Tilray Brands, Inc. (NASDAQ:TLRY) confirmed Thursday it has completed the previously announced acquisition of Atwater Brewery, from Molson Coors Beverage Company (NYSE:TAP).
"Atwater Brewery is a renowned craft brewery with a rich history and a loyal following in Michigan," said Irwin D. Simon, chairman and chief executive officer of Tilray Brands. "This acquisition expands our reach in the Great Lakes region and further strengthens our position in the craft beer industry. We are excited to welcome Atwater Brewery to Tilray Brands and are committed to leveraging our expertise and resources to drive growth, expand distribution, and provide beer lovers with access to Atwater's exceptional brews."
TD Securities acted as financial advisor, and DLA Piper LLP (US) acted as external legal counsel to Tilray Brands.
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The Atwater Brewery acquisition comes on the heels of finalized purchases of craft breweries Hop Valley Brewing Company, Terrapin Beer Co., and Revolver Brewing, also from Molson.
Over the last several months, Tilray, valued at $2 billion, has been expanding its U.S. brewery business but is not giving up on cannabis. In August, it released its latest small-batch flower strain, Milk & Cookies, under its premium cannabis brand Broken Coast, and in September, it published the results of a study focused on cannabis as a potential treatment for pain management and other fibromyalgia-associated symptoms.
Moreover, the Canadian cannabis giant is also working on expanding its medical marijuana business globally and has already obtained a cultivation license in Germany, whose market is projected to reach a valuation of approximately €1.7 billion ($1.86 billion) by 2025.
Tilray Brands' beverage portfolio includes famed craft beer, spirits and non-alcohol beverage brands such as SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Company, Shock Top, Breckenridge Brewery, Breckenridge Distillery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewing Company, Widmer Brothers Brewing, Square Mile Cider Company, HiBall Energy, Happy Flower CBD along with Canada's top recreational cannabis and THC beverage brands Mollo and XMG.
Price Action: Tilray shares closed Thursday's market session 1.16% lower at $1.70 per share.
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