Tilray Just Acquired 8 Big Beer Brands From Anheuser-Busch. Is the Stock About to Pop?
While Tilray Brands (NASDAQ: TLRY) might be known best to investors as a leading cannabis play, it's easy to forget that the Canadian company is increasingly partaking in another lucrative niche: beer.
Cannabis represented around 35% of Tilray's revenue last fiscal year with another 41% coming from distribution of other, mostly cannabis-related products. That dwarfs the 15% top-line contribution from beverages over the same period. But Tilray's beverage sales are about to get a huge jolt and could even eclipse its cannabis sales in the near future.
A few weeks ago, Tilray announced it has agreed to acquire eight well-known brands from Anheuser-Busch InBev for only $85 million in cash, including Shock Top, Blue Point Brewing, 10 Barrel Brewing, Redhook, Widmer Brothers, Square Mile Cider, and HiBall Energy.
Source Fool.com
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