Adam Jackson
Tilray Brands Inc. (Nasdaq: TLRY) said Monday that it bought Montauk Brewing Company and tapped veteran beverage executive Ty H. Gilmore to lead Tilray’s U.S. beer business in a bid to secure more alcohol profits.
Montauk Brewing’s products sell at premium prices with 6,400 points of distribution, the company said, including several national retailers. While the terms were not immediately disclosed, the acquisition is expected to be accretive to the company’s adjusted EBITDA.
“Tilray Brands continues to strengthen our U.S. footprint and operations through investments in and growing our portfolio of leading lifestyle (consumer packaged goods) brands that resonate powerfully with consumers,” said Tilray CEO Irwin Simon. “Montauk Brewing is an iconic brand with leading market share and distribution in the northeast.”
Montauk Brewing adds to Tilray’s growing U.S. beverage-alcohol portfolio, which already includes Georgia’s SweetWater Brewing Company and Colorado’s Breckenridge Distillery, as well as Southern California’s Green Flash and Alpine brands.
“Tilray Brands intends to leverage SweetWater’s existing nationwide infrastructure and Montauk Brewing’s northeast influence to significantly expand our distribution network and drive profitable growth in our beverage-alcohol segment,” Simon said.
The company has plans to use the infrastructure across its beer, spirits, and snack-food categories to venture into THC-based products whenever cannabis becomes federally legal in the U.S.
“This distribution network is part of Tilray’s strategy to leverage our growing portfolio of U.S. CPG brands and ultimately to launch THC-based product adjacencies upon federal legalization in the U.S.,” he said.
Gilmore was the executive vice president at Glazer’s Beer and Beverage, a post he had served since 2020.
