BrewDog Acquired by Cannabis Firm Tilray

The acquisition price of £33 million ($44 million) marks a precipitous fall from BrewDog's previous valuations. The Scottish brewer was valued at $2.7 billion at its peak and had secured a $1 billion valuation from a 2017 investment by private equity firm TSG Consumer Partners. This sale follows a period of significant financial difficulty for BrewDog, which posted a £37 million loss last year. The company hired restructuring specialist AlixPartners to manage the sale, which was ultimately conducted through a pre-pack administration. The deal leaves the roughly 220,000 investors in BrewDog's "Equity for Punks" crowdfunding scheme with no return on their investment. The administrators confirmed that due to the nature of the sale, there would be no funds distributed to any equity holders. For Tilray, a cannabis and consumer packaged goods firm, this acquisition is part of a broader strategy of aggressive expansion into the beverage alcohol market. The company has previously acquired a portfolio of craft beer brands from industry giants like Anheuser-Busch InBev and Molson Coors, making it the fifth-largest craft brewer in the U.S. Tilray's CEO Irwin Simon has been described as a "bargain hunter," and this deal fits the pattern of acquiring established but struggling brands. The acquisition includes BrewDog's global brand, its UK brewing operations, and 11 of its strategic brewpubs. Despite BrewDog's recent losses, Tilray projects the acquired assets will generate approximately $200 million in annual net revenue and $6 to $8 million in adjusted EBITDA by its 2027 fiscal year. The company expects the business to become cash-flow positive starting in fiscal 2027. The move highlights a challenging period for the craft beer industry, which has seen declining sales in recent years. For the 52 weeks ending in late December 2025, U.S. craft beer sales fell by 4.3% as the market contends with increased competition from other beverage categories. With this purchase, Tilray's global beverage platform is expected to grow to around $500 million in annual revenue. The deal provides Tilray with scaled brewing capacity and an established distribution network outside of the U.S., accelerating its ability to enter international markets with its existing portfolio of brands.