Tilray Brands (TSX: TLRY) has finally closed on its acquisition of Truss Beverage Co. The company has bought out joint venture partner Molson Coors (NYSE: TAP) from the operation, in a transaction that was initially announced back in August 2023.
The figures behind the transaction as of yet are undisclosed. Recent filings made by Molson Coors indicate that they recorded a loss of US$11.1 million on the sale, however the sales figure was not provided, with the company indicating it was an “immaterial amount.”
Tilray however has acquired the 57.5% interest previously held by Molson in full, with remaining contractual obligations said to now be satisfied. As part of the purchase, all cannabis beverage operations have been transitioned to Tilray’s London, Canada manufacturing facility.
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With the closing of the purchase, Tilray is claiming 40% market share within the cannabis beverage segment.
READ: Molson Coors Exits Cannabis Business With Divesture Of Truss Beverage Co To Tilray Brands
Truss Beverage was a joint venture agreement originally entered into between Molson Coors and Hexo Corp, prior to Hexo being acquired by Tilray in June 2023.
Tilray Brands last traded at $2.74 on the TSX.
Information for this briefing was found via Edgar, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
