Business
Tilray Brands Announces Acquisition of Truss Beverage Co.™
Acquisition Positions Tilray as Leader in Adult-Use Cannabis Beverages in Canada, with a Combined Pro-Forma Market Share of ~36%1 LEAMINGTON, Ontario, Aug.
About this update from Tilray Brands, Inc.
[{"type":"text","content":"Acquisition Positions Tilray as Leader in Adult-Use Cannabis Beverages in Canada, with a Combined Pro-Forma Market Share of ~36%1 LEAMINGTON, Ontario, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray Brands”, “Tilray” or the “Company”) (Nasdaq | TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company, today announced the acquisition of the remaining 57.5% equity ownership of Truss Beverage Co.™ (Truss) from Molson Coors Canada (NYSE: TAP). THC beverages present a significant opportunity to engage legal-aged consumers who haven’t explored cannabis as a lifestyle, medical, or functional choice. In Canada, with over 10.6 million2 potential consumers remaining untapped, cannabis beverages are almost $100MM3 at retail. Regulatory shifts are expected to facilitate market entry for beverages, with the possibility of on-tap THC options in restaurants and bars promising substantial growth for this category. Over time, we expect the regulatory landscape for beverage distribution to evolve, with authorities re-evaluating their consumer policies. We expect this shift to fuel strong growth in the market for cannabinoid-based beverages, catering to diverse needs and occasions. Blair MacNeil, President, Tilray Canada, said, “In addition to acquiring full and direct ownership of a stable of high-growth brands, this acquisition further strengthens Tilray’s #1 cannabis market share position in Canada and positions the company at the forefront of the adult-use beverage sector. We are excited to build upon our leading portfolio of beloved cannabis brands and to further diversify our product offerings while broadening our consumer reach and enhancing consumer’s lives.” Beyond the cannabis industry, functional beverages represent significant growth. These beverages offer consumers the functional advantages of THC and the diverse range of minor cannabinoids. These elements provide many benefits and other opportunities that enhance the lives of adults. Strategic and Financial Benefits Robust Cannabis Beverage Platform Positions Tilray at the Forefront of a Dynamic Market. As regulations ease, Tilray's expansion into the billion-dollar functional drinks category is a strategic step into a dynamic market. Tilray is positioned to capitalize on this trend. By embracing this evolving landscape, Tilray not only taps ...