Tilray Brands, the largest cannabis company in the world, just made a move that will also make it the fifth-largest craft brewer and fifteenth-largest overall brewer in the United States. By entering into a deal with Anheuser-Busch InBev to buy eight of their beer and beverage brands, Tilray has fully realized the ambitious plan their President Irwin D Simon introduced less than three years ago. That was when he assumed the company’s reigns after the merger of Canadian cannabis companies Aphria and Tilray to create Tilray Brands.
His plan called for Tilray Brands to become the first cannabis brand to aggressively enter the United States alcohol market to create a consumer packaged goods powerhouse.
“I very much want us to be a branded consumer products company, focusing on adult-use cannabis, medical cannabis, the beer category, the spirits category, and where it makes sense, we will have infused foods,” said Simon in a 2022 interview with Forbes. “Our strategy is very different than anybody else out there. There are no cannabis companies that own alcohol brands today. We will continually look for companies and brands that have an established presence that we can build into a powerful portfolio.”
The eight brands Tilray Brands will acquire will slot in nicely next to their current brands, SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, and Green Flash Brewing Company, and fill out their footprint across the United States. They also own Breckenridge Distillery and Happy Flower CBD sparkling non-alcoholic cocktails.
“With this transaction, our beer business is expected to triple in size from 4 million cases to 12 million cases annually,” says Ty Gilmore, president of U.S. Beer at Tilray Brands. “Looking ahead, we will further capitalize on the potential of these brands through product innovation, retailer partnerships, and expanded distribution into key markets, including the Pacific Northwest and California.”
By paying a price equal to $85 million in cash, according to an 8-K filing by Tilray, it seems Tilray got the better end of the deal; especially when you look at the $300 million they paid for SweetWater in 2020. The transaction includes all employees, breweries, four production facilities, and eight brewpubs nationwide.
Shock Top, a brand created in 2006 to rival Molson Coors
behemoth Blue Moon, must be considered the gem of the package. It has a nationwide footprint in all ABInBev sets and, for years, has been the focal point of numerous advertising campaigns. Its rotating seasonal lineup of 12-packs, one of the hotter packages on the market, will only help Tilray and its distributors maintain and expand their presence in retail.
10 Barrel Brewing Company of Bend, Ore, Widmer Brothers Brewing of Portland, Ore, and Redhook Brewery of Seattle, Wa, expand Tilray Brands footprint into the Pacific Northwest. Breckenridge Brewery of Littleton, CO, further expands its Rocky Mountain presence. Blue Point Brewing Company of Long Island, NY, will pair well with nearby Montauk Brewing to solidify them in the Northeast.
Also included in the deal are Square Mile Cider Company and Hi Ball Energy, which was discontinued in May of this year. All the brands fit into Tilray Brands strategy of bringing in products that could quickly support cannabis extensions if the United States de-criminalizes the drug. Mr. Simon was bullish on the future of Tilray Brands in a statement released with the announcement.
“Today’s announcement both solidifies our national leadership position and share in the U.S. craft brewing market and marks a major step forward in our diversification strategy. We are excited to work with the teams behind these iconic brands that command great consumer loyalty and have a history of delivering strong award-winning products with tremendous growth opportunities. Tilray is fully committed to invest in and champion the future of the U.S. craft beer industry by fueling new innovation that excites and further accelerates the growth of its consumer base.”
“Leveraging the deep CPG expertise of Tilray’s leadership team and acquisition integration track record, we intend to drive both revenue and cost synergies, while significantly expanding national distribution to coveted markets across the U.S. and internationally. In a matter of three years, Tilray has solidified its leadership position in the craft beer industry, and we fully intend to be that change agent that reinvigorates the sector. Upon federal cannabis legalization, we expect to leverage our leadership position, wide distribution network and portfolio of beloved beverage and wellness brands to include THC-based products and maximize all commercial opportunities.”
When the whole portfolio is looked at together, Tilray Brands is projecting pro forma revenue of $250 million. That is much-needed revenue to offset a stagnant Canadian cannabis market and should position Tilray Brands to maintain its position as one of the leaders in that segment.
In a time when there are more stories than ever discussing the struggles of craft beer, many still want to invest in the space. From Tilray Brands doubling down on their bet in the market to Bevana Partners reimaging how to bring brands to market, many innovators think the American craft beer industry is the place to be right now.
Danielle Smith threatens Sovereignty Act over Clean Energy Regulations – CTV News Calgary
- Deliver and maintain Google services
- Track outages and protect against spam, fraud, and abuse
- Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
- Develop and improve new services
- Deliver and measure the effectiveness of ads
- Show personalized content, depending on your settings
- Show personalized ads, depending on your settings
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Health Canada approves new Pfizer COVID-19 vaccine
Health Canada has given its stamp of approval to Pfizer-BioNTech Comirnaty’s new COVID-19 vaccine that targets the Omicron XBB.1.5 subvariant.
