Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) announced a series of fall-themed product launches across its craft beer and beverage brands on Wednesday, including Breckenridge Brewery, Montauk Brewing, Blue Point Brewing, Terrapin and Shock Top.
The Canadian cannabis giant has been buying beer brands throughout recent years, as part of its ongoing strategy to establish its presence in the U.S. One of its latest moves valued at $2 million was the purchase of four craft breweries from Molson Coors Beverage Company (NYSE:TAP).
Prinz Pinakatt, chief marketing officer at Tilray Beverages, shed light on what's in the latest offering.
"Our offerings, from Oktoberfest beers to pumpkin ales, are meticulously crafted to embody the essence of the season," he said.
Read Also: Tilray Acquires $23.8M Promissory Note In Deal With Double Diamond On Heels Of Brewery Acquisition
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New fall brews and spirits from Tilray Beverages include:
- Shock Top: Twisted Pretzel (ABV: 5%);
- Breckenridge Brewery: Oktoberfest (ABV: 6%);
- Montauk Brewing: Pumpkin Ale (ABV: 5.7%);
- Blue Point Brewing: Mother Pumpkin Ale (ABV: 5.5%); and
- Terrapin Beer: Sweater Weather (6.8% ABV).
Tilray's Recent Updates
Tilray recently reported net revenue of $200 million, up by 13% from $177 million in the prior year quarter, but down from $229.882 million in the previous quarter.
Irwin D. Simon, Tilray Brands' chairman and chief executive officer, said the company's "investments in the cannabis, wellness, beverage, and distribution industries are focused on shaping the future and staying ahead of the curve."
That said, Tilray has been ramping up its cannabis side of business as well. It recently launched a new line of hemp-derived Delta-9 THC beverages across key U.S. markets. The move marked the company's strategic expansion into the fast-growing hemp-derived THC beverage category.
"We are dedicated to executing our strategic plan to increase revenue, drive operational efficiencies, and improve margins and profitability while investing in our continued growth," Simon said.
TLRY Price Action
Tilray's shares traded 0.24% higher at $1.5737 per share at the time of writing on Wednesday morning.
- Tilray CEO Irwin Simon: 2024 Election Likely To Drive U.S. Cannabis Legalization, No Matter Who Wins
