Tilray signs deal to acquire U.S. assets of BrewDog

Executive Summary

• Tilray Brands Inc. has entered into an asset purchase agreement to acquire key U.S. assets from BrewDog, including its brewery, pub, and hotel in Columbus, Ohio, as well as pubs in New Albany, Cleveland, and Las Vegas.
• This acquisition aligns with Tilray’s "regional jewel" strategy to expand its U.S. craft beer platform and beverage network.
• The transaction builds upon Tilray’s previous acquisitions of BrewDog’s operating assets in the UK, Ireland, and Australia, resulting in Tilray owning the BrewDog brand and intellectual property worldwide.

Key Details

• Transaction Structure: Asset purchase agreement to acquire specific U.S. assets from BrewDog.
• Assets Acquired:
  • Brewery, pub, and hotel in Columbus, Ohio.
  • Pubs in New Albany, Ohio; Cleveland, Ohio; and Las Vegas, Nevada.
  • Franchised BrewDog location in Denver, Colorado.
  • Licensed BrewDog location in Columbus airport.
• Strategic Rationale:
  • Incorporates the internationally recognized BrewDog brand into Tilray’s U.S. craft beer portfolio.
  • Advances the "regional jewel" craft strategy by establishing strong local craft brands in primary markets (Midwest and Southwest).
  • Expands hospitality presence to increase direct-to-consumer engagement and experiential brand development.
  • Realizes operational efficiencies and innovation opportunities through Tilray’s brewing expertise, distribution network, and scale.
• Closing Timeline: Anticipated to close in Q4 fiscal 2026, pending customary regulatory approvals.
• Global Context: This transaction completes Tilray’s acquisition of BrewDog’s global footprint, as they previously announced deals in the United Kingdom, Ireland, and Australia. Tilray now owns the BrewDog brand and its intellectual property worldwide.

Notable Quotes

• "The acquisition of BrewDog's key U.S. assets strengthens our U.S. beverage platform and advances our regional craft beer strategy across North America. BrewDog has built a strong following in Ohio and established a highly visible presence in Las Vegas, including a flagship brewpub located on a premier stretch of the Las Vegas strip. These assets fit squarely within our brewpub model, creating destination-led venues that deepen consumer engagement while providing new opportunities to introduce and sell our broader portfolio of Tilray beverage brands." — Irwin D. Simon, Chairman and CEO
• "This transaction reinforces Tilray's acquisition of BrewDog's operating assets, building on our previously announced deals in the United Kingdom, Ireland and Australia. Tilray now owns the BrewDog brand and its intellectual property worldwide. This positions us to steward the brand's next chapter with a unified strategy and a fully integrated North American brewpub footprint designed to support long-term growth and brand strength." — Irwin D. Simon, Chairman and CEO