Tilray says it has invested £50M in BrewDog since buying the brand in March
The Under New Ownership campaign went up on Sept. 21, and Tilray says it has reopened 16 BrewDog bars since the takeover closed.
Julian Okafor· Sep 22, 2026
Tilray Brands, Inc. (NASDAQ: TLRY) (TSE: TLRY) said on Tuesday that it has invested £50 million in BrewDog since it took the craft brewer over in March, as the brand opened an advertising campaign built around its change of owner. That is more than the £33 million Tilray paid on March 2 for BrewDog's global brand, its British brewing operations and eleven brewpubs in the United Kingdom and Ireland.
Shares closed at US$4.08 on the Nasdaq on Monday, the day the campaign went up, a gain of 2.3 per cent that still left the stock below its US$4.67 close on Aug. 20. Volume of 3.7 million shares was close to the daily average of about 3.6 million over the past month. The 52-week range runs from US$3.67 to US$23.20. Tuesday's release came out before the New York open.
The campaign, called Under New Ownership, began on Sept. 21 with outdoor advertising, digital screens and a letter from Tilray in 70,000 print copies of City AM. Its lines make light of the brand's past, pairing "No More Cunning Stunts. Just Great Beer" with Punk IPA and "A Little Less Allegation" with Elvis Juice.
Tilray said the £50 million went on stabilising BrewDog's operations, and that it has reopened 16 bars since the takeover, among them a community bar in Inverurie, Scotland. It has also put 24 of its own American craft beers into BrewDog's bars, including SweetWater, Montauk, 10 Barrel and Blue Point. BrewDog has signed a five-year beer partnership with the Leicester Tigers rugby club and run a £1 million bar tab through the World Cup.
Grocery shoppers will be offered four-packs of Punk IPA for £3, with the same price on BrewDog.com for a limited time. Pubs and bars that register by Oct. 12 can win one of up to 1,000 free kegs of Wingman, and convenience retailers will be able to buy Punk IPA and Hazy Jane at promotional prices from participating wholesalers in October.
"Since acquiring BrewDog, Tilray has moved quickly to put real capital, focus and operating discipline behind the business, including nearly £50 million of investment across operations, working capital, people and the platform needed to support growth," chairman and chief executive Irwin D. Simon said in the release.
Beverage Revenue Passed Cannabis in the Fourth Quarter
Tilray is a New York company that sells medical and adult-use cannabis in Canada and Europe, craft beer and spirits in the United States, and hemp foods. It reported net revenue of US$915 million for the fiscal year that ended May 31, with cannabis at US$268.3 million and beverages at US$254.0 million. In the fourth quarter, the first to carry BrewDog, beverage revenue reached US$105.6 million against US$71.5 million from cannabis.
The company closed that year with about US$235 million in cash, restricted cash and marketable securities, and net debt of US$0.7 million. It has guided to adjusted EBITDA of US$68 million to US$75 million in fiscal 2027. When the British purchase closed, Tilray told investors the acquired business would add roughly US$200 million of annual net revenue and US$6 million to US$8 million of adjusted EBITDA in that year, and turn cash flow positive.
International medical cannabis revenue rose 34 per cent in fiscal 2026. Tilray bought HelloMD's Canadian telehealth operations in June and shipped its first CBD medicine into Panama in July.
Read more: Tilray strengthens medical cannabis reach with HelloMD acquisition
Read more: Tilray's medical cannabis division enters Panama with CBD shipments
Craft Beer Sales Are Falling at Boston Beer
The Boston Beer Company, Inc. (NYSE: SAM) is one of the largest craft brewers in the United States and the maker of Samuel Adams and Truly. It reported net revenue of US$568.3 million for the quarter that ended June 27, down 3.3 per cent from a year earlier. Depletions, the measure of beer sold on to drinkers, fell 6 per cent. Tilray describes itself as the fourth largest craft brewer in the country.
The British assets were not the whole purchase. Tilray bought the Australian business on March 9, including the Brisbane brewery and two bars in the city, and on March 16 agreed to buy the brewery, pub and hotel in Columbus, Ohio along with pubs in New Albany, Cleveland and Las Vegas. It did not disclose what it paid in either case, so the £50 million cannot be set against the full cost of the brand.
Tilray's first quarter of fiscal 2027 ended Aug. 31 and is the first full three months to carry BrewDog's operations. The cost of the campaign falls in the quarter that ends Nov. 30.
