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The parent company of Bud Light is selling off several beer brands as the transgender public relations catastrophe drags on.
On Tuesday, Tilray Brands, a cannabis company, said it had reached an agreement with Anheuser-Busch InBev to purchase eight craft beer and beverage brands, including Shock Top, Blue Point, Breckenridge Brewery, Redhook Brewery, and HiBall Energy.
The eight brands represent less than 1% of the company's craft beer assets and represent the company's “less stellar-performing assets,” according to Benj Steinman, editor of Beer Marketer’s Insights.
Anheuser-Busch reported a drop of 10% in sales in the U.S. in the second quarter and attributed much of that to a steep drop in Bud Light sales after conservatives declared a boycott against the brand. Sales to U.S. retailers dropped by 14% in the second quarter, while U.S. sales to wholesalers fell by 15%.
The PR nightmare began when transgender TikTok influencer Dylan Mulvaney posted on Instagram about a partnership with Bud Light to publicize its March Madness marketing campaign. Critics lambasted the beer brand, and the furor increased when comments from a marketing executive mocking the brand's traditional fan base resurfaced on social media.
Mulvaney has since accused the company of abandoning the influencer while critics attacked the marketing campaign. Anheuser-Busch has fired some marketing executives and also initiated layoffs of corporate employees in the U.S.
Bud Light has also lost the title of the best-selling beer in the U.S. after reigning for over two decades.
Here's more about the decline in Bud Light sales:
Bud Light boycott weighs on AB InBev U.S. resultwww.youtube.com
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Carlos Garcia is a staff writer for Blaze News.