Diversification Pays Off: Tilray Beer Division Ranks 9th On List Of Top US Craft Brewers

Tilray Brands TLRY may be a cannabis company, but it is officially among the largest craft brewers in the U.S.

The firm's beer division ranks ninth on the Brewers Association’s annual report of the nation’s top craft companies based on beer sales volume in 2022.

Tilray's beer division “has enormous potential to grow even further as we continue to expand our distribution network into new markets across the U.S. and grow our leading portfolio of diverse craft brands that resonate with adult consumers," Tilray President of U.S. Beer Ty Gilmore noted.

Tilray has diversified its business through a beer-buying spree between 2020 and 2022, adding Atlanta-based SweetWater Brewing Co., Alpine, California-based Alpine Beer Co., San Diego-based Green Flash Brewing, and New York-based Montauk Brewing Co. to its portfolio of brands.

The company aims to leverage these businesses when cannabis legalization is approved by the US federal government.

Price Action: TLRY shares were trading 2.46% lower on Wednesday afternoon, at $2.18 per share. 

Photo by Sigmund on Unsplash.