Tilray Brands Inc. shares jumped the most since February 2021 after the cannabis and consumer packaged goods company agreed to buy eight beer and beverage brands from the owner of Budweiser.
Tilray will purchase Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company and HiBall Energy from Anheuser-Busch InBev, the company said. The US$85 million all-cash deal will make Tilray the fifth largest craft beer business in the U.S., up from ninth, it added.
The acquisition “marks a major step forward in our diversification strategy,” Chief Executive Officer Irwin Simon said in a press statement. The deal is expected to close by the end of September, according to Tilray’s 8-K filing. “We expect today’s acquisition triples the size of our already fast-growing beverage alcohol segment from 4 million cases to 12 million cases annually,” said Simon on a conference call.
Additionally, the deal can have more of an impact “when one considers alcohol is increasingly being substituted for cannabis,” Bennett added.
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