St. Patrick’s Day is upon us and investors feeling lucky might be looking to undervalued craft beer stocks to diversify their portfolios. Though global beer markets remain frothy, with sales falling 3% in recent years, craft beer sales are expanding and jumped 6% over the same period. This points to an important consumer trait: buyers want something unique and tailored to their individual preferences rather than sticking with old standbys.

Of course, “vice” companies tend to be cyclical and subject to market forces beyond our control or even our ability to forecast. Because of that additional uncertainty, some craft beer stocks’ per-share pricing is misaligned with their true value and potential – these are three such undervalued craft beer stocks in today’s market.

Tilray Brands (TLRY)

Think seeing a cannabis stock like Tilray Brands (NASDAQ:TLRY) at the top of an undervalued craft beer stocks list is odd? While the company, like most cannabis stocks, is arguably overvalued, with slim-to-no moat, Tilray’s craft beer forays have gone largely unnoticed.

Last year, the company bought eight craft beer brands from mega-distributor Anheuser-Busch (NYSE:BUD), including Shock Top and HiBall Energy. Financial news generally took the move one of two ways, neither of which is particularly positive. First, some assumed it was an admission of defeat for Tilray in terms of cannabis markets. Alternately, others saw it as a needless push toward diversification that would ultimately impact their core cannabis focus.

I argue that there’s more to the story. Lacking a nationally legal cannabis infrastructure in the states, many competitors can’t actively build a network in most states that includes marketing, distribution, legal compliance, marketing, and more – everything involved in getting vice products to market. Tilray, in effect, just bought those operational value chain drivers from one of the largest companies experienced in pushing products to customers. As the fifth-largest craft beer distributor after the move, Tilray is expanding its revenue opportunity and effectively subsidizing its penetration into areas otherwise unfriendly to its cannabis concept through craft beer sales.

Kirin Holdings (KNBWY)

Japanese company Kirin Holdings (OTCMKTS:KNBWY) fits all the criteria for undervalued craft beer stocks. Priced at 0.75x sales? Check. A price-to-earnings ratio that’s nearly half that of larger competitors like Anheuser-Busch? Yep. A 3.46% dividend yield and more than 20 years’ worth of distribution history? You got it. Couple that with a long history of consistent income performance, minimal debt, and more than a quarter of Japan’s total market share, and Kirin is likely the most overlooked undervalued craft beer stock on the market.

Better yet, Kirin is expanding its sight toward one of the fastest-growing global markets: India. Via a strategic investment in Indian craft beer company Bira 91, alongside legendary investment firm Tiger Capital, Kirin is reaching its hand into a market that’s set to hit 24% or more in combined annual growth through 2032.

Likewise, Kirin is expanding internal holdings to include functional health teas, immune support supplements, and fat reduction aids. Kirin is well on its way to becoming a conglomerated interest, which, considering its current pricing, makes it an undervalued craft beer stock with unlimited potential.

Diageo plc (DEO)

There’s no better undervalued craft beer stock to buy before St. Patrick’s Day than Diageo plc (NYSE:DEO), owner of the much-loved and perennially-popular Guinness beer brand. I mentioned Diageo last week when discussing Vita Coco’s (NASDAQ:COCO) foray into coconut water spiked with Captain Morgan (I know, I know). Still, Diageo’s reach goes far beyond these two examples. In fact, Diageo probably owns one of your favorite brands across the beer and liquor spectrum. Its portfolio includes Red Stripe, Kilkenny, Johnnie Walker, Smirnoff, and more.

Despite its position as the second-largest global distributor (trailing behind Anheuser-Busch), shares seem undervalued from my perspective. On a year-over-year basis, the company’s sales climbed more than 10%, with earnings per share jumping 17.62%. Despite the strong showing, per-share pricing is down nearly 13% over the past year and even trades below pre-pandemic levels. Diageo might seem down-and-out but, with a little luck of the Irish, this undervalued craft beer stock could surge soon.

On the date of publication, Jeremy Flint held no positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.