Dive Brief:
- Tilray Brands is expanding its craft beer portfolio with the purchase of U.K. brewer BrewDog for $44 million.
- The cannabis and beer company will acquire the U.K. brewing operations and 11 brewpubs in the U.K. and Ireland. Tilray said it is separately negotiating to acquire BrewDog assets in the U.S. and Australia.
- With the BrewDog acquisition, Tilray’s global beverage platform is expected to grow to about $500 million in annual revenue, creating one of the largest diversified craft beverage platforms, according to the company.
Dive Insight:
Once focused solely on cannabis, Tilray has been rapidly growing its beer portfolio to diversify its revenue stream and minimize its dependence on marijuana. In just the past few years, it became a major player in the craft beer space with the purchase of Shock Top, Redhook Brewery and Sweetwater Brewery, among others.
Tilray expanded its global reach with the purchase of BrewDog, giving it a “significant opportunity for growth in the UK and previously untapped international markets.”
The deal appears to be a lifeline for the troubled 19-year-old BrewDog, a maker of craft, premium and low- and no-alcohol beer offerings. While the sale reportedly saved 733 jobs, nearly 500 had been lost and 38 bars closed after they were not included in the deal, the BBC reported. The media outlet noted that equity holders would receive no return on the deal.
The $44 million price tag for Brewdog, which at one point was valued at over $2 billion according to Bloomberg, also reflects struggles in the craft beer market. Craft brewery closings in the U.S. outpaced openings in the first half of 2025, down 1% from the same period a year earlier, according to the Brewers Association.
“As we begin a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence that made it beloved in the first place and strategically invest to return the operations to profitable growth,” Irwin D. Simon, Tilray’s CEO, said in a statement. “BrewDog’s future is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement.”
The deal for BrewDog also comes as Tilray expands its presence in international brews and imported beers, a category that has seen some opportunities for growth. Last month, it announced a licensing agreement with Carlsberg Group for the production, marketing and selling of the Danish brewing giant’s beer portfolio in the U.S.
