Tilray Brands Buys Brewdog for $44M — a Dramatic Fall From Its $2B+ Peak Valuation
Tilray Brands, Inc. acquired BrewDog for £33 million, or $44 million, a sum representing a massive drop from the Scottish craft brewery’s peak $2.7 billion valuation. Tilray, a New York-based consumer packaged goods company producing cannabis and beverage products, assumes ownership of the global brand, UK brewing operations, and 11 brewpubs around the UK and Ireland.
BrewDog began eyeing potential buyers when it hired the consulting firm AlixPartners to oversee its sale last month. The purchase comes after a string of losses for the brand, which had made strides as a leading craft brewery after its 2007 founding. In 2025, the brewery posted a substantial $40 million yearly loss.
“This business needs some love,” said Irwin Simon, chief executive officer of Tilray, during a conference call with investors to discuss the purchase. “This business needs some innovation.”
The deal, effective today, puts an end to the craft brewery’s contentious crowdfunding, “Equity for Punks” scheme, from which the independent brewery amassed over $100 million by selling shares to individual consumers, Sky News reports. News of BrewDog’s search for a buyer stirred uncertainty among the approximately 220,000 ‘punks,’ a number of whom may be left with little return of their investments.
“The equity punks…helped shape this brand to what it is today,” Simon said on the call.
What will come of the investments and returns remains unclear, especially as the brand’s valuation shows dramatic collapse from its former worth. In addition to its peak of $2.7 billion, a 2017 investment from the private equity firm TSG Consumer partners suggested a $1 billion valuation.
The purchase also raises concern about BrewDog’s priorities in the beer space. It launched as a foil to corporate-run macrobreweries, and in 2009 and 2021 when the brand started crowdfunding campaigns, employees criticized it for favoring financial growth over the care of its employees. Simon addressed potential, similar backlash in today’s call.
“We are not here to corporatize BrewDog,” Simon said. “As I continue to say, beer is not going away, and we’re here to continue making beer fun again.”
Tilray has made recent acquisitions of beer brands, including Montauk Brewing Company, Shock Top, and Hop Valley Brewing Co. Its BrewDog purchase marks another expansion to its portfolio beyond cannabis products.
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