A Canadian cannabis company is tapping into a flailing American industry: craft beer.
The cannabis company has purchased multiple United States craft breweries, thus becoming the fifth-largest craft brewer in the U.S. as a result.
According to The Wall Street Journal, Tilray Brands has purchased a total of 18 craft beer companies including SweetWater, Montauk, and Shock Top.
And at a low cost, too: The same Journal articles notes how craft beer sales at U.S. retailers fell by 4.4 percent during the first nine months of this year in comparison to the same period in 2023. A Brewers Association report shows how 2023 also saw closings of taprooms and microbreweries outpace openings.
Chief Executive Irwin Simon explained to the publication that this move is part of an effort to increase income for Tilray, foster connection with beer distributors, and to — hopefully — use these connections to one day market marijuana-infused beverages in the U.S., legality depending.
“I’m real smart or real dumb,” Simon said to the newspaper.
The Pennsylvania state government website notes how the Keystone is home to “one of the strongest craft brewing industries in the country.
Gov. Josh Shapiro recently awarded over $500,000 in grants in order to bolster sales within the industry. The state is second in the U.S. with regards to economic impact generated by craft breweries, the dollar amount of which was over $5.4 billion last year.
“Over the past decade, Pennsylvania has grown from 88 craft breweries to 530,” stated Agriculture Secretary Russell Reading. “Pennsylvania’s craft breweries feature not only local flavors, and the imagination and craftsmanship of expert brewmasters, but unique opportunities to experience local culture across our beautiful state.
“That small-business ingenuity and vision is why we are a national leader, and why the Shapiro Administration is investing in keeping Pennsylvania agriculture at the top.”
H/T: www.pennlive.com
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