Tilray Brands Acquires BrewDog, a Leading Global Craft Brand, Creating a ~$500 Million Global Craft Beer and Beverage Platform

Executive Summary

• Tilray Brands completed the acquisition of BrewDog’s global brand, UK brewing operations, and 11 brewpubs for £33 million.
• The acquired assets are projected to generate ~​$200 million of annual net revenue and $6‑$8 million of adjusted EBITDA in fiscal 2027, contributing to Tilrow’s expected $1.2 billion annualized revenue.
• A conference call to discuss the transaction was scheduled for 12:30 pm ET on the same day.

Key Details

• Transaction Consideration: £33 million paid by Tilray for BrewDog worldwide IP, UK brewing assets, and eleven brewpub locations (Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill, Waterloo).
• Projected Financial Impact: Expected annual net revenue of ~​$200 million; adjusted EBITDA of ~$6‑$8 million once cash‑flow positive in fiscal 2027.
• Strategic Rationale: Expands Tilray’s global beverage platform to an estimated $500 million in annual revenue, creating one of the largest diversified craft‑beverage platforms and supporting a target of $1.2 billion annualized revenue across all businesses.
• Future Acquisitions: Separate negotiations ongoing for BrewDog assets in the United States and Australia; expected closing within ~30 days under a separate purchase agreement.
• Integration Timing: No material EBITDA contribution anticipated in Q4 FY2026 due to licensing transfer timelines; early FY2027 revenues may reflect timing differences.
• Advisors: Jefferies LLC (financial advisor); Proskauer Rose LLP (legal counsel).
• Conference Call: Live teleconference on March 2, 2026 at 12:30 pm ET; replay to be posted on Tilray’s Investor Relations website.

Notable Quotes

“BrewDog is one of the most iconic, mission‑driven craft beer brands in the UK… our priority is to refocus BrewDog on the craft beer excellence that made it beloved and strategically invest to return the operations to profitable growth.” – Irwin D. Simon, Chairman & CEO, Tilray Brands

“With the BrewDog acquisition, our total global beverage platform is expected to grow to ~​$500 million in annual revenue… On a combined basis, we expect Tilray’s diversified global business to reach ~​$1.2 billion in annualized revenue.” – Irwin D. Simon, Chairman & CEO, Tilray Brands