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Eight of its labels will be sold to Tilray Brands, a cannabis business based in New York City, by Anheuser-Busch, the maker of Bud Light and numerous other beer brands.
Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy are the eight brands that the business will acquire from Anheuser-Busch.
In addition to the current staff members, breweries, and brewpubs connected to these brands, the purchase of these labels also includes them, according to the press statement.
Irwin D. Simon, chairman and CEO of Tilray Brands, stated that today’s news both strengthens our company’s position as the national market leader and share in US craft brewing and represents a significant advancement in our diversification plan.
We are eager to collaborate with the people behind these enduring brands because they enjoy high levels of consumer adherence and a track record of producing solid, award-winning products with enormous potential for expansion.
By fostering fresh innovation that enthuses and further accelerates the expansion of its consumer base, Tilray is totally committed to investing in and championing the future of the US craft beer industry.
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Bud Light’s Controversial Link and Financial Woes
Tilray Brands will go up from ninth place to fifth place in the US’s largest craft beer industry as a result of this acquisition.
Eight of Anheuser-Busch’s brands are being sold off at a time when the business has been losing money all of 2023 and reported a second-quarter loss of about $400 million.
Bud Light’s association with transgender activist Dylan Mulvaney earlier this year has been widely blamed for the company’s financial difficulties.
According to a report from last month, the corporation plans to eliminate about 380 jobs. In the US, the business employs about 19,000 people.
Billy Busch, the heir of Anheuser-Busch, participated in an interview where he shared his opinion of how his forefathers would have felt about the company’s current marketing.
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Source: www.washingtonexaminer.com
