Tilray Brands has purchased four more craft breweries, this time from Molson Coors. The four brands are Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing and Atwater Brewery.
As the global breweries look to divest in the slowing craft beer sector, Tilray appras to be a willing buyer. Tilray, originally founded in Canada in 2014 as a cannabis and pharmaceutical company, has found success in diversifying into the lifestyle packaged goods sector through numerous acquisitions, including craft beer.
Financial details were not disclosed.
The company began its march into craft beer in late 2022 when it acquired Montauk Brewing Company of New York. In August of 2023 Tilray made a much bigger foray into craft by buying eight brands from Anheuser-Busch which included 10-barrel Brewing, Widmer Brothers, Redhook, Breckenridge Brewery and Blue Point Brewing along with the AB in-house craft brand Shock Top.
Tilray will now be the fourth largest among BA-defined craft breweries, brewing over 490,000 barrels per year.
The investment into craft beer seems to have paid off, with total quarterly revenue for the company increasing by 25% to $229.9 million for their most recent quarterly financials announced earlier this month. Those strong results were driven by their diversification strategy, including craft beer, according to the company.
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