Why Tilray Brands Stock Soared 14% This Week
Shares of Tilray Brands (NASDAQ: TLRY) is up 13.8% this week, according to data provided by S&P Global Market Intelligence, after the company announced its acquisition of several leading beer and beverage brands from Anheuser-Busch InBev (NYSE: BUD).
On Monday, the pharmaceutical, cannabis-lifestyle, and consumer packaged goods specialist revealed an agreement to acquire eight brands from AB InBev (NYSE: BUD), including Shock Top, Breckenridge Brewery, Blue Point Brewing, 10 Barrel Brewing, Redhook, Widmer Brothers, Square Mile Cider, and HiBall Energy.
The news comes as AB InBev laid off hundreds of employees as part of a corporate restructuring, indicating the brewing giant is obviously feeling the fallout of continued boycotts against its flagship Budweiser and Bud Light brands. The divestiture also effectively signals AB InBev's desire to hone its focus on its three core "global brands," including Budweiser, Corona, and Stella Artois.
Source Fool.com
