Cannabis seller Tilray broadens footprint in the brewery business, closing deal with Anheuser-Busch

abcnews.go.com:

The cannabis company Tilray expanded its position in the craft brew industry, completing the acquisition of eight beer brands from Anheuser-Busch that it had announced over the summer

The cannabis company Tilray expanded its position in the craft brew industry, completing the acquisition of eight beer brands from Anheuser-Busch that it had announced over the summer.

Included in the deal are well known labels like 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 acquisition comes with breweries and brewpubs associated with the labels.

The companies did not disclose financial details of the deal, but Tilray said earlier this month when it announced the acquisition that it would be paying cash.

Tilray Brands had already entered the brewery space, in addition to cannabis sales. The New York City company also owns SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, and Green Flash Brewing Company.

“Tilray has acquired a stellar lineup of eight craft beer and beverage brands that both solidify our leadership in the craft beer industry and strengthen our business in the expansive beverage sector in which we see tremendous opportunity to reinvigorate innovation across many categories including non-alcoholic beverages, energy, and nutritional drinks,” Chairman and CEO Irwin Simon said in a prepared statement.

Tilray said that the transaction, which was announced in August, will triple its beer sales volume from four million cases to 12 million. The acquisition also provides additional manufacturing capacity and innovation capabilities for commercial expansion opportunities.