NEW YORK – In what the company characterized as a bid to strengthen its craft beer presence in the United States, Canadian cannabis company Tilray Brands will acquire four breweries from Chicago-based Molson Coors Beverage Company. Financial details of the transaction, which is expected to close by the end of August, were not disclosed.
Tilray expects the acquisition to add 15 million cases of product to its beverage alcohol sales annually and increase its beverage consumer base by 30 percent.
The four new brands — Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing, and Atwater Brewery — will join an existing portfolio of fourteen beer, distilled liquor, sparkling cocktail, and energy drink brands including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Company, Shock Top, Breckenridge Brewery, Breckenridge Distillery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewing Company, Widmer Brothers Brewing, Square Mile Cider Company, HiBall Energy, and Happy Flower. Tilray acquired eight of the portfolio brands from Anheuser-Busch InBev in 2023 for $85 million in cash.
The existing brands are available primarily on the east and west coasts. Tilray said two of the new brands, Revolver and Atwater, will “anchor” the company in Texas and Michigan, where they are based, respectively. Hop Valley and Terrapin will strengthen the company’s position in the Pacific Northwest and Georgia.
In July, Tilray posted beverage alcohol revenue of US$76.6 million for the fourth fiscal quarter, an increase of 137 percent over the US$32.4 million the company reported for the same period the previous year. Overall, Tilray lost US$15.4 million during the quarter, a US$104.4-million improvement from a year earlier when it lost US$119.8 million in the same period.
About the craft beer brands
Founded in 2009, Hop Valley Brewing Company is based in Eugene, Oregon. The company comprises one brewery and two taprooms. The brand is distributed to about 43,000 locations in twelve states with core markets in Oregon, Washington, Idaho, Arizona, Northern California, Nevada, Wisconsin and Minnesota.
Terrapin Beer Company is based in Athens, Georgia. Founded in 2002, Terrapin owns one brewery and one taproom and is distributed to about 47,000 locations in thirteen states. Core markets include Georgia, Florida, Wisconsin, North Carolina, South Carolina, Tennessee, and Alabama.
Headquartered in Granbury, Texas, Revolver Brewing was established in 2012. The company comprises one brewery and one taproom, and its products are distributed to about 12,000 locations across Texas, Oklahoma, and Louisiana.
Atwater Brewery, founded in 1997, is based in Detroit. The company owns one brewery and three taprooms and is distributed to about 10,000 locations across six states: Michigan, Wisconsin, Illinois, Indiana, Ohio, and Kentucky.
