Tilray's Beer Business Expands Nationally, Starting In This State

Montauk Brewing Company, a New York craft brewer and a subsidiary of cannabis giant Tilray Brands, Inc. TLRY TLRY, has kicked off its expansion beyond the Northeast, beginning in Georgia, and continues to other significant markets in the U.S. later this year.

“This is a huge moment for Montauk Brewing as we begin a sustainable path to becoming a national brand,” said Ty Gilmore, president of U.S. Beer at Tilray. “Since Montauk Brewing was founded 11 years ago, the buzz around its innovative, easy-drinking beers has spread far beyond New York.”

Montauk’s best-selling styles of its drinkable craft beers, including Wave Chaser India Pale Ale, Cold Day IPA, Driftwood Ale and Box of Montauk, are now available in both cans and kegs.

Tilray’s Foray Into Beer

The move follows the acquisition of eight beer and beverage brands from Anheuser-Busch BUD, making the company the 5th largest craft beer business in the U.S., up from 9th.

Simon told BNN Bloomberg in a TV interview that an opportunity lies not only in cannabis but also in the beer business.

See Also: Tilray CEO Bullish On Beer And Cannabis Legalization, Moves Closer To $4B 'Aspirational Goal'

“I’m buying these brands too because I think there’s a big opportunity in the beer business and my whole strategy is craft beer,” Simon said.

Moreover, he anticipates creating a beer infused with cannabis.

“Upon legalization (in the U.S.) one day, we will infuse these drinks with THC, with CBD, but we’ll have the distribution and we’ll have the brands when and if legalization does happen,” Simon continued.

Now that the Dept. of Health and Human Services called on the DEA to reclassify marijuana as a Schedule III rather than a Schedule I drug, Simon, who has been a keynote speaker at past Benzinga Cannabis Capital Conferences, is optimistic.

“Tilray today is well diversified, well positioned and with legalization happening in the U.S., we are set to capitalize on that in a big way too.” 

Related News

• Tilray Has Beer: Craft Cannabis Brew Coming Soon To US Bars and Stores
• Why Is Tilray Scaling Its Alcohol Operations? The Newest Acquisition: SweetWater To Buy Green Flash And Alpine Beer
• SweetWater Brewing Co Expands In Colorado Via New Brewery And Taphouse On Heels Of Tilray Collaboration

Price Action

Tilray’s shares traded 0.8503% higher at $2.965 per share during the pre-market session on Thursday morning.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.