BrewDog, the Scottish craft beer company once valued at $1 billion, was sold for just £33 million ($44 million) to Tilray Brands after years of missteps. The deal leaves more than 220,000 small investors who participated in the 'Equity for Punks' program without any return on their roughly $125 million investment.

Founded in 2007 by James Watt and Martin Dickie, BrewDog marketed itself as an anti-establishment disruptor while rapidly expanding globally. The company's downfall came amid controversies including accusations of workplace misconduct, loss of B Corp certification, and failed environmental commitments. Last year, BrewDog backtracked on living wage promises and sold land meant for a carbon-negative forest after 250,000 trees died.

The sale highlights risks in equity crowdfunding, where amateur investors hold ordinary shares with limited protections compared to preferred stock held by professionals. Tilray's CEO Irwin D. Simon said his primary goal is 'stabilization' and returning operations to profitable growth, while continuing to honor discounts for the equity punks who remain 'important ambassadors' of the brand.