Anheuser-Busch unloads Redhook Brewery as part of 8-brand sale to cannabis company

[Yo_Mama_Been_Loggin]

Anheuser-Busch Inc. has reached a deal to sell off eight of its brands, including several high-profile craft breweries acquired in the past decade, to a New York company that specializes in cannabis lifestyle products and packaged goods.

The deal between Tilray Brands Inc. (Nasdaq: TLRY) and Anheuser-Busch (NYSE: BUD) involves A-B transferring ownership of beer brands Shock Top; Seattle-based Redhook Brewery; Colorado-based Breckenridge Brewery; New York-based Blue Point Brewing Company; 10 Barrel Brewing Company of Bend, Oregon; Portland-based Widmer Brothers Brewing and Square Mile Cider Company, and San Francisco-based energy drink company HiBall Energy.

Terms of the acquisition were not disclosed in a news release by Tilray, which said the deal will make it the nation's fifth-largest craft beer company, up from ninth place. In addition to its cannabis-related holdings, it also owns several craft beer brands, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company and Green Flash Brewing Company.

"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 CEO and Chairman Irwin D. Simon said in a news release. "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.”

https://www.bizjournals.com/seattle/news/2023/08/08/anheuser-busch-redhook-brewery-sale-tilray-brands.html

[bucolic_frolic]

1. I was wondering why there are so many beer brands

I wonder if they develop from local brewmeisters and capital, or from A-B seed capital. Every town, every 20 miles seems like a new brewery is popping up.

I don't drink craft beers, they seem quite toxic to me.

[Midnight Writer]

2. I wonder if cannabis legalization is eating into beer profits?

[Mopar151]

3. Probably not for craft beers.

In Windsor, VT, Stoneleaf Dispensary, Harpoon Brewing, and Silo Distilling share a business park. Harpoon has a well-known restaurant. Also a jam & jelly store, and a small screw machine shop.