Tilray Brands completed its full acquisition of Truss Beverage Co. from Molson Coors Canada, the company announced.
Tilray acquired the remaining 57.5% equity stake in Truss Beverage, a wholly owned subsidiary of the Canadian-based cannabis producer, though terms of the deal were not disclosed.
With the acquisition of Truss Beverage, Tilray “substantially broadens its consumer base and leading market share position,” with a combined cannabis beverage pro-forma market share of about 36%, according to the company.
Tilray’s acquisition of Truss Beverage further expands the company’s beverage segment, which already included SweetWater Brewing Company, Montauk Brewing Company, Green Flash Brewing Company, Alpine Beer Company, XMG, Mollo, House of Terpenes, and Little Victory.
“In addition to acquiring full and direct ownership of a stable of high-growth brands, this acquisition further strengthens Tilray’s #1 cannabis market share position in Canada and positions the company at the forefront of the adult-use beverage sector,” Blair MacNeil, president of Tilray Canada, said in a news release. “We are excited to build upon our leading portfolio of beloved cannabis brands and to further diversify our product offerings while broadening our consumer reach and enhancing consumer’s lives.”
Furthermore, Tilray’s acquisition of Truss Beverage comes just weeks after the company acquired eight Anheuser-Busch brands at a purchase price of $85 million. The eight beverage brands Tilray acquired from AB are Shock Top, Breckenridge Brewery, Blue Point Brewing Company, Redhook Brewery, Widmer Brothers Brewing, 10 Barrel Brewing Company, Square Mile Cider Company, and HiBall Energy. Tilray’s acquisition from AB also includes the eight brands’ current employees, brewpubs and breweries.
Tilray said the Canadian cannabis beverage retail market is an approximately $100 million sector.
“Over time, we expect the regulatory landscape for beverage distribution to evolve, with authorities re-evaluating their consumer policies,” Tilray said in its release. “We expect this shift to fuel strong growth in the market for cannabinoid-based beverages, catering to diverse needs and occasions.”