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Here's a partnership we didn't see coming, and one with potentially broader implications going forward. Tilray entered into an exclusive US brewing and commercial agreement with Carlsberg, one of the world's leading brewers, which to this point has had a negligible US presence. Ain't hard to see the logic of this multi-year licensing deal for either side in move positioned as a win-win in announcement this morn. But one can't help but wonder: was this deal borne of convenience, or could Denmark-based Carlsberg consider dabbling with cannabis or US brewing in a bigger way down the line? Agreement is slated to start Jan 1, 2027 and grants Tilray the rights to "produce, market, sell and distribute" several Carlsberg brands in the US including Carlsberg, Carlsberg Elephant, 1664 and Kronenbourg 1664 Blanc. It's structured with an initial 5-year term and an "automatic renewal" for an additional 5 yrs "subject to performance criteria." And it's relatively straightforward: Tilray will leverage its various brewing facilities, sales and mktg team and "commercial expertise" to "locally manufacture and increase Carlsberg's market share of premium and mainstream imported beers" in the US, announcement notes.Move is expected to deliver "immediate scale and revenue accretion" for Tilray, the 4th largest craft supplier in the US after a string of acquisitions, which should be able to better utilize its brewing capacity and sales infrastructure even as it continues to right-size operations. Meanwhile, Carlsberg unlocks a low-cost route to market in the US with greater potential to scale as it avoids the headaches and costs of transatlantic shipping.Carlsberg's US biz can't be all that big as beer imports from Denmark only netted ~20K bbls last yr, cut by more than half from recent peak in 2017, and French beer imports slipped to below 40K bbls in 2025 (including other brands from those countries). Tho some of Carlsberg's US volume could be coming from Canadian co Waterloo Brewing, which it acquired in late 2022, marking its first real production foothold in North America. So sales structure and route to mkt may be equally as paramount as local production for Tilray deal. Its brands are currently sold by Total Beverage Solutions in US, which bought the import rights from the Sheehan Family, along with the rest of St Killian's biz.Notably, this deal comes at a time when Tilray's craft acquisitions are no longer providing an incremental boost to its biz. But the partnership "further strengthens Tilray's position as a scaled, diversified beverage platform," co noted. No guarantee Carlsberg's brands (tiny in US) will resonate at greater scale stateside. Tho Carlsberg's portfolio is "expected to drive volume growth, expand shelf presence, and accelerate revenue," per release, while also enhancing product mix, strengthening positioning with distribs and expanding national chain offerings."This partnership brings together two highly complementary organizations and underscores the strength of Tilray's beverage platform," said Tilray chairman and ceo Irwin Simon. "By combining Carlsberg's iconic global brands and proven brewing heritage with Tilray Beverages' U.S. operational scale, quality standards, and national commercial team, we are well positioned to expand Carlsberg's presence in the premium European segment and drive long-term growth in the U.S. beer market." Tilray Bevs chief growth officer Prinz Pinakatt added in note to distribs that Tilray is an "ideal partner to support Carlsberg's growth objectives."

Tilray Teams Up with Carlsberg in Exclusive Multi-Year US Brewing and Commercial Partnership

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