Tilray agrees to buy four Molson breweries (update)

RapidEye Update 2:40 PM EST: Adds comments from Tilray Tilray Brands ( NASDAQ: TLRY ) announced Tuesday it has agreed to buy four breweries from Molson Coors Beverage Company ( NYSE: TAP ), a transaction expected to increase the Canadian cannabis company’s leadership in the U.S. craft beer market.

The transaction includes Molson Coors’ ( TAP ) craft breweries, Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing, and Atwater Brewery. Once the deal is finalized, Tilray’s ( TLRY ) beverage portfolio is expected to add 30% of new beer-buying accounts.

Previously: Canadian cannabis company Tilray Brands ( TLRY ) is closing in on an agreement to acquire some of the drinks labels owned by the U.S. brewer Molson Coors Beverage ( TAP ), Bloomberg News reported Tuesday, citing people familiar with the matter.

Molson Coors’ ( TAP ) Revolver, Atwater, Hop Valley, and Terrapin brands are said to be the subject of the discussions, and the people said that an agreement could be announced as early as Tuesday. Tilray ( TLRY ) refused to comment on the talks, and Molson Coors ( TAP ) was not immediately reachable for comment. If finalized, the deal will further advance Leamington, Ontario-based Tilray’s ( TLRY ) diversification strategy.

In October, the Canadian Licensed Producer acquired several beer and beverage brands from Anheuser-Busch ( BUD ), adding to its portfolio, which included brands such as SweetWater Brewing Company and Montauk Brewing Company. More on Anheu.