(Bloomberg) -- Tilray Brands Inc. shares jumped the most since February 2021 after the cannabis and consumer packaged goods company agreed to buy eight beer and beverage brands from the owner of Budweiser.
Tilray will purchase Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company and HiBall Energy from Anheuser-Busch InBev, the company said. The $85 million all-cash deal will make Tilray the fifth largest craft beer business in the US, up from ninth, it added.
“These beer and beverage brands possess the hallmarks of strong consumer loyalty and further diversify Tilray’s growing U.S. beverage alcohol segment,” the company said.
Shares of Tilray surged 36% Tuesday, while US shares of AB InBev fell 0.2%.
WOW- I know Tilray is a MEME stk. Someone told me in a bar. But this move is interesting and sad for pot lovers but some of these brands are good-
Shock Top! Love that beer, I bought a keg once and put in my stream in Ct.. Now that's Country!
Blue Point I've had a bunch of those over the years out of LI!!! Many flavors.