Pot Company Buys Montauk Brewery

On Monday, Tilray Brands, an international cannabis company based in the United States, announced that it had purchased Montauk Brewing Company. The pot company is already entrenched in cannabis pharmaceuticals and growing facilities across the globe but has recently begun expanding more into alcohol, specifically craft brewing.

Montauk Brewing joins Tilray’s growing U.S. beverage-alcohol segment.

According to MJBiz, in 2021, Tilray purchased Breckenridge Distillery in Colorado for $103 million and Alpine Beer and Green Flash Brewing Company out of California for $5.1 million. Before that in 2020, the company acquired SweetWater Brewing Co. in Georgia for about $300 million.

The deal for Montauk Brewing Company by Tilray, the largest cannabis company in the world by total assets, brings a well-known Long Island brand of beers with over 6,400 points of distribution, including top national retailers such as Target, Whole Foods, Trader Joe’s, Stop & Shop, King Kullen, Walmart, 7-Eleven, Costco, BJ’s, and Speedway.

To fully optimize the value and strength of its U.S. craft beer portfolio, Tilray also announced today that it has appointed veteran beer and beverage industry executive Ty H. Gilmore as President of Tilray’s U.S. beer business, a newly created position.

“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,” said Irwin D. Simon, Chairman and CEO. “Montauk Brewing is an iconic brand with leading market share and distribution in the northeast.

Simon said that Tilray will leverage their existing nationwide infrastructure through SweetWater and Montauk Brewing’s northeast influence to significantly expand the company’s distribution network. 

“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.,” he added.

Tilray’s craft beer segment is now coast to coast and the company wants to expand Montauk Brewery’s customer base and grow throughout the U.S. as a national brand.

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texasstandard.news contributed to this report.

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