One of the leading global cannabis companies has announced plans to buy eight brands from Anheuser-Busch – including 10 Barrel Brewing Company, which has a location in downtown Boise.
Under the deal, Tilray Brands, Inc. a global cannabis and hemp company will acquire 10 Barrel Brewing Company, Breckenridge Brewery, Shock Top, Blue Point Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy.
“Tilray Brands reached out to us early this year with interest in purchasing these brands and breweries, and since then, we’ve had many positive conversations that led to today’s announcement,” Anheuser-Busch President Andy Thomas said. “…We are committed to working with Tilray Brands over the coming months to ensure this is a smooth transition for the people who are working every day to get these amazing beers and beverages to consumers across the U.S.”
Anheuser-Busch purchased 10 Barrel in 2014.
The transaction will bump Tilray up to the fifth-largest craft beer business in the U.S. Currently, Tilray ranks ninth, with existing brands such as Montauk Brewing Company and Alpine Beer Company.
“Today’s announcement both solidifies our national leadership position and share in the U.S. craft brewing market and marks a major step forward in our diversification strategy,” Chairman and CEO of Tilray Brands, Irwin D. Simon said. “We are excited to work with the teams behind these iconic brands that command great consumer loyalty and have a history of delivering strong award-winning products with tremendous growth opportunities. Tilray is fully committed to invest in and champion the future of the U.S. craft beer industry by fueling new innovation that excites and further accelerates the growth of its consumer base.”
Simon said if cannabis is legalized federally, the company hopes to incorporate more THC-based products across its brands.
“…In a matter of three years, Tilray has solidified its leadership position in the craft beer industry, and we fully intend to be that change agent that reinvigorates the sector,” Simon said. “Upon federal cannabis legalization, we expect to leverage our leadership position, wide distribution network, and portfolio of beloved beverage and wellness brands to include THC-based products and maximize all commercial opportunities.”
The purchase includes current employees, breweries, and brewpubs associated with the brands.
Ten Barrel has two locations in Bend, Oregon, where the brewery started, another in Portland Oregon, and a Boise location.
The deal is anticipated to close this year.