Molson Coors Beverage Co has become the latest multinational to consolidate its craft beer presence in the US, lining up four offloads to cannabis specialist Tilray Brands.
New York-based Tilray has reached an agreement to acquire the businesses from Molson Coors for an undisclosed sum. Framing itself as a “beacon for craft brands”, the business will take on Hop Valley Brewing Co in Oregon, Terrapin Beer Co in Georgia, Revolver Brewing in Texas and Michigan’s Atwater Brewery.
The four will sit alongside the eight craft brands Tilray acquired from Anheuser-Busch InBev almost exactly 12 months ago.
Molson Coors’ CCO, Michelle St Jacques, said the divestments are the result of a “clear premiumisation ambition” that has been drawn up in recent months. “Achieving [the ambition] is going to require tighter focus on the segments we believe have the highest growth potential for our business,” she said.
“This move allows us to … focus our time, energy and resources behind the initiatives we believe will best help us meaningfully grow our US above-premium portfolio in beer and beyond beer.”
For Tilray, the deal will add around 15m cases to its annual beer sales, “cementing [the company] as the number one craft brewer in the Pacific Northwest [and] number one in Georgia”.
Twelve months ago, Molson Coors sold its 57.5% in cannabis drinks joint venture Truss Beverage Co to Tilray after the latter had acquired JV partner Hexo Corp.
