Tilray Brands Inc. TLRY-T has acquired Montauk Brewing Company in a bid to expand its U.S. alcohol division.
The cannabis company says the acquisition of the New York brewer will be accretive to Tilray’s adjusted EBITDA, but did not disclose the terms of the deal.
Montauk Brewing Company has more than 6,400 distribution points across retailers such as Target, Whole Foods, Trader Joe’s, Costco and Walmart.
The premium brewer will join Tilray’s roster of alcohol and beverage brands, which include SweetWater Brewing Company, Alpine, Green Flash and Breckenridge Distillery.
If cannabis is federally legalized in the U.S., Tilray intends to use the brands to make products with tetrahydrocannabinol, the main ingredient in pot.
Tilray also announced today that Ty H. Gilmore, an executive from Glazer’s Beer and Beverage, will become the first head of the company’s U.S. beer business.