TLRY - Tilray Brands Completes Acquisition of Truss Beverage Co. | Benzinga
Acquisition Solidifies Tilray's Leadership Position in Cannabis Beverages with ~40% Market Share
Truss Facility Bolsters Tilray's Beverage Operations in Canada
LEAMINGTON, Ontario, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. ("Tilray Brands", "Tilray" or the "Company") ((Nasdaq, TSX:TLRY), a leading global cannabis-lifestyle and consumer packaged goods company, today announced the completion of its acquisition of Truss Beverage Co. ("Truss Beverage") from Molson Coors Beverage Company ("Molson Coors") (NYSE:TAP) and the satisfaction of remaining contractual obligations.
The Truss Beverage acquisition provides several key strategic benefits, including:
- Bolsters Tilray's Beverage Operations in Canada. Since acquiring the remaining 57.5% equity ownership from Molson Coors in August 2023, Tilray has transitioned all cannabis beverage operations to its London, Canada manufacturing facility, maximizing utilization, and lowering costs. Tilray plans to operate the state-of-the-art Truss Beverage facility in Belleville, Ontario to explore the production of new beverage innovations and to expand its beverage portfolio.
- Strengthens Tilray's #1 Cannabis Market Share Position and Solidifies Leadership in Cannabis Beverage Market. Tilray boosts its leading cannabis market share position in Canada with ~40% market share in cannabis beverages.
Tilray's combined brand portfolio now includes Canada's top-selling brands across all cannabis product categories - Good Supply, RIFF, Broken Coast, Solei, Canaca, HEXO, Redecan, Original Stash, Bake Sale, XMG,