Tilray Acquires Montauk Brewing, Strikes Canadian Deal With Charlotte’s WebNovember 8, 2022
Tilray continues to raise its profile in the U.S. market’s beverage alcohol category, acquiring New York’s Montauk Brewing for an undisclosed sum. Montauk Brewing joins SweetWater, Green Flash, and Alpine in Tilray’s growing beer portfolio, as well as Breckenridge Distillery in the spirits segment. Tilray also announced that it has appointed veteran beer and beverage industry executive Ty H. Gilmore—formerly of Glazer’s and Diageo—as president of its U.S. beer business, a newly created position.
Montauk’s footprint boasts 6,400 points of distribution, including retailers such as Target, Whole Foods, Trader Joe’s, Stop & Shop, King Kullen, Walmart, 7-Eleven, Costco, BJ’s, and Speedway, and the company ranks among the top craft beer brands in the metro New York market. “Tilray Brands intends to leverage SweetWater’s existing nationwide infrastructure and Montauk Brewing’s northeast influence to significantly expand our distribution network and drive profitable growth in our beverage-alcohol segment,” said chairman and CEO Irwin Simon. “This distribution network is part of Tilray’s strategy to leverage our growing portfolio of U.S. CPG brands and ultimately to launch THC-based product adjacencies upon federal legalization in the U.S.”
Meanwhile, Tilray will launch the full-spectrum CBD lineup of Charlotte’s Web in Canada next year under a new strategic alliance. The deal includes licensing, manufacturing, quality, marketing, and distribution for Charlotte’s Web CBD hemp extract products in Canada. Tilray expects to debut Charlotte’s Web’s hemp extract oil tinctures early next year, followed by gummies and topicals.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
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