Tilray Brands acquires BrewDog beer brand

Tilray Brands continues its expansion in the global beverage sector with the acquisition of the famous Scottish craft brewery BrewDog. The cannabis and drinks group has agreed to buy the struggling company's core businesses for £33 million (€37 million), a deal that underlines both BrewDog's financial difficulties and the Tilray's strategy of diversification beyond its core activities in the cannabis sector.

«BrewDog is one of the UK's most iconic and driven craft beer brands,» said Irwin D. Simon, Chairman and CEO of Tilray. «Our priority is to refocus BrewDog on the craft beer excellence that made it so popular in the first place, and to invest strategically to return the business to profitable growth.»

Founded in 2013, Tilray Brands has become a diversified multinational active in cannabis, pharmaceuticals and beverages. With this latest acquisition, the company will take control of the global BrewDog brand, its intellectual property, its UK brewing operations and 11 pubs across the UK and Ireland.

According to the company, the assets acquired should generate approximately 200 million in annual net revenues, with adjusted EBITDA forecast between 6 and 8 million dollars in the years to come. Tilray believes that the company could become profitable by 2027 after operational restructuring and integration.

An asset in difficulty after years of losses

The acquisition price came as a surprise to industry observers. BrewDog was once valued at close to £1 billion, and even reached a £2 billion valuation at the height of the craft beer boom. The company also raised £75 million through its popular Equity for Punks crowdfunding campaign, which attracted around 220,000 small investors.

However, the brewery has been facing significant financial difficulties. It has reportedly not made a profit since 2019, accumulating around £148 million in losses over the past five years. In 2024 alone, the company recorded a loss of £34.1 million.

As part of the restructuring linked to the sale, 38 BrewDog bars not included in the acquisition are expected to close, resulting in the loss of hundreds of jobs. Reportedly, 484 positions will be eliminated, but around 733 jobs will be preserved under the new management.

Tilray's strategy: from cannabis to beverages

Initially known mainly as a a company specializing in cannabis, Tilray Brands has gradually developed on the global alcohol market. Cannabis-based products currently account for around 30% of annual sales, but the company has spent the last few years building up an extensive portfolio of craft beverage brands.

This strategy accelerated after the merger of Tilray with Aphria and the start of brewery acquisitions in North America. By 2023, the company has acquired several beer brands from AB InBev, and in 2024, it signed an agreement with Molson Coors to take over four additional breweries. The company also announced its intention to brew products for Carlsberg in the United States.

With the addition of BrewDog, Tilray beverage sales are expected to reach 500 million in annual sales, as part of a global business that should generate 1.2 billion dollars a year.

Failing to see the Tilray cannabis When it arrives in France, consumers will at least be able to taste its beer.