Canadian cannabis company Tilray Brands announced On Tuesday, it announced it was expanding its beverage portfolio with the acquisition of popular New York-based craft brewer Montauk Brewing.
Irwin D. Simon, Chairman and Chief Executive Officer of Tilray, said: “Montauk Brewing is an iconic brand leading market share and distribution in the Northeast. Tilray Brands will leverage SweetWater’s existing national infrastructure and Montauk Brewing’s Northeast influence to bring We plan to significantly expand our network to drive profitable growth in the beverage alcohol segment.This distribution network will leverage our growing portfolio of US CPG brands and will eventually lead to a US federally legal It’s part of Tilray’s strategy to launch an adjacency of THC-based products as it evolves.”
For Tilray, the acquisition provides another foothold in the coveted US market. Like other international cannabis brands, Tilray is touring the United States ahead of the country’s expected changes to federal marijuana laws.
President Joe Biden last month announced a pardon for all individuals convicted of simple cannabis. In the announcement, Biden also hinted at changes to federal marijuana law, stating, “Health and Social Services to initiate an administrative process to expedite a review of how marijuana is slated under federal law.” I have instructed the Commissioner and the Attorney General,” he said.
“As I often said during the presidential campaign, no one should go to jail for using or possessing marijuana,” Biden said in a statement. Sending to prison has taken too many lives and imprisoned people for such conduct, and is no longer prohibited in many states. Whites, blacks and browns use marijuana in similar proportions, while blacks and browns are disproportionately arrested and prosecuted. and have been convicted.”
According to Tilray’s announcement on Monday, “Following federal legalization in the United States, Tilray will continue to build strategic infrastructure, operations and maximize consumer loyalty brands across beer, spirits and snack food categories. We plan to tap into and further expand our THC-based offerings by leveraging that commercial opportunity.”
The acquisition will also help Tilray expand its collection of alcohol brands.
In Monday’s announcement, the company said Montauk, dubbed “Metro New York’s number one craft brewer,” “joins Tilray’s growing U.S. beverage alcohol segment.” National distribution in more than 40 states, iconic Southern California brands of Alpine and Green Flash, and Breckenridge Distillery, a leading lifestyle bourbon and spirits brand. ”
Montauk has “great potential to expand its customer base and grow as a truly national brand across the country,” Tilray said in a press release.
According to the announcement, Montauk Brewing, Sweetwater Brewing, Green Flash and Alpine now “serve as cornerstones of Tilray’s coast-to-coast craft beer segment, further strengthening the company’s net revenues.”
In addition to the acquisition of Montauk Brewing, Tilray said it has “newly appointed veteran beer and beverage industry executive Ty H. Gilmore as President of Tilray’s U.S. Beer business.”
“We are thrilled to welcome Montauk Brewing founders Vaughan Cutillo and Eric Moss and Montauk Brewing General Manager Terry Hopper to the Tilray Brands family. We look forward to maximizing the performance of our highly potent Kraft and portfolio of lifestyle beverage brands,” Simon said in a press release Monday.