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Tilray's persistent buying spree boosted the co's rev numbers and annual barrelage significantly in the last few yrs. It jumped from a 225K-bbl player when it picked up SweetWater in 2020 to a 775K-bbl, top-5 craft beer supplier in 2025. But that obscures some serious softness brand by brand. In fact, apples-to-apples, the co grew its total beer output in just one of the past 5 yrs, we estimate, as both SweetWater and Montauk got solid growth in 2023 alongside addition of a few new standalone smaller brands. That was the yr it added about a half-mil bbls from AB, before adding another nearly 200K bbls from Molson Coors in 2024. So in just the last 2 yrs, its total collection of craft brands shrank by a quarter from well over 1 mil bbls. Montauk is the only Tilray brand fam that ended 2025 bigger than when the co acquired it, we estimate. Tho at about 50K bbls, that's about flat to where brand was in 2020-2021. Most of its other brands declined by 1/4 to 1/3 since acquisition as Tilray cut SKUs and pulled back its portfolio to a new base from which it hopes to grow.That right-sizing led to sizable declines for most Tilray brand fams in Circana scans last yr, too. Montauk $$ grew 1.7% nationally, sitting at the #34 craft brand fam, despite its relatively tight footprint. And Tilray turned Shock Top around at #39, growing $$ 0.5% despite a sizable 7% drop to avg price per case to about $30. Ranked between the two, Redhook slipped low single digits, while farther up the list, SweetWater (#18) and 10 Barrel (#27) fell double digits and Hop Valley slumped by close to 30%. Avg prices were flat to down for SweetWater and Hop Valley, while up just slightly for 10 Barrel and Redhook. In all, Tilray was #6 craft supplier in national Circana scans last yr, -15% by $$ as it shed 0.5 share of the segment to 4.1.Top Craft Player in Portland Scans at 19 Share; #3 Craft Brewer to WA by Total Shipments in 2025 As the list of its biggest brand fams in national scans suggest, Tilray is a craft powerhouse in the PacNW. It's by far the biggest craft supplier in Portland, OR, with over 19 share of craft $$ in Circana multi-outlet plus data. It's fully 10 pts ahead of #2 player Ninkasi (excluding other Great Frontier brands). But Tilray lost more than 2 pts of craft $$ share in the mkt last yr on a 15% drop. It's 3 lead in-state brands represent almost all of its biz in Portland scans, all in the top-10 among craft brand fams and each down double digits: #4 10 Barrel down 11%, #5 Hop Valley -19% and #10 Widmer -16%.Tilray reported 66K bbls sold in Washington last yr, state data shows, around 1.8 share of total WA beer volume. That placed it as #3 craft co there behind AB craft and Georgetown and about 40% bigger than #4 New Belgium. It's also #3 craft supplier in Seattle/Tacoma multi-outlet + c-store data from Circana, tho it slipped 12% to 10.1 share. Redhook remains the #4 brand fam there, down just 2.4%. Tilray also placed among the top-10 craft suppliers in Circana data for Dallas Fort Worth (#5, mostly Revolver, -19%), Florida (#7, mostly SweetWater, -12%) and North Carolina (#9, -26% as a co). After it digests its acquisition of BrewDog it'll place quite a bit higher in Ohio scans, where BrewDog was #9 craft supplier last yr, -11%.(Our shipments estimates by brand family for top craft portfolios can be found in the just-released Craft Update 2026 report alongside Circana scan data on the top-50 craft suppliers and brand families nationally and the top-10 craft supplier and brand families in select cities and states.)

Tilray Beer Volume 2.5X Since 2020, Down 25% in 2 Yrs, Apples-to-Apples; Regional PacNW Heft

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