US company Tilray joins race for BrewDog brands: Tilray Brands, which began life as a pureplay cannabis producer and is currently the fourth-largest craft beer brewer in the US, has emerged as leading bidder for BrewDog. Tilray, which is seen as a leader in the cannabis, beverage, and wellness sectors, is believed to have moved ahead of C&C Group – the Tennent’s, Bulmers and Magners owner – and Danish brewing company Royal Unibrew Group to acquire BrewDog’s brands, which includes Punk IPA, Hazy Jane, and Lost Lager. It is unclear whether Tilray will take on BrewDog’s breweries, including its site in Ellon, Aberdeenshire. BrewDog has closed all of its bars for the day (Monday, 2 March), as it looks to complete the sale of its business. It is thought that the circa 65-strong bars business is set to be broken up. BrewDog called in advisers last month to oversee a sale that could trigger a break-up of the business, with AlixPartners sounding out prospective suitors. Last year, Tilway acquired four craft beer brands from Molson Coors in the US. Two years previously, it acquired eight beer and beverage brands from Anheuser-Busch for $85m. Last month, Carlsberg struck a deal for its beers to be produced in the US by Tilray. Under the agreement, Tilray will hold the exclusive licence to produce, market, sell and distribute Carlsberg, Carlsberg Elephant, 1664, and 1664 Blanc in the US for a minimum of five years from next January. Having begun life as a pureplay cannabis producer, Tilray has diversified into a broader supplier across the beverage, alcohol, and wellness sectors. It is the cannabis market leader in Canada. BrewDog co-founder James Watt, who stepped down as the company chief executive in 2024, was ready to plough £10m of his own money into a rescue bid, but is now believed to be “out of the running" for the business. Propel understands that HSBC are behind the sale process, holding debt of circa £80m with BrewDog. Some industry sources have suggested a sale may leave US private equity firm TSG, which invested £213m in BrewDog in 2017, with no return on its investment. Last October, BrewDog announced job cuts across its business after posting a £37m loss in 2024. It was the fifth year running that the company has posted pre-tax losses – now totalling £148m. The announcement came after the departure of BrewDog co-founder Martin Dickie and the closure of ten bars across the UK after a strategic review, with the business looking to position its bar portfolio under – “destination hubs” and “community bars” for “long-term, profitable growth”. BrewDog features in the Who’s Who of UK Hospitality, which is one of six databases exclusive to Premium Club subscribers. The latest edition features 1,430 companies. The companies, listed in alphabetical order, have their most recent developments reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up.