Tilray Brands, Inc., owner of cannabis brands Tilray, Aphria, Broken Coast, Symbios, and Navcora, on Tuesday announced it has agreed to acquire four craft breweries from Molson Coors Beverage Company, including Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing, and Atwater Brewery.
The firm’s portfolio already holds craft beers, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Company, Shock Top, Breckenridge Brewery, Breckenridge Distillery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewing Company, Widmer Brothers Brewing, along with craft cider Square Mile Cider Company, energy drink brand HiBall Energy, and the hemp-derived Happy Flower CBD sparkling cocktail brand.
In a press release, Irwin D. Simon, Tilray chairman and CEO, said the company “plans to continue to invest in the future of these craft breweries, accelerating their growth and capturing a wide range of new market opportunities.”
“Tilray Brands is proud to be driving the most compelling and unique growth story in the craft beer industry. With the acquisition of these four craft breweries from Molson Coors, we are marking another strategic milestone in Tilray Brands’ growth plan. Our team’s expertise in operational excellence will enable us to unlock the full potential of these brands and businesses. We are confident in our ability to drive revenue, generate cost synergies, and expand national distribution reinforcing our leadership position in craft beer resulting in tremendous growth opportunities for our global beverage business.” — Simon in a statement
Ty Gilmore, president of Tilray Beverages, North America added that the additions “will play a pivotal role in the growth of Tilray Beverages” and cements Tilray as the top craft brewer in the Pacific Northwest and Georgia and anchors the company’s craft brands in Texas and Michigan.
“As we move forward, we will leverage our extensive expertise in product innovation and distribution to unlock the full potential of these brands, strengthen their sales and operations, and expand their reach into key markets across the U.S.,” Gilmore said.
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