Global cannabis firm Tilray Inc. has acquired Colorado-based distilled spirits platform Breckenridge Distillery, the company announced in a statement.
- Tilray said it would benefit from the acquisition through the commercialization of new products with the development of non-alcoholic distilled spirits such as bourbon whisky infused with cannabis when federally allowed.
- It will also gain a foothold in the beverage alcohol categories and position Tilray with infrastructure and a bigger footprint in the United States market. Breckenridge Distillery is predicted to be margin accretive immediately.
- Tilray Chairman and Chief Executive Officer Irwin Simon said the acquisition is consistent with its strategy of leveraging its growing portfolio of consumer packaged goods brands to launch cannabis-based product adjacencies.
The diversified revenue streams are expected to deliver as much as $4 billion in revenue by the end of the fiscal year 2024. TLRY is down 1.64%.