What a fall from grace. A brewery once valued at one billion pounds changes hands for 33 million. BrewDog, Scotland's craft beer phenomenon from Ellon, Aberdeenshire, is history. At least in the form we knew it.
The Deal
On 2 March 2026, Tilray Brands made it official: the US conglomerate — originally founded as a cannabis company, now broadly diversified into pharmaceuticals, energy drinks and craft beer — is taking over BrewDog. Purchase price: £33 million. Included are the worldwide brand rights, the brewery in Ellon, and eleven selected brewpubs across Great Britain and Ireland.
What is not included: 38 further bars, which closed immediately. 484 employees lost their jobs. And the more than 220,000 small investors who had put a combined £75 million into the company through the famous Equity for Punks crowdfunding scheme? They walk away with nothing.
Tilray
Tilray Brands is no stranger to the world of acquisitions. In recent years, the company has snapped up dozens of craft beer brands — among them 10 Barrel Brewing, Widmer Brothers, Atwater Brewery and many more.
BrewDog fits right into that picture. CEO Irwin Simon himself says: “You simply could not build this platform in Europe today for the amount of money we paid.” Fair point. The Ellon brewery is capable of producing up to two million hectolitres per year, yet is currently running at only a third of capacity. Tilray plans to use it to brew US craft brands for the European market. The target: cash flow positive by 2027.
Three Breweries — Three Fates
BrewDog’s brewing operations in Columbus, Ohio (USA) — including a separate sour beer facility called Overworks, where wild yeasts and wooden barrels reign supreme — and in Murarrie, Brisbane (Australia), are not yet covered by the Tilray deal. Negotiations are ongoing separately, with a closing expected approximately 30 days after the UK deal. The Berlin operation is being wound down.
What Remains?
A brand that still has recognition value — albeit with considerable reputational damage from recent years. Whether Tilray can turn things around remains to be seen. The Equity for Punks story, however, stands as a cautionary tale about the risks of crowdfunding.
Punk IPA is still out there to buy. It’s just the story behind it that tastes bitter right now. Cheers — or rather: Slàinte.
Photo: AdobeStock — Robert
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