Cannabis business Tilray Brands acquires Montauk Brewing Co.

Global cannabis lifestyle and consumer goods company Tilray Brands, Inc. has acquired Montauk Brewing Company for an undisclosed sum. Tilray announced the deal Monday, Nov. 7, describing Montauk Brewing as “the fastest growing beer brand” and “the #1 craft brewer in Metro New York.”

Montauk Brewing was founded right here in Montauk a decade ago, in June 2012, and has experienced tremendous growth since its humble beginnings. The company’s beer is now distributed through 6,400 outlets, including leading 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 reputation as craft brewers, creating small-batch “Brew Barn” beers that are sold on-site at Montauk Brewing’s tasting room at 62 South Erie Avenue in downtown Montauk.

Montauk Brewing joins Tilray’s growing US beverage alcohol segment, which already includes SweetWater Brewing Company, the country’s 10th largest craft brewery with distribution in more than 40 states, iconic Southern California brands Alpine and Green Flash, and leading Lifestyle -Bourbon and bourbon brands belong to liquor brand, Breckenridge Distillery.

To fully maximize the value and strength of its US craft beer portfolio, Tilray also announced Monday that it was appointing veteran beer and beverage industry executive Ty H. Gilmore as president of Tilray’s US beer business has, a newly created position.

The company says its entry into the beer business is part of a long-term plan to bring its cannabis products to market as soon as federal law allows.

In Monday’s announcement, Irwin D. Simon, Chairman and CEO said, “Tilray Brands continues to strengthen our US presence and operations by investing in and growing our portfolio of leading lifestyle CPG brands that are resonating strongly 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 alcoholic beverages segment. This distribution network is part of Tilray’s strategy to leverage our growing portfolio of US CPG brands and ultimately introduce THC-based product neighborhoods after federal legalization in the US.”

Simon continues, “We are excited to welcome Montauk Brewing founders, Vaughan Cutillo and Eric Moss, and Montauk Brewing General Manager Terry Hopper to the Tilray Brands family, and I look forward to working closely with them Ty Gilmore, to maximize the performance of our business a tremendously strong portfolio of brands in craft and lifestyle beverages.”

While Montauk Brewing has already shown meteoric growth, buying Tilray 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) for this local company to place the cookie brand in grocery stores across the country and make it a household name.

A pioneer in cannabis research, cultivation and distribution, Tilray’s unparalleled production platform powers more than 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based edibles and craft beverages.

Learn more about Tilray at tilray.com and Montauk Brewing Company at montaukbrewingco.com.

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