Tilray Brands has acquired BrewDog in a £33m deal aimed at creating a global craft beer and beverage platform worth around $500m in annual revenue.

The transaction includes BrewDog’s global brand and intellectual property, its UK brewing operations and 11 pubs across the UK and Ireland: Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill and Waterloo.

It is understood Tilray, is also separately negotiating to acquire certain BrewDog assets in the United States and Australia, to be finalised in the coming weeks.

The cannabis and beverage giant said the acquired assets are expected to generate approximately $200m in annual net revenue and between $6m and $8m in adjusted EBITDA in fiscal 2027, with a global net revenue expected to reach around $1.2bn on an annualised basis.

“BrewDog is one of the most iconic, mission-driven craft beer brands in the UK,” said Tilray Brands chairman and chief executive officer Irwin D. Simon.

“As we begin a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence that made it beloved in the first place and strategically invest to return the operations to profitable growth.

“Tilray’s management brings operational and strategic expertise, a diversified global beverage infrastructure and a disciplined investment approach needed to unlock BrewDog’s next phase of growth.

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“In addition, my team and I have significant experience in the UK market where we previously built an $1.5bn consumer packaged goods business at my prior company with beloved brands, including Ella’s Kitchen, Hartleys, Tilda, New Covent Garden and Linda McCartney.

“With the BrewDog acquisition, our total global beverage platform is expected to grow to ~$500 million in annual revenue, creating one of the largest diversified craft beverage platforms globally.

“Through this expanded platform, we see significant growth opportunity for BrewDog through broader distribution and the ability to invest back into brand and innovation, while introducing Tilray’s complementary beverage brands into international markets. On a combined basis, we expect Tilray’s diversified global business to reach $1.2bn in annualized revenue.”

Founded in 2007, BrewDog became one of the largest independent craft beer brands in the UK, with a portfolio spanning craft, premium and low and no alcohol brands including Punk IPA, Hazy Jane, Lost Lager and Wingman.

However, Aberdeenshire-based brewery has faced a challenging couple of years with its pre-tax losses widening to £59.2m in the year ending 31 December 2024.

While co-founder and former CEO James Watt had been preparing to invest £10m of his own money in a comeback bid for the struggling business, this morning it was reported Watt was no longer in acquisition talks.

Other suitors who were allegedly eyeing the brewer in recent days include Danish drinks group Royal Unibrew and major European brewers such as Heineken, Carlsberg and Asahi, while private equity interest in the group’s bar estate has also been mooted.