Be careful what you wish for... "Tilray lays off 10 Barrel Brewing’s entire Innovation Brewing Team lead by Tonya Cornett Remember when 10 Barrel Brewing celebrated their sale from Anheuser-Busch/InBev to Cannabis and beverage behemoth Tilray? That was only a year ago this month, and there was a note of optimism in the air for their return to “craft beer” status based on the definitions laid out by the Brewers Association. 9 years of operating under the oversight of the world’s largest beer maker had its ups and downs, but when the 10 Barrel team gathered on the patio to roll out a celebratory banner and spray cans of beer like they just won the Super Bowl, it sure did seem like a joyous occasion. Today things are not so celebratory. According to reports, 10 Barrel Brewing founders and brothers Chris and Jeremy Cox tendered their resignation from the brewery they created, announcing their departure internally last week. What followed was a mass layoff of 10 Barrel Brewing’s entire innovation brewing team on Wednesday, September 4th. This included company wide positions in brewing, admin, and sales, which has been confirmed by multiple sources." (from The New School Beer) I wonder if Irwin will give any of his tens of millions in cash compensation he has taken at Tilray, for delivering billions in losses and a plummeting share price, to support the workers he just put...out of work. Oregon is an employment at will state with no obligation to provide severance upon termination, unless it has specifically been built into an employment contract. So, it feels like a no.
wow, that is bad news. Another sign that things are not going well for Tilray, even though the CEO and management give themselves retention bonuses and huge salaries. They have yet to figure out that their employees are the strength of any company and they need to treat them better.
yikes
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3moFrom the Tilray Q1 2024 press release: "On September 29, 2023, Tilray closed its acquisition of eight beer and beverage brands from Anheuser-Busch (NYSE: BUD). The acquired brands, including...10 Barrel Brewing Company. Their expected sales volume elevates Tilray Brands to the 5th largest position in the high-growth U.S. craft beer market, up from the 9th position." So my understanding: a well-capitalized (Tilray) new company (<10yrs) in a growth industry, buys the old more established "craft" companies in a market (US) they want to enter from a Huge Conglomerate (Am-Bev) that bought up "craft" the last wave They (Tilray) do this in order to move up on a "Craft Brands" portfolio list consisting of other large "craft brands" (with most of the "craft" companies having investors from the Huge Conglomerates) Doesn't work out like they (Tilray) imagined, so fire team from craft company <1 yr later, now have brand & IP, shed OpEx, loose quality/innovation but gain market share in "craft" portfolio lists. Rinse Repeat in "new markets" with new products or same old products in new lipstick, gain market share & list wins The Venn diagrams of the craft beer and cannabis markets often seem to overlap in the less-than-ideal ways 😞