Benzinga | Dec 8, 2021 08:34AM EST

Tilray Stock Trading Higher On Announcing Acquisition Of Colorado-Based Bourbon Producer

Tilray, Inc. (NASDAQ:TLRY) (TSX:TLRY) announced Wednesday that it is acquiring Breckenridge Distillery.

The Canadian cannabis giant expects the transaction to be immediately accretive to EBITDA.

The company did not disclose the terms of the deal.

The sellers of Breckenridge were led by Sababa Partners I LLC, an entity controlled by Sir Martin E. Franklin.

Founded in 2008 by Bryan Nolt, the leading distilled spirits platform located in Breckenridge, Colorado, is known for its award-winning bourbon collection and innovative craft spirits portfolio.

Breckenridge Distillery's consumer engagement strategy is defined and differentiated through unique experiential marketing and highly-effective social media outreach that includes a lucrative and exclusive partnership as the hometown Bourbon of the Denver Broncos.

What It Means For Tilray

Irwin D. Simon, chairman and CEO of Tilray, called Breckenridge Distillery an iconic addition to Tilray's platform.

"We see tremendous potential for Breckenridge and our existing SweetWater brand to complement each other, expanding their respective reach and driving further profitable growth in our beverage alcohol segment," Simon said, adding that the acquisition is consistent with Tilray's strategy of leveraging its growing portfolio of U.S. CPG brands to include THC-based products once federal legalization happens.

"These significant, diversified revenue streams are key to delivering on our ultimate goal of industry leadership with $4 billion in revenue by the end of fiscal year 2024," Simon explained.

More recent news from Tilray:

$TLRY Among Best In November, Cookies Expands In Europe $INCR -- Cannabis Daily December 2, 2021

Tilray's Manitoba Harvest Debuts Hemp Hearts Health Hack In Time For Holidays

Tilray Launches Fast-Acting Cannabis Oral Strips Across Canada Via Aphria Medical

The 'New' Tilray: Highlights From First Annual Shareholders Meeting

TLRY Price Action

Tilray's shares traded 1.38% higher at $9.57 per share during the pre-market session on Wednesday morning.

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