The Anheuser Busch Budweiser Clydesdale Team make an appearance at the South Carolina National Guard Air and Ground Expo at McEntire Joint National Guard Base, South Carolina, March 6, 2017. This expo is a combined arms demonstration showcasing the abilities of South Carolina National Guard Airmen and Soldiers while saying thank you for the support of fellow South Carolinians and the surrounding community. (U.S. Army National Guard photo by Staff Sgt. Kevin Pickering)
In 2015, Willy Nelson and Merle Haggard released the song “It’s All Going to Pot.” That same year, Anheuser-Busch purchased Breckenridge Brewery in order to take part in the quickly growing craft-brewed beer craze that was happening at the time. Now Anheuser-Busch is selling off Breckenridge and a number of its other smaller brands to cannabis company Tilray Brands after running a misguided advertising campaign with transgender influence Dylan Mulvaney for its Bud Light brand earlier this year that tanked its business. Denny Jacob reports for The Wall Street Journal:
Anheuser-Busch InBev BUD 0.59%increase; green up pointing triangle is selling eight beer and beverage brands, including Shock Top and Blue Point, to the cannabis company Tilray Brands TLRY -5.30%decrease; red down pointing triangle for an undisclosed amount.
The cannabis company’s acquisition also includes brands such as Breckenridge Brewery, Redhook Brewery and HiBall Energy, among others. The transaction includes breweries and brewpubs associated with these brands, as well as current employees.
The purchase price will be paid in cash and the transaction is expected to close this year, Tilray said.
Andy Thomas, president of the Anheuser-Busch unit that includes premium brands and craft brewers, said that Tilray reached out earlier this year expressing interest in the brands and breweries. Anheuser-Busch is still committed to other craft beer brands in its portfolio, he said.
The sale by Anheuser-Busch comes after the company in July laid off hundreds of workers at its U.S. offices after months of slumping sales of its Bud Light brand.
Sales of Bud Light have tanked since April amid a commercial backlash over a promotion with transgender influencer Dylan Mulvaney. Earlier this year, Mexican brand Modelo Especial dethroned Bud Light as the top-selling beer in the U.S.
Read more here.
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