03:21 PM EDT, 08/13/2024 (MT Newswires) -- (Updates with Tilray's stock movement in the first paragraph, additional details in the second and fourth paragraphs, and Molson Coors' ( TAP/A ) stock movement in the fifth paragraph.)

Tilray Brands ( TLRY ) was trading almost 5% higher in recent Tuesday trading after the consumer products company said it has signed a definitive agreement to acquire four craft breweries from Molson Coors Beverage ( TAP/A ) , extending recent efforts by Tilray to diversify its business beyond cannabis.

Financial terms of the transaction were not disclosed.

Tilray adds Hop Valley Brewing, Terrapin Beer, Revolver Brewing and Atwater Brewery brands to its beverage portfolio through the transaction.

The deal is expected to boost the number of beer-buying accounts for Tilray by 30%, the company said.

Molson Coors ( TAP/A ) shares were 2% higher in recent trading.

Price: 1.87, Change: +0.09, Percent Change: +4.76