Tilray Brands has taken another step into the beverage alcohol sector, adding New York craft-beer brewer Montauk Brewing Co. to its cannabis and alcohol portfolio.
Terms of the acquisition were not disclosed in a Monday news release.
That deal comes on the heels of two other Tilray alcohol acquisitions:
- In late 2021, the New York-based operator spent roughly $103 million to purchase Breckenridge Distillery in Colorado and $5.1 million to buy California brands Alpine and Green Flash.
- In November 2020, Tilray acquired SweetWater Brewing Co. in Georgia in a deal worth about $300 million.
Tilray said it plans “to leverage SweetWater’s existing nationwide infrastructure to accelerate Montauk Brewing’s distribution network and revenue growth.”
The company also believes it can leverage its American alcohol assets if the U.S. federal government eventually legalizes marijuana.
In the event of federal cannabis legalization, Tilray “plans to take full advantage of its strategic infrastructure, operations and consumer loyal brands across beer, spirits, and snack-food categories to parlay into THC-based products and further expand its commercial opportunities,” the company said in its release.
Tilray simultaneously “appointed veteran beer and beverage industry executive Ty Gilmore as president of Tilray’s U.S. beer business, a newly created position.”
The company posted a $66 million net loss in its most recent quarter.
Shares of Tilray trade as TLRY on the Nasdaq and the Toronto Stock Exchange.