Tilray Brands, Inc. (TLRY) has made another strategic move, acquiring a promissory note from Ontario-based Double Diamond Holdings Ltd (DDH) for a cool $23.8 million. DDH, a joint venture with Aphria Inc. (Tilray’s subsidiary) in Aphria Diamond, received 13,217,588 shares of Tilray’s common stock in return. This deal marks another significant step for Tilray, coming hot on the heels of its acquisition of Atwater Brewery from Molson Coors Beverage Company (TAP). This acquisition, one of four craft breweries Tilray has recently acquired, solidified its position as a major player in the US craft beer market. The company is now the 5th largest craft brewer in the country and the top craft brewer in the Pacific Northwest and Georgia.
Tilray, known for brands like SweetWater Brewing and Montauk Brewing Company, is bullish about its beer business, anticipating a 30% growth from its recent acquisitions. Irwin D. Simon, Tilray’s chairman and CEO, expressed his excitement about the move, stating, “This strategic acquisition creates additional growth opportunities for our global beverage business, which reinforces our commitment to enhancing shareholder value.”
The news of the promissory note acquisition seems to have been well-received by investors, with Tilray’s shares trading up 1.11% to $1.8199 per share on Tuesday morning. This continued momentum demonstrates confidence in Tilray’s strategy and its commitment to expanding its reach in both the cannabis and craft beer industries.
