Cannabis and craft beer producer Tilray Brands has landed a licensing agreement with Carlsberg Group for the production, marketing and selling of the Danish brewing giant’s beer portfolio in the U.S.
The five-year agreement is set to begin in 2027, with an automatic renewal option for another five years subject to performance criteria, according to a press release Wednesday. The agreement includes Carlsberg’s namesake brew along with Carlsberg Elephant, 1664 and Kronenbourg 1664 Blanc.
Tilray, which is one of the largest craft beer brewers in the U.S., is positioning the agreement as a way to broaden Carlsberg’s market share in the U.S. and tap into consumer interest in premium and imported beers. Declining beer consumption and a move away from craft offerings has pressured alcohol producer earnings, though Tilray still sees opportunities in the premium segment.
“Beer is here to stay, and this agreement reinforces our strategy of partnering with best-in-class brands and maximizing the value of our beverage operations,” Tilray Brands CEO Irwin Simon said in a statement.
Tilray’s beverage portfolio includes craft beer brands Shock Top, Terrapin Beer and Sweetwater Brewery, among others. It acquired 12 brands in 2023 and 2024, including eight from Anheuser-Busch and four from Molson Coors.
Broadening its beer portfolio also provides some insulation from regulatory uncertainty around hemp-derived THC drinks. Tilray currently holds 60% market share for THC drinks in North America, and the segment is seeing growth despite a pending ban in the U.S.
In Tilray’s most recent earnings report, net revenue increased 3% to $217.5 million. Cannabis sales grew 3% to $67.5 million, while beverage net revenue was $50.1 million, down 20% from a year ago.
