A Canadian cannabis company is purchasing eight brands from Anheuser-Busch.
Tilray Brands announced this week that it will acquire Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company and HiBall Energy.
The purchase price is equal to $85 million in cash, according to a filing with the Securities and Exchange Commission.
The transaction includes all current employees, breweries and brewpubs associated with the eight brands.
"We are excited to work with the teams behind these iconic brands that command great consumer loyalty and have a history of delivering strong award-winning products with tremendous growth opportunities," said Irwin D. Simon, chairman and CEO of Tilray Brands.
Anheuser-Busch lays off employees after Bud Light loses sales
Anheuser-Busch will reportedly let go of some corporate employees after its Bud Light brand lost its status as the No. 1 beer in America.
The deal, which is expected to close by the end of 2023, comes as Anheuser-Busch looks to recover amid backlash from Bud Light partnering with transgender influencer Dylan Mulvaney.
The brand has faced continued criticism, especially from conservative media personalities, for partnering with Mulvaney for an ad on social media.
A host of people, from Republican lawmakers to celebrities, announced they were boycotting the brand because the partnership with Mulvaney didn't align with their values.
Anheuser-Busch's stock has fallen more than $10 per share since April, when the ad with Mulvaney was released.
The campaign also appeared to be responsible for Bud Light losing its spot as the nation's best-selling beer — a title it held for more than two decades.
Mexican lager Modelo Especial is now the top-selling beer in the U.S.
Anheuser-Busch says 'We hear you' to upset customers
Anheuser-Busch said it is investing in protecting employees' jobs as sales fall as it has become the target of a boycott.
