Is Boston Beer Company for sale? What we know so far

Logo for Boston Beer Company surrounded by question marks.
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In recent months, rumors began to swell about the possible sale of Boston Beer Company, one of the largest breweries in the nation to meet the definition of a craft brewer. Only Yuengling is larger. Boston Beer is also one of the oldest craft breweries in the U.S. This is what we know about the sale rumors, which now seem more substantial.

The rumors circled but were generally unreported. This week, it went mainstream. The news about Boston Beer Company found its way to The Drinks Business, ProBrewer, The Wall Street Journal, and other outlets. Whatever is going on, Boston Beer Company’s stock prices have seen some activity lately.

Graph showing stock prices.

As recently as last Friday, reports suggested that Suntory, a Japanese whiskey producer, was looking to acquire Boston Beer Company. It was easy to believe because the two companies were already aligned. Suntory and Boston Beer entered a strategic partnership back in 2021. For a global alcohol producer like Suntory, Boston Beer’s large, diverse, and well-distributed portfolio presents an attractive target. Amidst the acquisition speculation, neither of the two companies confirmed or denied the rumor at that time.

Then another and perhaps more concrete rumor emerged. According to reports, including one in the Wall Street Journal, the CEO of the cannabis producer Green Thumb proposed a deal. According to the report, Green Thumb’s CEO, Ben Kovler, sent a letter to Boston Beer’s founder and CEO Jim Koch on Sunday to suggest a “potential combination.”


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Boston Beer reportedly has a market cap of $3.6 billion, while Green Thumb is valued at closer to $2.8 billion. According to the WSJ, Koch said, “As we look at a future where this consumer trend continues to gain traction, I believe we have to be proactive versus reactive.”

Presumably, the consumer trend he mentions is the growing popularity of recreational cannabis. In a statement to reporters, Green Thumb said that the company’s policy “is not to comment on market rumors” amidst all of the “media speculation.”


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Some other facts:

  • Suntory now denies that it is in any sort of negotiation with Boston Beer.
  • Boston Beers stock prices have been volatile. Up 22 percent last week, down a touch this week.
  • When the rumor of a possible sale first emerged, Heineken and Molson Coors were considered the most likely suitors.
  • At today’s price, Boston’s market capitalization is estimated at about $3.95 billion. This is significantly lower than its record valuation of $15.98 billion in April 2021.
  • Green Thumb was established a decade ago as a national consumer packaged goods company and retailer. Cannabis edibles and cannabis pre-rolled cigarettes are among the company’s many product offerings.

We will continue to watch this space.

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