Struggling to compete in a complex and floundering cannabis industry, Tilray Brands has found relief in the beer industry with second quarter 2023 earnings showing net revenue from its alcohol business up 117%. After a string of recent craft brewery acquisitions, Tilray is now the fifth-largest craft brewer in the U.S.
The company is following the lead of many large companies in the beverage and alcohol business by diversifying. Following the acquisition of eight beer brands from Anheuser-Busch along with other craft brewery acquisitions, cannabis now accounts for only about a quarter of its total business.
The company said it plans on doing more acquisitions in 2024.
Tilray was founded in 2013 as a cannabis company doing business mainly in Canada. It has since expanded into a consumer packaged goods company and is headquartered in New York City.
They own widely distributed craft beer brands scooped up from AB in October of last year such as Widmer Brothers, Redhook, Brekenridge and ShockTop along with other brands previously acquired including Alpine Brewing, Green Flash and others.
More on the company’s financial report here.