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Tuesday, May 17, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Tilray’s SweetWater Brewing expands into Washington and Oregon

The firm continues to put more emphasis on its beverage alcohol business

Tilray's SweetWater Brewing expands into Washington and Oregon
Image via SweetWater

SweetWater Brewing Company, a subsidiary of Tilray Brands Inc. (TSX: TLRY) (Nasdaq: TLRY), will be offering its beers in Washington and Oregon.

In a statement this week, SweetWater said its bringing its core line of craft brews throughout both states via its distribution partner Columbia Distributing.

The beverages will be sold in local restaurants, bars, grocery chains, liquor stores and other retailers. The offerings include SweetWater’s 420 Extra Pale Ale, H.A.Z.Y. IPA, 420 Imperial IPA and rotating variety packs.

The two Northwestern states mark SweetWater’s 39th and 40th regional markets, following expansion into California earlier this month.

Columbia Distributing CEO Chris Steffanci said the expansions had been in the works for months.

Tilray’s product mix continues to move away from its original focus on recreational cannabis. In its latest earnings report, the company said 9 per cent (US$13.7 million) of its US$69-million in second-quarter sales came from beverage alcohol.

In December, SweetWater acquired West Coast brewers Green Flash and Alpine Beer. Earlier that month, Tilray bought Breckenridge Distillery, a Colorado-based whiskey maker.

Company stock dipped over 3 per cent Wednesday to $7.54 on the Toronto Stock Exchange.

Read more: Tilray ekes out Q2 profit despite 16% drop in pot sales

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

 

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