Tilray Brands, Inc., a global consumer goods company, has announced an agreement to acquire four breweries from Molson Coors Beverage Company. The acquisition includes Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing, and Atwater Brewery.
This move is expected to bolster Tilray’s presence in the craft beer market. Tilray already owns several prominent beer and beverage brands, including SweetWater Brewing Company, Montauk Brewing Company, and Breckenridge Brewery. The company’s expanding portfolio also includes spirits and non-alcoholic beverages.
Irwin D. Simon, Tilray’s Chairman and CEO, stated that the acquisition represents a significant step in the company’s growth strategy. He emphasized that Tilray plans to capitalize on the strengths of the newly acquired breweries, aiming to increase revenue, achieve cost efficiencies, and broaden national distribution.
Molson Coors Chief Commercial Officer Michelle St. Jacques noted that the sale aligns with Molson Coors’ strategy to focus on segments with the highest growth potential. This divestment will allow Molson Coors to concentrate resources on its premium portfolio in the U.S.
Ty Gilmore, President of Tilray Beverages, North America, expressed enthusiasm about the acquisition, noting that it positions Tilray as a leading craft brewer in key markets such as the Pacific Northwest, Georgia, Texas, and Michigan. He emphasized the company’s commitment to enhancing the growth and distribution of these brands across the U.S.
The acquisition is expected to significantly boost Tilray’s beer business, projecting an annual production of 15 million cases.