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U.S.-based cannabis company Tilray Brands on Monday announced the acquisition of BrewDog, a British craft beer maker, for £33 million (~USD$44.3 million). The deal includes the global brand and related intellectual property, the United Kingdom brewing operations, and 11 strategic brewpubs in the U.K. and Ireland.

In a press release, Tilray said the acquisition is expected to generate about $200 million in annual net revenue and between $6 million to $8 million of adjusted EBITDA in fiscal 2027.

According to a Guardian report, another 38 bars not included in the sale will close immediately, along with the shedding of 484 jobs. A total of 733 jobs will be preserved through the takeover, the report says. Tilray told the Guardian it is negotiating separately to purchase BrewDog assets in the U.S. and Australia. AlixPartners, which acted as the administrator for BrewDog, told the Guardian that “No offer was made at any stage of the sales process, from any prospective bidder, which would have preserved BrewDog in its entirety.”

In a statement, Irwin D. Simon, chairman and CEO of Tilray, said the firm’s “total global beverage platform is expected to grow to about $500 million in annual revenue” and create “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,” Simon said in a press release. “On a combined basis, we expect Tilray’s diversified global business to reach (about) $1.2 billion in annualized revenue.”

TG joined Ganjapreneur in 2014 as a news writer and began hosting the Ganjapreneur podcast in 2016. He is based in upstate New York, where he also teaches media studies at a local university. More by TG Branfalt