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In a surprising twist, Tilray Brands Inc., a prominent cannabis company, buys eight iconic brewery brands from Anheuser-Busch. This move follows declining sales for the beer giant, making Tilray the nation's fifth-largest craft beer company.
The sale announcement came after Anheuser-Busch continued to experience a decline in sales following the drama involving its Bud Light beer. The St. Louis, Missouri-headquartered brewing company has reached a deal to sell eight of its brands, including those it acquired in the last decade.
Anheuser-Busch is set to transfer ownership of its Shock Top, Breckenridge Brewery, Blue Point Brewing Company, Redhook Brewery, Widmer Brothers Brewing, 10 Barrel Brewing Company of Bend, and Square Mile Cider Company to the New York-based group that sells cannabis lifestyle products and packaged goods. The Bud Light maker will also divest its HiBall Energy brand, the San Francisco-based energy drink producer.
Anheuser-Busch nor Tilray did not reveal the financial aspect and other terms of their acquisition deal, but the buyer is paying in all cash, with the deal expected to close this year. Moreover, it was agreed that the existing employees, brewpubs, and breweries associated with the sold brands are all included in the transfer of ownership. With the purchase, the latter is set to become the fifth-largest craft beer company in the country, moving up from ninth place.
"Tilray Brands reached out to us early this year with interest in purchasing these brands and breweries, and since then, we've had many positive conversations that led to today's announcement," Anheuser-Busch's The High End's president, Andy Thomas, said in a press release. "We are committed to working with Tilray Brands over the coming months to ensure this is a smooth transition for the people who are working every day to get these amazing beers and beverages to consumers across the U.S."
Photo by: Philip Leara/Flickr(CC0 1.0)
