Anheuser-Busch, the owner of Bud Light and several other beer brands, is selling off eight of its labels to Tilray Brands, a cannabis company based in New York City.
The eight labels the company will purchase from Anheuser-Busch include Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy. The purchase of these labels includes the current employees, breweries, and brewpubs that are associated with these brands, according to the press release.
“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," said Irwin D. Simon, the chairman and CEO of Tilray Brands. "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.”
