cent equity ownership of Truss Beverage Co. from Molson Coors Canada (NYSE:TAP)
- The cannabis producer explained that THC beverages present a significant opportunity to engage legal-aged consumers who haven’t explored cannabis as a lifestyle, medical or functional choice
- More than 10.6 million potential consumers nationwide remain “untapped,” and cannabis beverages are almost $100 million at retail
- Shares of Tilray (TSX:TLRY) are up 0.94 per cent to C$2.69 as of 1:40 p.m. ET and shares of Molson Coors are up 0.92 per cent to US$62.74 as of 1:40 p.m. ET
Tilray Brands (TSX:TLRY) has acquired the remaining 57.5 per cent equity ownership of Truss Beverage Co. from Molson Coors Canada (NYSE:TAP).
In a news release, the cannabis producer explained that THC beverages present a significant opportunity to engage legal-aged consumers who haven’t explored cannabis as a lifestyle, medical or functional choice.
According to Statistics Canada data, more than 10.6 million potential consumers nationwide remain “untapped.” And cannabis beverages are almost $100 million at retail, as reported by Statista.
Tilray Canada’s president, Blair MacNeil, said in a statement that in addition to acquiring full and direct ownership of a stable of high-growth brands, this acquisition further strengthens the company’s top market share position and puts the company at the forefront of the adult-use beverage sector.
“We are excited to build upon our leading portfolio of beloved cannabis brands and to further diversify our product offerings while broadening our consumer reach and enhancing consumers’ lives,” MacNeil said.
The company added that beyond the cannabis industry, functional beverages represent significant growth. These beverages offer consumers the functional advantages of THC and the diverse range of minor cannabinoids. These elements provide many benefits and other opportunities that enhance the lives of adults. It can also enhance its commercial framework with as far as sales and distribution are concerned.
Molson Coors is the fifth-largest beer producer globally, while Truss is a wholly owned subsidiary of Tilray, a licensed producer of cannabis products in Canada.
Recently, the Leamington, Ontario-based cannabis company announced it is gearing up to acquire eight beer and beverage brands from Anheuser-Busch (NYSE:BUD).
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 0.94 per cent to C$2.69 as of 1:40 p.m. ET and shares of Molson Coors are up 0.92 per cent to US$62.74 as of 1:40 p.m. ET.
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