Anheuser-Busch Selling Shock Top, Blue Point to Cannabis Company Tilray

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Updated Aug. 7, 2023
By guest author Denny Jacob from the Wall Street Journal.
The acquisition also includes brands such as Breckenridge Brewery, Redhook Brewery and HiBall Energy, among others. Photo: Marc Millman/Getty Images
Anheuser-Busch InBev BUD 0.32%increase; green up pointing triangle is selling eight beer and beverage brands, including Shock Top and Blue Point, to the cannabis company Tilray Brands TLRY -5.30 % decrease; red down pointing triangle for an undisclosed amount.
The cannabis company’s acquisition also includes brands such as Breckenridge Brewery, Redhook Brewery and HiBall Energy, among others. The transaction includes breweries and brewpubs associated with these brands, as well as current employees.
The purchase price will be paid in cash and the transaction is expected to close this year, Tilray said.
Andy Thomas, president of the Anheuser-Busch unit that includes premium brands and craft brewers, said that Tilray reached out earlier this year expressing interest in the brands and breweries. Anheuser-Busch is still committed to other craft beer brands in its portfolio, he said.
The sale by Anheuser-Busch comes after the company in July laid off hundreds of workers at its U.S. offices after months of slumping sales of its Bud Light brand.
Sales of Bud Light have tanked since April amid a commercial backlash over a promotion with transgender influencer Dylan Mulvaney. Earlier this year, Mexican brand Modelo Especial dethroned Bud Light as the top-selling beer in the U.S.
Dylan Mulvaney, a transgender influencer with more than 1.8 million Instagram followers, criticized Bud Light on Thursday for not publicly supporting her after her association with the beer brand sparked calls for a boycott. Photo: Angela Weiss/AFP/Getty Images
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It is the latest foray by Tilray into alcoholic beverages. In November, it agreed to buy craft brewer and hard seltzer maker Montauk Brewing. The company says the acquisition will make it the fifth largest craft beer brewer in the U.S., giving it a 5 % share of the market.