Tilray has confirmed its acquisition of the remaining 57.5% equity ownership of Truss Beverage Co.™ from Molson Coors Canada.
THC drinks have seen an explosion in popularity in recent years, with the global cannabis beverages market now projected to grow from $915.06 million in 2021 to $19,063.58 million in 2028, according to Fortune Business Insights.
Tilray has stated it believes this market presents a significant opportunity to engage legal-aged consumers who haven’t explored cannabis as a lifestyle, medical, or functional choice, noting that regulatory shifts are expected to facilitate market entry for beverages, with the possibility of on-tap THC options in restaurants and bars promising substantial growth for this category.
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Blair MacNeil, President, Tilray Canada, commented: “In addition to acquiring full and direct ownership of a stable of high-growth brands, this acquisition further strengthens Tilray’s number one cannabis market share position in Canada and positions the company at the forefront of the adult-use beverage sector.
“We are excited to build upon our leading portfolio of beloved cannabis brands and to further diversify our product offerings while broadening our consumer reach and enhancing consumer’s lives.”
Tilray states that the acquisition provides a number of benefits including positioning at the front of a dynamic market, allowing Tilray to capitalise on the trend of the billion-dollar functional drinks market.
The acquisition also adds to the companies expanding cannabis portfolio, which now includes XMG, Mollo, House of Terpenes and Little Victory
