Bud Light may never recover from the ongoing controversy surrounding the brand; at least that’s what an anonymous beer executive told The New York Post recently. After four months of hiring freezes and layoffs — with some beer truck drivers getting heckled and harassed even as Bud Light sales have dropped by more than 25% — AB InBev has acknowledged that they have to make some moves to save their stock price. Tilray Brands Inc., a cannabis and consumer packaged goods company, agreed to buy eight beer and beverage brands from the once-proclaimed Kings of beer. Tilray will purchase Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy from Anheuser-Busch InBev. The $85 million all-cash deal will make Tilray the fifth largest craft beer business in the US, up from ninth.
Just to recap what’s happened since Anheuser-Busch agreed to do an ad campaign with controversial Tik Tok star Dylan Mulvaney last April. Anheuser-Busch InBev says it has lost $395 million in North American revenue as the beer maker’s revenue in the US dipped 10.5% compared to last year. Anheuser-Busch responded with a pseudo apology and confirmed that two marketing executives were put on a leave of absence. LGBTQ+ advocates were upset that the brand didn’t stick up for Mulvaney. Every way you can slice it, they lost—big time. And now, they depart from some of America’s most loved craft beers.
