Canadian cannabis producer Tilray Inc. has closed two previously-confirmed deals to purchase Alpine Beer Co. and Green Flash Brewing. 

On December 17, the Canadian cannabis producer completed an acquisition of both California-based craft beer brands from WC IPA for a transaction that amounted to CAD$6.4 million (USD$5.1 million). 

Based on details of the filing with the U.S. Securities and Exchange Commission (SEC), Tilray’s deal was finalized in cash and stock

Included in the overall cost was 366,308 Tilray shares valued at $3 million. A regulatory disclosure indicates that the remaining amount was issued in cash.

WC IPA is believed to have obtained the assets in a 2018 foreclosure sale.

Deal emerges directly after acquisition of Colorado-based bourbon producer

With its most recent cannabis craft beer market venture, Tilray is expanding upon its existing SweetWater Brewing business. That particular business was bought by fellow Canadian cannabis company Aphria Inc. for $300 million before the two companies merged.

Brewbound publication reporters were first to reveal the news, which was confirmed after Tilray acquired Colorado-headquartered bourbon producer Breckenridge Distillery.

Although the specifics of the Breckenridge Distillery deal were not divulged to the public, the transaction is anticipated to be instantly accretive to EBITDA.

“More generally, the Breckenridge Distillery transaction is consistent with Tilray’s strategy of leveraging our growing portfolio of U.S. CPG brands to launch THC-based product adjacencies upon federal legalization in the U.S.,” CEO Irwin Simon said at the time of Breckenridge Distillery acquisition. 

“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 the fiscal year 2024

Tilray broadens medical cannabis product offering in Australia 

Aside from its craft beer brand acquisition deal, Tilray has also expanded its medical cannabis product offering in Australia, where the plant has been legal for therapeutic use since access was legalized in 2016 by the Federal Government.

The company’s product offering expansion was made public on January 25. Aside from the expansion, Tilray also celebrated the launch of a new medical cannabis e-learning platform specifically designed for healthcare providers.

“Tilray is transforming the industry globally with our highly scalable footprint and portfolio of diverse cannabis products. As medical cannabis demand increases worldwide, we remain committed to providing healthcare professionals and patients with safe and reliable access to the highest-quality medical cannabis products,” said the company’s Head of International and Chief Strategy Officer, Denise Faltischek.

Approved under the Therapeutic Goods Administration (TGA) Special Access and Authorized Prescriber Scheme, Tilray’s product Australian product offering focuses on an assortment of whole flower products, which include balanced 1:1 whole flower and GMP-Certified medical cannabis whole flower, the latter of which is sold in 15-gram bags.