Anheuser-Busch Inc. is selling eight brands to a cannabis company as the beverage giant struggles amid the transgender controversy.
The New York company buying the brands “specializes in cannabis lifestyle products and packaged goods,” KSDK reported Tuesday.
The outlet continued:
The deal between Tilray Brands Inc. and Anheuser-Busch involves A-B transferring ownership of beer brands Shock Top; Colorado-based Breckenridge Brewery; New York-based Blue Point Brewing Company; Seattle-based Redhook Brewery; 10 Barrel Brewing Company of Bend, Oregon; Portland, Oregon-based Widmer Brothers Brewing and Square Mile Cider Company, and San Francisco-based energy drink company HiBall Energy.
Anheuser-Busch InBev recently experienced a significant drop in profits during its second quarter following poor Bud Light sales due to the controversy surrounding a campaign with transgender Dylan Mulvaney, who is a man living as a woman, according to Breitbart News.
“In dollar terms, revenue fell $395 million in North America during the period, compared to the same time a year ago, and came after the company initially tried to downplay the hit it took by associating with Mulvaney,” the outlet said.
On Thursday, former Anheuser-Busch President of Operations Anson Frericks told Fox Business, speaking of the company’s leadership, “We need to find somebody in the U.S. that can turn this business around, get these loyal Bud Light customers back.”
In July, Anheuser-Busch laid off hundreds of American workers once Bud Light’s sales took a months-long nose-dive after the controversy swirling around Mulvaney erupted, Breitbart News reported.
“Conservatives began the Bud Light boycott in April after Mulvaney posted a video to social media celebrating his first year of ‘womanhood’ while flaunting a Bud Light can that bore his likeness,” the outlet said.
Per the KSDK report, Tilray notes the deal will bump it up to fifth place as the largest craft beer company in the nation.
“In addition to its cannabis-related holdings, it also owns several craft beer brands, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, and Green Flash Brewing Company,” the report stated.