The health department says it received Pfizer-BioNTech’s submission on June 29, 2023 and decided to authorize the shot’s use for individuals aged six months and older after “a thorough and independent review of the evidence.”
Health Canada says the vaccine is authorized as a one-dose vaccine for individuals five years of age and older, regardless of their COVID-19 vaccination history.
Infants and children between six months and less than five years of age, who have not previously received a complete COVID-19 primary series, should receive three doses. If they have completed a primary series, officials say they should receive one dose.
Moderna’s COVID-19 vaccine targeting the Omicron XBB.1.5 subvariant was authorized(opens in a new tab) by Health Canada earlier this month.
The department says it’s currently reviewing a submission from Novavax for its COVID-19 vaccine targeting the Omicron XBB.1.5 subvariant for people 12 years of age and older.
The National Advisory Committee on Immunization (NACI) is anticipated to provide guidance on the rollout of the newly approved COVID-19 vaccines in the coming months.
“Canada will have ample supply of the new formulation of mRNA vaccines available in fall 2023,” Health Canada said in a news release Thursday.
“Vaccination continues to be one of the most effective ways to protect ourselves against COVID-19. Evidence indicates that vaccines approved for use in Canada are effective at preventing severe illness, hospitalization and death from COVID-19.”
Hyundai and Kia recalling 603,176 vehicles in Canada due to fire risk
Hyundai and Kia are recalling more than 600,000 vehicles in Canada and millions more in the U.S. due to a problem with the anti-lock braking system that can start a fire.
Documents posted by U.S. safety regulators on Wednesday say the anti-lock brake control module can leak fluid and cause an electrical short. That can touch off a fire while the vehicles are parked or being driven.
Hyundai says 326,942 vehicles in Canada are impacted, including:
- 77,571 model year 2012-2015 Hyundai Accent vehicles
- 153,026 model year 2011-2015 Hyundai Elantra vehicles;
- 4,403 model year 2013-2015 Hyundai Elantra Coupe vehicles;
- 85 model year 2014-2015 Hyundai Equus vehicles;
- 7,789 model year 2011-2015 Hyundai Genesis Coupe vehicles;
- 8,507 model year 2013-2015 Hyundai Santa Fe vehicles;
- 24,795 model year 2013 Hyundai Santa Fe Sport vehicles;
- 46,318 model year 2010-2013 Hyundai Tucson vehicles;
- 4,448 model year 2010-2012 Hyundai Veracruz vehicles.
An additional 1,642,551 of those and other makes and models are being recalled in the U.S.
The company says it is aware of 21 fires linked to the default in the United States, as well as 22 “thermal incidents,” including visible smoke, burning and melting, but Hyundai Canada told CBC News in a statement that there are “no crashes, injuries, or fatalities attributable to this condition.”
Kia Canada says 276,225 vehicles in Canada are impacted, including:
- 2010-2011 Borregos;
- 2015-2016 Cadenzas;
- 2010-2013 Fortes;
- 2010-2013 Forte Koups;
- 2015 K900s;
- 2010-2015 Optimas;
- 2012-2017 Rios;
- 2010-2017 Rondos,
- 2011-2014 Sorrentos;
- 2011-2013 Souls;
- 2010 Sportages;
An additional 1.7 million Kias in the U.S. are included in the recall.
In a statement, the U.S. National Highway Traffic Safety Administration said that “until these recalled vehicles have been repaired … the safest place to park them is outside and away from homes and other structures.”
It said that “fires can occur whether the vehicle is parked and turned off or while driving.”
Dealers will replace the anti-lock brake fuse at no cost to owners, but owners won’t be notified by mail until November.
Fast Rising British Artist Danny Fox on the Five Artists Inspiring Him Right Now – Artsy
American anxiety, Georgian fireworks and a Black British pioneer – the week in art – The Guardian
China Economy Improved Further in September, Satellite Data Show – Bloomberg
Silver investment demand jumped 12% in 2019
Search for life on Mars accelerates as new bodies of water found below planet’s surface
Iran anticipates renewed protests amid social media shutdown
Economy22 hours ago
Fed’s Goolsbee Says Traditional Economic View May Cause Overshoot
Business21 hours ago
‘We are not there yet’: Metrolinx refuses to give end date for long-overdue Eglinton Crosstown LRT
Economy21 hours ago
German Economy to Shrink 0.6% in 2023 Before Wages Drive Rebound
Art12 hours ago
Details of the Pokémon/Van Gogh art museum crossover are just as adorable as we’d hoped【Pics】
News15 hours ago
Canadian immigration consultant’s plan to open India office paused due to political turmoil
Business20 hours ago
Alberta sets Canadian record for annual net interprovincial population growth: StatCan
Art16 hours ago
Scalpers Are Ruining A Pokémon Art Exhibit
News20 hours ago
What are Canada’s most popular baby names?