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Tilray has this week completed its acquisition of eight beer brands, set to triple the cannabis giant’s beer sales.
In August, Business of Cannabis reported that the US cannabis operator Tilray was significantly diversifying its portfolio with the purchase of eight alcohol brands from Anheuser-Busch.
The move away from cannabis, it said, was primarily due to ongoing delays in Federal cannabis legalisation in the US.
Now the deal has been finalised, Tilray says it expects to become the fifth largest craft beer business in the US this year, a market expected to be worth $250m this year.
While no financial details surrounding the transaction were made public, it’s understood that the acquisition comes with breweries and brew pubs, and will be paid for in cash.
“Tilray Brands’ portfolio today reflects our diversified business and the integration of key strategic acquisitions that have enabled us to grow our top line and deliver substantial cost savings through synergies, all while significantly expanding distribution to coveted markets across the U.S. and internationally,” CEO Irwin D. Simon said.
“With this EBITDA accretive transaction, 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 nonalcoholic beverages, energy, and nutritional drinks.”