Montauk Brewing bought by global cannabis company
Montauk Brewing Company has been acquired by global cannabis lifestyle company Tilray Brands in a move that will assist in expanding its reach across the US.
The Metro New York craft brewer, which already sees its range of beers listed in national retailers, joins Tilray’s growing US beverage-alcohol segment, which already includes SweetWater Brewing Company.
The agreement, which will see Montauk Brewing utilising the company’s distribution across more than 40 states, coincides with Tilray’s appointment of veteran beer and beverage industry executive Ty H. Gilmore as president of Tilray’s US beer business.
Tilray Brands chairman and CEO Irwin D. Simon said: “Tilray Brands continues to strengthen our US footprint and operations through investments in and growing our portfolio of leading lifestyle CPG brands that resonate powerfully with consumers. Montauk Brewing is an iconic brand with leading market share and distribution in the northeast. Tilray Brands intends to leverage SweetWater’s existing nationwide infrastructure and Montauk Brewing’s northeast influence to significantly expand our distribution network and drive profitable growth in our beverage-alcohol segment. This distribution network is part of Tilray’s strategy to leverage our growing portfolio of U.S. CPG brands and ultimately to launch THC-based product adjacencies upon federal legalization in the U.S.”
Simon added: “We are excited to welcome Montauk Brewing’s founders Vaughan Cutillo and Eric Moss, as well as Terry Hopper, Montauk Brewing’s general manager, to the Tilray Brands family and I look forward to working closely with Ty Gilmore to maximise the performance of our enormously powerful craft and lifestyle beverage brand portfolio.”
The deal sees Montauk Brewing joining SweetWater, Green Flash, and Alpine brands as the cornerstones of Tilray’s craft beer segment and the acquisition is expected to offer Tilray Brands a stronger footprint in the northeast rounding out its footprint across the US market.
The deal also unlocks Montauk Brewing’s potential to expand its customer base and grow throughout the US as a national brand by leveraging SweetWater’s existing nationwide infrastructure to accelerate its distribution network and revenue growth.