Tilray Brands Inc TLRY shares are trading lower by 7.0% to $2.66 Thursday morning. The stock is pulling back following Tuesday's strength potentially amid profit-taking after the company announced an agreement to acquire eight beer and beverage brands from Anheuser-Busch.
The acquisition places Tilray Brands as the 5th largest craft beer business in the U.S., up from 9th. The transaction includes current employees, breweries and brewpubs associated with these brands. The purchase price will be paid in all cash and the transaction is expected to close in 2023.
"Today's announcement both solidifies our national leadership position and share in the U.S. craft brewing market and marks a major step forward in our diversification strategy," said Tilray Chairman and CEO Irwin D. Simon...Read More
According to data from Benzinga Pro, TLRY has a 52-week high of $5.12 and a 52-week low of $1.50.
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