Global cannabis lifestyle and consumer packaged goods company Tilray Brands, Inc. has acquired Montauk Brewing Company for an undisclosed sum. Tilray announced the deal on Monday, November 7, describing Montauk Brewing as “the fastest growing beer brand” and “the #1 craft brewer in Metro New York.”
Started a decade ago, in June 2012, right here in Montauk, Montauk Brewing saw enormous growth since its humble beginnings. The company’s beer is now spread over 6,400 points of distribution, including top national retailers such as Target, Whole Foods, Trader Joe’s, Stop & Shop, King Kullen, Walmart, 7-Eleven, Costco, BJ’s, and Speedway.
But they’ve also maintained their craft brewing cred by creating small-batch “Brew Barn” beers sold locally at the Montauk Brewing tasting room at 62 South Erie Avenue in downtown Montauk.
Montauk Brewing joins Tilray’s growing U.S. beverage-alcohol segment, which already includes SweetWater Brewing Company, the 10th largest craft brewer in the nation with distribution across more than 40 states, the Alpine and Green Flash iconic Southern California brands, and its leading lifestyle bourbon and spirits brand, Breckenridge Distillery.
To fully optimize the value and strength of its U.S. craft beer portfolio, Tilray also announced Monday that it has appointed veteran beer and beverage industry executive Ty H. Gilmore as President of Tilray’s U.S. beer business, a newly created position.
The company explains that its buy into the beer business is part of a long-term plan to bring their cannabis products to market, once federal law allows it.
In Monday’s announcement, Irwin D. Simon, Chairman and CEO, says, “Tilray Brands continues to strengthen our U.S. footprint and operations through investments in and growing our portfolio of leading lifestyle CPG brands that resonate powerfully with consumers. Montauk Brewing is an iconic brand with leading market share and distribution in the northeast. Tilray Brands intends to leverage SweetWater’s existing nationwide infrastructure and Montauk Brewing’s northeast influence to significantly expand our distribution network and drive profitable growth in our beverage-alcohol segment. This distribution network is part of Tilray’s strategy to leverage our growing portfolio of U.S. CPG brands and ultimately to launch THC-based product adjacencies upon federal legalization in the U.S.”
Simon continues, “We are excited to welcome Montauk Brewing’s founders Vaughan Cutillo and Eric Moss, as well as Terry Hopper, Montauk Brewing’s General Manager, to the Tilray Brands family and I look forward to working closely with Ty Gilmore to maximize the performance of our enormously powerful craft and lifestyle beverage brand portfolio.”
While Montauk Brewing was already showing meteoric growth, the Tilray purchase will make it a national brand, much like the $100 million sale of Tate’s cookies to Riverside Company, and eventually Mondelēz (for $500 million) did for that local business, putting the cookie brand in grocery stores all over the country and making them a household name.
A pioneer in cannabis research, cultivation and distribution, Tilray’s unprecedented production platform supports more than 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.
Learn more about Tilray at tilray.com, and Montauk Brewing Company at montaukbrewingco.com.
