New York, NY--Tilray Brands, Inc., under the banner of its cannabis lifestyle brand RIFF, announced the release of its new ready-to-drink, sparkling THC beverages in two flavors: Blue Raspberry Ice and Wild Raspberry Lemonade.
[Image via Tilray]
The THC is nano-emulsified, ensuring fast onset and even dispersion. RIFF's beverages, each containing 10mg of THC per 355mL can, are available exclusively in select regions and retailers across Alberta and Ontario and through the Tilray Medical Canada platform.
In a news report, Blair MacNeil, President, Canada, said that the new product category allows RIFF to expand its offerings across Canada. National distribution is anticipated later in the year.
Becoming Canada's Largest Cannabis Company
The launch of the new beverages comes not long after Tilray BrandsTilray Brands announced the successful acquisition of HEXO Corp., creating Canada's largest cannabis company by revenue.
This strategic move solidifies Tilray's leading position in the world's largest federally legal cannabis market and bolsters value creation for shareholders and consumers.
A news report stated that with the addition of HEXO Corp, Tilray expanded its cannabis market share in Canada by approximately 44% and established a portfolio of high-growth brands.
Notably, the acquisition enhances Tilray's position in the rapidly growing premium pre-roll segment, optimizes its sales, marketing, and distribution networks, and accelerates cost savings and earnings growth.
Simon stated in the report that the acquisition boosts Tilray’s competitive positioning in the largest, federally legalized cannabis market in the world. Blair MacNeil, President of Tilray Canada, further added that they intend to leverage this acquisition to expand their consumer base and serve new segments substantially.
Growing Brewing Portfolio
The launch of the new beverages comes when Tilray Brands has further broadened its beverage range with the acquisition of Montauk Brewing Company, the largest craft brewer in Metro New York.
According to a news report, this strategic acquisition, along with a portfolio of well-established brands like SweetWater Brewing and Green Flash Brewing, places Tilray in a prime position to penetrate the market upon federal cannabis legalization rapidly.
Irwin D. Simon, Chairman and CEO of Tilray, emphasized in the report last year the intention to capitalize on the existing infrastructure of SweetWater and the northeastern influence of Montauk Brewing to expand the company's distribution network.
The acquisition is part of Tilray's long-term strategy to ready itself for the launch of THC-based products upon federal legalization in the U.S.