Tilray Brands, Inc., the U.S. cannabis and beverage company known for owning craft beer labels such as Shock Top, SweetWater and Montauk, has completed the acquisition of key assets of Scottish craft brewer BrewDog for approximately £33 million (about $44 million) after the iconic brewer entered administration last month.
The deal was executed through a pre‑pack administration process managed by AlixPartners, bringing BrewDog’s global brand, UK brewing operations and 11 selected brewpubs under Tilray’s ownership.
Tilray’s purchase includes the brand and intellectual property, the brewery in Ellon, Scotland, and high‑profile brewpubs in locations such as Birmingham, Canary Wharf, Dublin, Edinburgh, Manchester, Paddington, Seven Dials, Tower Hill and Waterloo. The acquired business is expected to generate around $200 million in annual net revenue with an adjusted EBITDA of $6 million to $8 million by fiscal 2027, and Tilray projects the combined beverage platform to approach nearly $1.2 billion in annualised revenue.
The sale covers a core subset of BrewDog’s operations, leaving 38 pubs excluded from the rescue deal. As a result, many of those locations were closed immediately, leading to 484 job losses in the UK, even as about 733 employees tied to the transferred assets were retained under Tilray’s ownership.
Investors in BrewDog’s long‑running Equity for Punks crowdfunding scheme, which raised roughly £75 million, are expected to receive no return from the sale, sparking disappointment among the craft brewer’s community of small shareholders.
BrewDog co‑founder James Watt, who stepped down as CEO in 2024 and served as “captain and co‑founder,” described the outcome as “heartbreaking” for staff and investors, acknowledging strategic missteps in recent years that contributed to the company’s financial pressures.
Tilray’s chief executive Irwin Simon said the acquisition provides an opportunity to “refocus BrewDog on the craft beer excellence that made it beloved in the first place” and to invest in restoring profitability and expanding the brand’s reach.
For the global franchise community, this deal signals significant growth and renewal opportunities. With established brewpub locations retained and the brand’s strong recognition, Tilray can leverage BrewDog’s international appeal to roll out franchised pubs, licensed taprooms and beverage partnerships in new markets. Negotiations are also underway for Tilray to acquire BrewDog’s complementary assets in the United States and Australia, which could further expand its franchise footprint across key global regions.
Tilray’s strategic acquisition of BrewDog marks a turning point for the once‑rapidly expanding craft brewer and presents a fresh platform for hospitality investors and franchisees looking to tap into an established brand with renewed backing and global distribution potential.
