Business
Tilray Strengthens Strategic Position in the U.S. with Acquisition of Breckenridge Distillery
Accretive Acquisition of Award-Winning Producer of Distilled Spirits Expands Tilray’s U.S. Offerings into the On-Trend Spirits Category Tilray’s Diversified,
About this update from Tilray Brands, Inc.
[{"type":"text","content":"Accretive Acquisition of Award-Winning Producer of Distilled Spirits Expands Tilray’s U.S. Offerings into the On-Trend Spirits Category Tilray’s Diversified, Growing CPG Portfolio in the U.S. Delivers Revenue and EBITDA and Establishes Robust Infrastructure Upon Cannabis Legalization NEW YORK, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ | TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today announced the strategic acquisition of Breckenridge Distillery, a leading distilled spirits platform located in Breckenridge, Colorado widely-known for its award-winning bourbon whiskey collection and innovative craft spirits portfolio. Tilray expects the acquisition to be immediately accretive to EBITDA. Irwin D. Simon, Chairman and CEO, said, \"Tilray’s strength lies in our ability to identify and significantly expand leading CPG lifestyle brands that resonate powerfully with consumers. Breckenridge Distillery is an iconic addition to our platform in this respect based on its portfolio of award-winning spirits, passionate consumer engagement, and a strong sales and distribution network. We see tremendous potential for Breckenridge and our existing SweetWater brand to complement each other, expanding their respective reach and driving further profitable growth in our beverage alcohol segment.” Mr. Simon continued, “More generally, the Breckenridge Distillery transaction is consistent with Tilray’s strategy of leveraging our growing portfolio of U.S. CPG brands to launch THC-based product adjacencies upon federal legalization in the U.S. These significant, diversified revenue streams are key to delivering on our ultimate goal of industry leadership with $4 billion in revenue by the end of fiscal year 2024.” Bryan Nolt, Breckenridge Distillery’s Founder and Chief Executive Officer, added, “We are excited to join Tilray and drive revenue growth as part of its global and leading CPG and cannabis-lifestyle platform. The award-winning spirits that have driven our success will unquestionably benefit from access to Tilray’s global distribution network and opportunities to expand into cannabis and edible-related products in the U.S.” Founded in 2008 by Mr. Nolt, the Breckenridge Distillery is most ...