Tilray Brands, Inc.’s (Nasdaq: TLRY) (TSX: TLRY) medical cannabis division Tilray Medical has expanded its European footprint into the Czech Republic through a new distribution agreement.
The company also announced Monday that its beer subsidiary Sweetwater Brewing has expanded its American presence by entering the Nevada market.
The leading cannabis company announced the developments on Thursday and will partner with Germany’s Cansativa Group to distribute Tilray Medical merchandise in the Czech Republic.
It will now be offering alcoholic beverages like Sweetwater’s 420 Extra Pale Ale in Nevada as well.
.@SweetWaterBrew expands west coast distribution into #Nevada.
Sweetwater, @GreenFlashBeer, and @AlpineBeerCo’s iconic craft beers are now available across 44 States in the U.S.
Details https://t.co/i1ha3zX2d6 $TLRY pic.twitter.com/VtQGINj7QD
— Tilray Brands (@tilray) April 6, 2023
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The Cansativa Group says it became the only approved distributor of medical cannabis grown in Germany in 2020 after being awarded a contract from health authorities there.
Tilray owns two EU-GMP-certified medical cannabis cultivation facilities in Germany and Portugal.
“We are extremely proud to broaden our distribution across the Czech Republic and offer our EU-GMP certified medicinal cannabis products to help support medical cannabis patients in need,” said Denise Faltischek, Chief Strategy Officer of Tilray Brands.
Sweetwater Brewing was established 26 years ago and is the 10th largest craft brewery in America.
“Nevada is a key market in our strategic expansion plan across the west. We see sky-high potential in that market, which will expand the exposure and reach of our growing family of craft beer brands,” said Ty Gilmore, President of United States Beer at Tilray.
Tilray also expanded its American beverage footprint last November when it completed the acquisition of New York’s Montauk Brewing.
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Starting this month, the company’s hemp foods subsidiary Manitoba Harvest is now offering its Regenerative Organic Certified Hemp Hearts product at certain Whole Foods stores in the U.S. The hemp hearts contain 10 grams of plant protein each.
Tilray offers medical cannabis brand products such as Broken Coast and Aphria in over 20 American states and 20 countries and its Sweetwater Brewing beverages are now available in 44 states.
Tilray’s stock rose by 4.84 per cent on Monday to $3.68 on the Toronto Stock Exchange.
rowan@mugglehead.com
