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Monday, May 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Beverages

Tilray’s Sweetwater Brewing expands distribution in California

The distribution agreement puts craft beers in restaurants, bars, grocery chains and liquor stores across the Golden State

A single SweetWater's Hazy 710 Pale Ale can next to a glass of beer and case of the Pale Ale
SweetWater's H.A.Z.Y. 710 Pale Ale. Image via SweetWater Brewing

Tilray Brands, Inc.‘s (TSX: TLRY) (Nasdaq: TLRY) SweetWater Brewing Company is partnering with the largest beer distributor in the United States to sell craft brews in California.

On Wednesday, the Atlanta-based craft brewery said it’s continuing its expansion west through a distribution agreement with Reyes Beer Division, which puts Sweetwater’s craft beers in restaurants, bars, grocery chains and liquor stores across the Golden State.

“Having been born and raised on the West Coast, twenty-five years ago I had the fantastic opportunity to bring a piece of home with me to the East Coast through a slew of SweetWater’s West Coast-style beers over the years,” Sweetwater co-founder and CEO Freddy Bensch said.

The executive says he’s “beyond stoked” to make it back to his original stomping grounds in California.

As SweetWater celebrates its 25 anniversary this month, Reyes west division president Tom Reyes says the distributor is excited to work with the brewing company on its new venture.

The craft brew company has been expanding its presence west, and California has become the largest state in the firm’s portfolio so far.

In late December, Sweetwater bought San Diego beer brands Alpine Beer Company and Green Flash Brewing Company.

Read more: Tilray’s SweetWater Brewing buys two craft beer companies

Read more: Tilray acquires US distillery while waiting for federal legalization

Aphria acquired SweetWater in 2020, ahead of the Tilray and Aphria merger the following year.

While waiting on federal legalization in the U.S., Tilray recently bought a Colorado whiskey distillery. The cannabis company said in December that Breckenridge Distillery provides more infrastructure and it supports Tilray’s goal to launch “THC-based product adjacencies” if cannabis laws change.

On Wednesday, Tilray stock was up 11 per cent to $8.77 on the Toronto Stock Exchange, and up 10 per cent to US$6.88 on the Nasdaq.

 

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