Tilray Brands (NASDAQ: TLRY) would buy four craft breweries from beer maker Molson Coors (NYSE: TAP) to expand the business beyond its range of cannabis products, the company said on Tuesday.
The pot producer would acquire Hop Valley Brewing Company, Terrapin Beer Co, Revolver Brewing, and Atwater Brewery and expand its portfolio, adding 30% new beer-buying customers.
The company has acquired several spirits and beverages makers over the past year to boost its crafts beer portfolio, amid weakness in the cannabis business.
Tilray did not immediately respond to a Reuters’ request for comment on the deal’s financial details.
Last year, the company bought eight beer and beverage brands from Anheuser-Busch InBev (NYSE: BUD) for $85 million in cash.
Shares of Tilray Brands (NASDAQ: TLRY) rose and Molson Coors (NYSE: TAP) were up 5% and 1.9%, respectively, in the afternoon trade.
(Source: ReutersReuters)
