AB InBev sells eight craft beer brands to Tilray
AB InBev has sold eight of its craft beer brands to Tilray in an $85million deal.
Tilray, a Canadian cannabis company, is buying Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company and HiBall Energy.
The company said the deal will make it the fifth largest craft beer business in the US, up from ninth.
The transaction will include current employees, breweries, and associated brewpubs, the company added.
“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,” the company’s CEO and chairman Irwan D. Simon said.
“Upon federal cannabis legalisation, we expect to leverage our leadership position, wide distribution network and portfolio of beloved beverage and wellness brands to include THC-based products and maximise all commercial opportunities.”