Tilray Brands acquires Metro New York craft brewer Montauk Brewing
Tilray Brands, a NASDAQ and TSX-listed pharmaceutical, cannabis-lifestyle, and consumer packaged goods company, has acquired Montauk Brewing Company, a craft brewer in Metro New York.
The financial terms of the deal were not disclosed.
Through the deal, Tilray Brands will expand and strengthen its footprint in the US.
It is expected to scale Tilray Brands’ business prospects in the US craft beer segment as well.
The acquisition adds Montauk Brewing to Tilray Brands’ US beverage-alcohol brand portfolio that includes SweetWater Brewing Company in Atlanta, the Alpine and Green Flash brewing companies in California, and Breckenridge Distillery, a bourbon and spirits brand, in Colorado.
Montauk Brewing has more than 6,400 distribution points. These include national retailers like Whole Foods, King Kullen, Stop & Shop, Walmart, Trader Joe’s, 7-Eleven, Speedway, Costco, BJ’s, and Target.
Tilray Brands acquires Metro New York craft brewer Montauk Brewing. Photo courtesy of Tilray Brands, Inc.
Irwin D Simon — Tilray Brands Chairman and CEO said: “Tilray Brands continues to strengthen our U.S. footprint and operations through investments in and growing our portfolio of leading lifestyle CPG brands that resonate powerfully with consumers.
“Montauk Brewing is an iconic brand with leading market share and distribution in the northeast. Tilray Brands intends to leverage SweetWater’s existing nationwide infrastructure and Montauk Brewing’s northeast influence to significantly expand our distribution network and drive profitable growth in our beverage-alcohol segment.
“This distribution network is part of Tilray’s strategy to leverage our growing portfolio of U.S. CPG brands and ultimately to launch THC-based product adjacencies upon federal legalization in the U.S.”
Tilray Brands is planning to accelerate Montauk Brewing’s distribution network and revenue growth through the existing nationwide infrastructure of SweetWater.
Arlington Capital Advisors acted as the exclusive financial advisor to Montauk Brewing.
With operations in Canada, the US, Europe, Australia, and Latin America, Tilray Brands has a manufacturing platform that supports more than 20 brands in 20-plus countries, including cannabis offerings, craft beverages, and hemp-based foods.