Mon 2nd Mar 2026 - Tilray Brands acquires bulk of BrewDog for £33m Tilray Brands acquires bulk of BrewDog for £33m: Tilray Brands, which began life as a pureplay cannabis producer and is currently the fourth-largest craft beer brewer in the US, has acquired the bulk of BrewDog, for circa £33m. Tilray, which is seen as a leader in the cannabis, beverage and wellness sectors, has acquired the Scottish brewer and retailer’s brands, which includes Punk IPA, Hazy Jane and Lost Lager, its brewery in Ellon, Aberdeenshire, and 11 of its bars, which it said will create a $500m global craft beer and beverage platform. Under the terms of the transaction, Tilray paid £33m for BrewDog’s worldwide intellectual property, UK brewing operations and a portfolio of 11 “premier and profitable brewpubs” – Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill and Waterloo. The company said these brewing and related operating assets are expected to generate annual net revenue of $200m and adjusted Ebitda of $6-$8m. It said the acquired business is expected to become cash flow positive beginning in fiscal year 2027 as integration initiatives and operational efficiencies are realised. It is also separately in talks to acquire parts of BrewDog’s US and Australian businesses. At the same time, it is understood that Tilray has set aside funding to make a significant capital investment in the business. Irwin D. Simon, chairman and chief executive of Tilray Brands, said: “BrewDog is one of the most iconic, mission-driven craft beer brands in the UK. It helped redefine modern craft beer through bold innovation, fearless creativity and an unwavering commitment to great beer. What makes BrewDog truly special has always been its brewers, its brewpubs and its passionate community of beer fans. As we begin a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence that made it beloved in the first place and strategically invest to return the operations to profitable growth. BrewDog’s future is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement.” He added: “Tilray’s management brings operational and strategic expertise, a diversified global beverage infrastructure and a disciplined investment approach needed to unlock BrewDog’s next phase of growth. In addition, my team and I have significant experience in the UK market, where we previously built a $1.5bn consumer packaged goods business at my prior company with beloved brands, including Ella’s Kitchen, Hartleys, Tilda, New Covent Garden and Linda McCartney. With the BrewDog acquisition, our total global beverage platform is expected to grow to $500 in annual revenue, creating one of the largest diversified craft beverage platforms globally. Through this expanded platform, we see significant growth opportunity for BrewDog through broader distribution and the ability to invest back into brand and innovation, while introducing Tilray’s complementary beverage brands into international markets. On a combined basis, we expect Tilray’s diversified global business to reach $1.2bn in annualized revenue.” BrewDog called in advisers last month to oversee a sale that could trigger a break-up of the business, with advisory firm AlixPartners sounding out prospective suitors. Tilray is believed to have fought off competition from C&C Group – the Tennent’s, Bulmers and Magners owner – and Danish brewing company Royal Unibrew Group to acquire BrewDog’s brands and parts of its brewing operations. 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 believed to have pulled out of the running over the weekend. BrewDog closed all of its bars for the day today (Monday, 2 March), as it looked to complete the sale of its business. It is thought that the remainder of its 65-strong bars business is set to be broken up. 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. Propel understands that HSBC was behind the sale process for BrewDog, holding debt of circa £80m with the Scottish business. Some industry sources have suggested a sale may leave US private equity firm TSG – which invested £213m in BrewDog in 2017, implying a unicorn valuation of at least $1bn –  with no return on its investment.  Some 220,000 shareholders in BrewDog, in the form of its ‘Equity For Punks’, invested £75m in total into the brewer and retailer. 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. 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