- Global cannabis player Tilray Brands has closed its acquisition of Truss Beverage from Molson Coors
- The purchase, initially announced in August 2023, affords Tilray an approximately 40 per cent market share in Canadian cannabis beverages
- Tilray Brands is a global cannabis lifestyle and consumer packaged goods company behind well-known brands such as Good Supply, RIFF, Broken Coast, Solei, Canaca, HEXO, Redecan, Original Stash and Bake Sale
- Tilray stock has lost almost 35 per cent year-over-year and more than 85 per cent since 2021
Global cannabis player Tilray Brands (TSX:TLRY) has closed its acquisition of Truss Beverage from Molson Coors (TSX:TPX.A).
The purchase, initially announced in August 2023, affords Tilray an approximately 40 per cent market share in Canadian cannabis beverages backed by Truss‘ high-growth brands, including XMG, Mollo, House of Terpenes and Little Victory. It will also better position the company to compete in the almost C$100 million revenue sub-sector, which is expected to grow because of more permissive regulations, as well as in the rapidly expanding billion-dollar functional beverage market.
Tilray has already transitioned all of Truss’ cannabis beverage operations to its London, Ontario, manufacturing facility, which will maximize utilization and lower costs. It will also use Truss’ facility in Belleville, Ontario, to “explore the production of new beverage innovations and to expand its beverage portfolio,” according to a news release.
Additionally, Tilray plans to integrate Truss into a broader sales, marketing and distribution optimization network with Great North Distributors and other recently acquired cannabis beverage brands to strengthen its commercial footprint and drive market share growth.
“Truss has elevated our market share and positions us at the forefront of adult-use beverages,” Blair MacNeil, president of Tilray Canada, said in a statement. “We are now strengthening our Canadian operations to be better positioned to further expand our business and consumer base through new brand and product innovation and by serving new consumer segments and occasions.”
Tilray Brands is a global cannabis lifestyle and consumer packaged goods company active in Canada, the United States, Europe, Australia and Latin America. The company’s production platform supports more than 20 brands in more than 20 countries, including Good Supply, RIFF, Broken Coast, Solei, Canaca, HEXO, Redecan, Original Stash and Bake Sale.
Tilray stock (TSX:TLRY) is down by 1.09 per cent, trading at C$2.71 per share as of 11:02 am ET. The stock has lost almost 35 per cent year-over-year and more than 85 per cent since 2021.
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