Anheuser-Busch, the owner of Bud Light and several other beer brands, is selling off eight of its labels to Tilray Brands, a cannabis company based in New York City.

The eight labels the company will purchase from Anheuser-Busch include Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy. The purchase of these labels includes the current employees, breweries, and brewpubs that are associated with these brands, according to the press release.

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“Today’s announcement both solidifies our national leadership position and share in the U.S. craft brewing market and marks a major step forward in our diversification strategy," said Irwin D. Simon, the chairman and CEO of Tilray Brands. "We are excited to work with the teams behind these iconic brands that command great consumer loyalty and have a history of delivering strong award-winning products with tremendous growth opportunities. Tilray is fully committed to invest in and champion the future of the U.S. craft beer industry by fueling new innovation that excites and further accelerates the growth of its consumer base.”

Through this purchase, Tilray Brands will become the fifth-largest craft beer business in the United States, up from its current position of ninth.

Anheuser-Busch selling eight of its labels comes as the company has endured financial losses throughout 2023, reporting a nearly $400 million loss in the second quarter. Many have attributed the company's financial losses to a partnership Bud Light did earlier this year with transgender activist Dylan Mulvaney.

A report from last month stated that close to 380 positions at the company are set to be terminated. The company has over 19,000 across the United States.

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The heir of Anheuser-Busch, Billy Busch, appeared in an interview where he expressed what he believed would have been his ancestors' disapproval of the company's recent marketing.

"I think my family — my ancestors would have rolled over in their graves," Busch responded when asked what he thought about the fallout following the company's involvement with Mulvaney. "They believed that transgender, um, gays, that sort of thing was all a very personal issue. They loved this country because it is a free country and people are allowed to do what they want, but it was never meant to be on a beer can and pushed in people's faces."