Tilray aims to bring BrewDog back to $1bn valuation

Why does this matter?

Tilray's turnaround strategy for BrewDog demonstrates how tech-enabled distribution networks and operational modernization can rebuild a craft beverage brand's value, with lessons for BevTech founders on scaling global platforms and leveraging infrastructure for growth.

Highlights

US beverage company Tilray Brands is hoping to return BrewDog to its previous valuation of more than US$1 billion by reinvesting in the Scottish brewer and bar operator. Tilray, which also produces medicinal cannabis, revealed several strategic initiatives to support its growth internationally. The business recently purchased the US, UK and Australian arms of Scottish firm BrewDog, known for its portfolio of branded bars and ‘craft’ beers. Tilray owns the BrewDog brand and its intellectual property globally, but the initial UK deal resulted in the loss of hundreds of jobs and the closure of at least 11 BrewDog sites. In its update this week, Tilray said it had quickly moved to ‘stabilise and strengthen’ BrewDog to position it for growth. It has taken several actions, including the maintenance of brewing volumes and service levels across channels to uphold stock availability. Tilray has also started to find new distribution and strategic partners to help expand BrewDog. Irwin D Simon, chairman and CEO of Tilray Brands, said: “Our priorities are clear: strengthen BrewDog, accelerate innovation, and scale our global beverage platform. “We are already taking decisive steps to reinvest in the BrewDog brand, innovation pipeline, and brewpub experience, and we see a clear path to rebuilding BrewDog towards its prior valuation of over US$1 billion.” He added that the business has started a plan to expand BrewDog across the UK, Australia and the US, along with developing the brand in “key growth markets” like the Middle East and India. Tilray expects the BrewDog business to be cash flow positive in 2027. It is planning to invest in the modernisation of BrewDog’s existing brewpub estate, which it said had “seen limited investment in recent years”. Tilray aims to implement modern activations and strengthen brand engagement across the BrewDog bar business. As part of this, Tilray will invest in a “brewpub of the future” at one of its existing sites, which it said would enable the business to analyse and recommend future changes across the bar network. Tilray is seeking to build a “more compelling BrewDog platform for the future”. Spirits production The company has not yet confirmed whether it plans to return to spirits production after BrewDog announced it would close its distillery in January 2026, ahead of the Tilray acquisition. Simon also noted that Tilray would “leverage” its infrastructure and distribution network to scale its beverage portfolio and support the growth of its US brands in the UK. “This is about unlocking incremental volume, expanding distribution, and increasing utilisation across our platform to drive sustainable, long-term growth,” the CEO continued. To support this next phase of growth, Tilray has filed an at-the-market equity programme of up to US$180 million to invest behind its global beverage platform and provide cash flexibility. Tilray also owns Colorado’s Breckenridge Distillery, which it acquired in December 2021 with the aim of producing THC-infused spirits.

The Spirits Business

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