Tilray Pulls International Lever at Home with Carlsberg U.S. Partnership

Dear Client: International expansion has been a recent theme for Tilray. On its Q1 earnings call in October, chief Irwin Simon pointed to growing demand for American craft beer abroad and said the company was exploring international manufacturing and acquisition opportunities while also pushing its non-alc portfolio overseas [see BBD 10-10-2025]. Now, Tilray appears to be pulling an international lever at home as well, announcing an exclusive U.S. brewing and commercial partnership with the Carlsberg Group beginning in 2027. Under