Tilray Brands, Inc. ("Tilray", "our", "we" or the "Company") (NASDAQ:TLRY, TSX:TLRY), a leading global lifestyle and consumer packaged goods company at the forefront of the beverage, cannabis, and wellness industries, today announced that the Company has entered into an asset purchase agreement to acquire certain strategic assets of BrewDog in the United States, including its brewery, pub, and hotel in Columbus, Ohio, as well as the pubs in New Albany, Ohio, Cleveland, Ohio, and Las Vegas, Nevada. As one of the largest craft beer brands in Ohio, this acquisition aligns with Tilray's regional jewel strategy.

The acquisition supports Tilray's strategic objectives of expanding and strengthening its footprint in the U.S. beverage market as follows:

Incorporating the internationally recognized BrewDog brand into Tilray's U.S. distinguished craft beer portfolio, broadening the Company's footprint within the U.S. craft beer industry and supporting our strategic focus on acquiring distinctive craft brands with established consumer loyalty.
Advancing Tilray's "regional jewel" craft strategy, which emphasizes the development of strong local craft brands in their primary markets and the cultivation of relationships with regional craft beer consumers. BrewDog's Ohio brewery, associated pubs, and Las Vegas brewpub serve as key operational assets for Tilray in the Midwest and Southwest, facilitating regional growth and enhancing Tilray's beverage network through flexible production capabilities and increased access to these critical markets.
Expanding Tilray's hospitality presence, thereby increasing direct-to-consumer engagement and fostering experiential brand development, which may be leveraged to drive strategic brand portfolio expansion.
Realizing operational efficiencies and fostering innovation opportunities across both our craft beer portfolio as well as emerging beverage sectors by utilizing our brewing expertise, distribution network, and scale.

Transaction Overview

Under the asset purchase agreement, Tilray will acquire BrewDog's U.S. manufacturing and brewing operation in Columbus, Ohio, three owned pubs in Ohio (Columbus, New Albany, and Cleveland), one hotel in Columbus, Ohio, and the flagship brewpub in Las Vegas, Nevada, as well as a franchised BrewDog location in Denver, Colorado, and a licensed BrewDog location in Columbus airport. The transaction is anticipated to close in Q4 FY2026, pending customary regulatory approvals.