The new advert depicts one of Budweiser's famous Clydesdale horses passing iconic American landmarks including New York city and the Grand Canyon as the narrator says: "This is a story bigger than beer. This is the story of the American spirit."
The new video features the New York City skyline, the Lincoln Memorial in Washington DC, small towns, farmland and two people raising an American flag as one places her hand over her heart.
"Brewed for those who found opportunity in challenge and hope in tomorrow," the narrator says as the horse passes the Lincoln memorial the pair raising the flag.
Mulvaney, a biological male who identifies as a woman, promoted Bud Light in an Instagram video for a college basketball tournament.
Sales of the beer fell around the country with some reports suggesting bottle sales were down 30 percent while tap sales plummeted by as much as 50 percent in some areas.
Bud Light's parent company Anheuser-Busch subsequently lost $6bn in value, leading to the firm issuing a statement apologising for any offence while acknowledging the sensitivity of trans-rights and gender-identity issues.
The firm insisted it "never intended to be part of a discussion that divides people".
"We have thousands of partners, millions of fans and a proud history supporting our communities, military, first responders, sports fans and hard-working Americans everywhere," it said.
Clydesdale horses, the heart the company's advertisements for decades, have also become part of the controversy.
A Missouri Budweiser distributor cancelled all scheduled events showcasing the horses last week amid safety concerns for its employees, according to the New York Post.