Anheuser Busch sells several craft beer brands to cannabis company

Bud Light parent company Anheuser-Busch is selling off eight of its beer and beverage brands.

Anheuser-Busch is selling the eight brands to Tilray Brands, a cannabis-lifestyle and consumer packaged goods company.

The eight brands involved in the sale include Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy.

The acquisition is worth $85 million "subject to working capital and other adjustments," according to an SEC filing from Tilray. 

The acquisition will make Tilray the fifth-largest craft beer business in the United States, up from the ninth largest, according to the company. A spokesman for Tilray forecasted that the company’s beer segment would "triple in size" annualy, hitting 12 million cases.

The transaction is expected to close before the end of the year.




(Photo: Wikimedia Commons)