The cannabis industry may be eyeing a bold new chapter, as reports reveal that Ben Kovler, CEO of cannabis producer Green Thumb Industries, has approached Boston Beer Company with a potential merger offer. According to the Wall Street Journal, Kovler sent a letter to Boston Beer founder and CEO Jim Koch on Sunday, outlining a vision for a “potential combination” between the two companies.

Boston Beer, known for its flagship Samuel Adams brand, currently has a market capitalization of approximately US$3.95 billion, a sharp drop from its peak valuation of nearly US$16 billion in 2021. Green Thumb, founded in 2014, is a major player in the US cannabis space and is valued at roughly US$2.8 billion.

A call to be proactive

In his letter, Kovler reportedly urged Koch to take a forward-thinking approach in response to shifting consumer habits. “As we look at a future where this consumer trend continues to gain traction, I believe we have to be proactive versus reactive,” he said, referencing the growing overlap between beverage and cannabis markets.

While Green Thumb has not officially confirmed the talks, the company responded to media speculation with a statement saying its “policy is not to comment on market rumours.”

Adding to the confusion, Japanese whisky and spirits giant Suntory—previously linked to Boston Beer in acquisition rumours—denied any current negotiations. A Suntory spokesperson clarified to The Drinks Business: “There is no fact that we are in any negotiations with Boston Beer.”

Market reacts to uncertainty

Following the news of a potential approach from Green Thumb, Boston Beer shares dropped by around 2%, reflecting investor concerns and uncertainty over the company’s direction. While the market remains cautious, speculation continues to swirl about possible suitors for the American brewer.

Earlier reports had named global beer giants Heineken and Molson Coors as likely contenders to acquire Boston Beer, but the emergence of Green Thumb as a potential partner has shifted the conversation toward a more unconventional path—one that merges traditional brewing with cannabis-infused consumer packaged goods.

Green Thumb’s rapid rise

Founded in 2014, Green Thumb Industries has rapidly grown into one of the leading multi-state operators in the US cannabis sector. The company sells a wide array of cannabis products, including edibles, pre-rolls, and flower under several brands. It also operates close to 100 dispensaries across the US under its RISE retail banner.

A potential merger between Green Thumb and Boston Beer could signal a major shift in the beverage industry, reflecting the increasing convergence of cannabis and alcohol brands as consumer preferences evolve. If such a deal goes ahead, it could reshape not just the future of Boston Beer, but also the broader landscape of the adult beverage market in the US.

For now, investors and industry insiders alike will be watching closely as the speculation unfolds—and as both companies consider what a new kind of partnership might look like.