Tilray Brands, which started life as a Canadian marijuana company looking forward to the opening of the U.S. market, instead has added to its U.S. beer portfolio by buying four craft breweries from Molson Coors Beverage Co. The acquired units are Hop Valley Brewing Co., Terrapin Beer Co., Revolver Brewing and Atwater Brewery.
The Tilray Beverages portfolio already includes craft beer, spirits and non-alcohol beverages including SweetWater Brewing Co., Montauk Brewing Co., Alpine Beer Co., Green Flash Brewing Co., Shock Top, Breckenridge Brewery, Breckenridge Distillery, Blue Point Brewing Co., 10 Barrel Brewing Co., Redhook Brewing Co., Widmer Brothers Brewing, Square Mile Cider Co., HiBall Energy and Happy Flower CBD sparkling cocktails.
“With the pending acquisition of these breweries, Tilray’s portfolio will expand across key beer markets adding 30% new beer buying accounts,” today’s news release said.
"Tilray Brands plans to continue to invest in the future of these craft breweries, accelerating their growth and capturing a wide range of new market opportunities,” said Irwin Simon, chairman and CEO of Tilray – although you may remember him as the founder and longtime chairman/CEO of Hain Celestial Group. “Tilray Brands is a beacon for craft brands.”
Molson Coors Chief Commercial Officer Michelle St. Jacques added how the transaction supports their long-term strategic ambitions, as well. “Last fall we set a clear portfolio premiumization ambition, and achieving it is going to require tighter focus on the segments we believe have the highest growth potential for our business.”
