Do you wanna party? Canadian Cannabis company Tilray Inc. says it signed a deal to buy Breckenridge Distillery, a Colorado-based producer of whiskey.
According to Tilray, once it becomes legally permissible, Breckenridge will help it develop non-alcoholic bourbon that is infused with cannabis.
Tilray already owns SweetWater Brewing Co. in the U.S., reports Pique Newsmagazine.
Breckinridge Distillery generates more than 85% of its revenue in Colorado, according to Green Market Report. But Tilray said Breckenridge has enormous potential to expand its customer base, growing throughout the U.S. as a national brand. To that end, Tilray said it plans to leverage SweetWater’s existing nationwide infrastructure to accelerate Breckenridge Distillery’s own. It hopes to create new, greatly-expanded consumer awareness and product adoption.
The distillery is known for its blended bourbon, a high-rye mash American-style whiskey.
The company said the Breckenridge deal helps grow its business with infrastructure and a larger footprint in the U.S. market. It hopes the federal government will soon ease its illogical prohibitions on recreational Cannabis.
Tilray Has ‘THC-Based Product Adjancencies’
“Tilray’s strength lies in our ability to identify and significantly expand leading CPG lifestyle brands that resonate powerfully with consumers,” said CEO Irwin D. Simon. “Breckenridge Distillery is an iconic addition to our platform in this respect based on its portfolio of award-winning spirits, passionate consumer engagement, and a strong sales and distribution network.”
“More generally, the Breckenridge Distillery transaction is consistent with Tilray’s strategy of leveraging our growing portfolio of U.S. CPG brands to launch THC-based product adjacencies upon federal legalization in the U.S. These significant, diversified revenue streams are key to delivering on our ultimate goal of industry leadership with $4 billion in revenue by the end of the fiscal year 2024.”
“We are excited to join Tilray and drive revenue growth as part of its global and leading CPG and cannabis-lifestyle platform, said Bryan Nolt, Breckinridge Distillery’s founder and CEO. “The award-winning spirits that have driven our success will unquestionably benefit from access to Tilray’s global distribution network and opportunities to expand into cannabis and edible-related products in the U.S.”
Financial terms of the agreement were not immediately available.
