Cannabis company Tilray Brands has acquired New York craft brewer, Montauk Brewing Company, for an undisclosed sum.
Montauk Brewing offers a portfolio of craft beers, distributed through national retailers such as Target, Whole Foods, Trader Joe’s, Walmart, 7-Eleven and Costco. The deal is expected to be accretive to Tilray’s adjusted EBITDA.
Montauk Brewing joins Tilray’s US alcohol segment, which already includes craft brewer SweetWater Brewing Company, alongside other brands.
Tilray has also announced the appointment of Ty Gilmore as president of its US beer business. Gilmore joins the company from Glazer’s Beer and Beverage, where he was executive vice president, overseeing sales, marketing and operations across 11 distributors in the south. Prior to that, he spent the majority of his career at Diageo.
Tilray chairman and CEO, Irwin Simon, said: “Tilray Brands continues to strengthen our US 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.”
He continued: “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 US CPG brands and ultimately to launch THC-based product adjacencies upon federal legalisation in the US.
“We are excited to welcome Montauk Brewing’s founders Vaughan Cutillo and Eric Moss, as well as Terry Hopper, Montauk Brewing’s general manager, to the Tilray Brands family, and I look forward to working closely with Ty Gilmore to maximise the performance of our enormously powerful craft and lifestyle beverage brand portfolio.”
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