Tilray Buys Out Truss Beverage Co. from Molson Coors Canada

August 18, 2023 · Green Market Report

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) is buying the remaining 57.5% of shares in THC-infused drink line Truss Beverage Co. from Molson Coors Canada, the company said Friday.

In a statement, Blair MacNeil, President of Tilray Canada, expressed excitement for the move.

“In addition to acquiring full and direct ownership of a stable of high-growth brands, this acquisition further strengthens Tilray’s No. 1 cannabis market share position in Canada and positions the company at the forefront of the adult-use beverage sector,” MacNeil said.

He emphasized the company’s intent to expand its product offerings and cast a wider net to engage more consumers.

With a potential untapped Canadian consumer base of over 10.6 million and a retail worth of nearly $100 million for cannabis beverages, Tilray said, the acquisition positions the company to take advantage of bubbling interest for the category.

“Regulatory shifts are expected to facilitate market entry for beverages, with the possibility of on-tap THC options in restaurants and bars promising substantial growth for this category,” the company said in a statement.

The company added that its looking to tap into shifting consumer preferences towards beverages that offer functional benefits.

The deal also reinforces the company’s piece in the Canadian market. Its combined pro-forma market share now stands at 36%. Among its expanded beverage portfolio are brands such as XMG, Mollo, House of Terpenes, and Little Victory.

Additionally, the company said that more deals help streamline sales and distribution processes for retailers, allowing them to address a large portion of their business needs with Tilray’s wide product range.

Tilray has managed to turn its fortune around lately. The company beat revenue estimates by $30 million last month and shored up more ethanol stakes from Anheuser-Busch (NYSE: BUD) in an $85 million all-cash deal.

The company’s been looking to extend beyond its core cannabis division and leverage its expertise in the consumer packaged goods sector. That would help it become a diversified CPG player with revenue streams that insulate the business against fluctuations in the cannabis markets. (Full Story)

In categories:Business Drinks International
Tags:
Next Post

Germany’s Cabinet Passes Adult-Use Cannabis Reforms

Germany’s cabinet on Wednesday passed a bill to legalize adult cannabis use and cultivation, Reuters reports. The measure still requires approval from parliament.  Under the proposal, adults would be allowed to possess up to 25 grams, grow up to three plants, and…
Read
Previous Post

Census Bureau Begins Collecting Data About Marijuana Business Economic Activity As Market Enters Mainstream

The U.S. Census Bureau is updating its survey of American companies to better capture marijuana-related economic activity, part of an effort to “keep up with the nation’s ever-changing business landscape.” For the first time, the 2022 Economic Census—which is being…
Read
Random Post

Another Texas City Will See Marijuana Decriminalization On Ballot After Lubbock Lawmakers Reject Voter Initiative

Voters in another Texas city will have the chance to decide on a local marijuana decriminalization initiative on the ballot after the Lubbock City Council declined to enact the reform legislatively on Tuesday. In a 0-7 vote, local lawmakers unanimously…
Read
Random Post

Despite Owning a Cannabis Brand, Kevin Smith Says He's Kicking Pot

Kevin Smith's life has not been the same ever since he suffered a massive heart attack in 2018. He trimmed down more than 100 pounds and adopted a vegan lifestyle. Now, five years after that fateful day, Smith has also…
Read
Random Post

D.C. Lawmakers Demand That Congress End Marijuana Legalization ‘Interference’ At House Committee Hearing

Top local officials from Washington, D.C. participated in a congressional hearing on Wednesday, sharply criticizing federal lawmakers over a policy that bars the District from legalizing and regulating marijuana sales. D.C. Council Chairman Phil Mendelson (D) told the House Oversight…
Read
Random Post

Florida Governor Signs Medical Marijuana Bill Despite Opposition to Federal Reform

Provisions under the new law could more than double the number of licensees in the state. In the span of just four days, Florida Gov. Ron DeSantis both nixed the possibility of federal marijuana decriminalization if he wins the U.S. presidency and…
Read