Greater Patchogue coverage is funded in part by New Village at Patchogue, open-concept rental residences with sleek contemporary design. Click here for a tour.
The Blue Point Brewing Company is getting new ownership.
Tilray, a cannabis-lifestyle and consumer packaged goods company headquartered in NYC, has struck a deal with Anheuser-Busch to acquire eight of its craft breweries, including Blue Point. The other brewing companies include Shock Top, Breckenridge Brewery, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company and HiBall Energy.
The transaction, announced Tuesday morning, will include all current employees, brewery production and brewpubs, according to a release.
The deal was completed for an undisclosed amount of cash, with an estimated closing by the end of 2023.
“Tilray is fully committed to invest in and champion the future of the U.S. craft beer industry by fueling new innovation that excites and further accelerates the growth of its consumer base,” said Irwin D. Simon, chairman and CEO of Tilray Brands.
Blue Point Brewery was established in a shipyard on River Avenue in Patchogue in 1998 by Long Islanders Mark Burford and Pete Cotter. In 2014, they sold Blue Point for a reported $24 million to Anheuser-Busch InBev, the brewers of Bud and Bud Light.
In 2019, Blue Point moved its production to its current 9,000-square-foot brewpub on West Main Street, a site that had previously housed Briarcliffe College.
Tilray has been gobbling up craft breweries, acquiring another big Long Island craft beer brand last year: Montauk Brewing Company.
“With this transaction, our beer business is expected to triple in size from 4 million cases to 12 million cases annually,” said Ty Gilmore, president of U.S. Beer at Tilray Brands.
The goal is to further advance THC-based products using these brands.
“Upon federal cannabis legalization, we expect to leverage our leadership position, wide distribution network and portfolio of beloved beverage and wellness brands to include THC-based products and maximize all commercial opportunities,” said Simon.
