Canadian cannabis producer Tilray Brands (TLRY) has bought privately held Montauk Brewing
Company as it expands further into the U.S. market.
Financial terms of the deal were not disclosed. However, Tilray said the acquisition of the New
York-based brewer will be accretive to its earnings.
Montauk Brewing Company has more than 6,400 distribution points through U.S. retailers such
as Target (TGT), Costco (COST) and Walmart (WMT).
Known as a premium brewer, Montauk Brewing will join Tilray's roster of alcohol and beverage
brands that also includes SweetWater, Alpine, Green Flash and Breckenridge Distillery.
If cannabis is legalized at the federal level in the U.S., Tilray has said that it plans to add the
active ingredient in cannabis to its American beverage brands.
Tilray’s stock has declined 44% this year to $5.09 per share.
