Canadian pot company Tilray is buying 8 beer and beverage brands from AB InBev

Canadian cannabis producer Tilray Brands Inc.
TLRY,
-3.48%
on Monday said it had agreed to buy eight beer and drink brands from Anheuser-Busch InBev
BUD,
-0.09%
— including Shock Top, Redhook Brewery and Widmer Brothers Brewing. The other five brands are Breckenridge Brewery, Blue Point Brewing Co., 10 Barrel Brewing Co., Square Mile Cider Co. and HiBall Energy. The deal, which includes related staff and breweries, is expected is expected to close this year. Tilray said it expects to pay in cash to complete the deal. The purchase price wasn’t disclosed in a release. The deal follows other efforts by Tilray to expand into alcohol, amid heavy competition in Canada’s legal cannabis industry and stalled federal reform in the U.S. Shares rose 2.7% after hours on Monday.