Cannapany on December 8, 2021 No Comments
The cannabis company is becoming a major consumer brand across different verticals
The world’s leading packaged cannabis consumer and lifestyle products company that empowers and inspires cannabis culture to improve the quality of life continues to bring more news of its recent moves to further expand its operations. Today, it announced the strategic acquisition of Breckenridge Distillery, a leading distilled spirits platform located in Breckenridge, CO. The company is recognized primarily for its innovative portfolio of craft spirits and award-winning bourbon whiskey collection. Tilray intends to have a positive EBITDA impact through this acquisition, in addition to clearly intensifying its position in the growing US market.
Tilray CEO and President Irwin D. Simon confirms that the company’s strength and capabilities are a great tool to identify and exponentially expand the core CPG brands that have become increasingly popular among the consumer community. Simon adds that Breckenridge Distillery is poised to become a special addition to the platform in that regard based on its portfolio of highly recognized and honored spirits, strong sales and distribution network, and passionate consumer engagement.
“We see tremendous potential for Breckenridge and our existing SweetWater brand to complement each other, expanding their respective reach and driving further profitable growth in our beverage alcohol segment,” adds Simon.
In addition to having acquired a brand with a growing business and clear strength, this strategic acquisition provides extra scale in the beverage alcohol categories, making Tilray a more exponential presence in the U.S. market should federal legalization ever come to pass. In addition, Tilray believes the acquisition will be able to provide several strategic and financial benefits, such as the creation of additional innovation opportunities while expanding Tilray’s addressable market in the US and the opportunity for accelerated growth of the Breckenridge Distillery.
“We are excited to join Tilray and drive revenue growth as part of its global and leading CPG and cannabis-lifestyle platform. The award-winning spirits that have driven our success will unquestionably benefit from access to Tilray’s global distribution network and opportunities to expand into cannabis and edible-related products in the U.S,” said Bryan Nolt, Breckenridge Distillery’s founder and CEO.
Congratulation!