Tilray Brands Inc (NASDAQ: TLRY) is a consumer products company that cultivates, processes, and sells cannabis, craft beverages, wellness products, and pharmaceutical distribution services. Revenue comes from four segments: Cannabis, Beverage, Distribution, and Wellness, with transactional product sales across each. For FY2025 (year ended May 31, 2025), Distribution was the largest segment at $271.2M, followed by Cannabis at $249.0M, Beverage at $240.6M, and Wellness at $60.5M. Tilray held 9.3% Canadian cannabis market share as of the most recently reported quarter per FY2025 10-K filings. The company is incorporated in Delaware, headquartered in Leamington, Ontario and New York, with operations in Canada, the United States, Europe, Australia, and Latin America. Adjusted EBITDA for FY2025 was $55.0M, down $5.4M from $60.5M in FY2024.

Revenue model

Transactional product sales across four segments. Cannabis revenue from medical and adult-use recreational cannabis sold in Canada and international markets. Beverage revenue from craft beer and spirits brands sold in the U.S. Distribution revenue from pharmaceutical product distribution, primarily through CC Pharma in Germany. Wellness revenue from hemp-based food products under the Manitoba Harvest brand.

Products and services

Cannabis: dried flower, oils, Cannabis 2.0 products sold under brands including Redecan and Broken Coast, with EU-GMP certified products for medical markets. Beverage: craft beer and spirits brands acquired from Anheuser-Busch (Craft Acquisition I, September 2023) and Molson Coors, including SweetWater Brewery (Atlanta, GA) and Breckenridge Distillery (Breckenridge, CO). Wellness: hemp-based food products under Manitoba Harvest. Distribution: pharmaceutical product distribution via CC Pharma in Germany.

Customers and end markets

Adult-use recreational cannabis consumers in Canada. Medical cannabis patients in Canada, Europe, and Australia. Craft beer and spirits consumers in the United States. Healthcare providers and pharmacies in Germany through pharmaceutical distribution. Hemp food consumers in North America.

Value-chain role

Vertically integrated in cannabis: cultivation, processing, and sales. Key Canadian cultivation and processing facilities include Aphria One (1.4M sq ft, Leamington, ON), Aphria Diamond (1.5M sq ft, Leamington, ON), Hexo Operations (1.29M sq ft, Gatineau, QC), and Redecan (combined Fenwick and Cayuga, ON). EU-GMP production facilities in Portugal and Germany. Owns craft brewery and distillery facilities in the U.S. Hemp processing through Manitoba Harvest facilities in Winnipeg and St. Agathe, MB.

Geographic exposure

Canada (cannabis cultivation, processing, and sales; hemp wellness products). United States (craft beverage brands and breweries). Germany (pharmaceutical distribution via CC Pharma; EU-GMP cannabis facility). Portugal (EU-GMP cannabis cultivation and processing). Australia and Latin America (medical cannabis sales).

Competitors

Illicit cannabis market producers in Canada, Approximately 1,000 Licensed Producers in Canada (per FY2025 10-K), Anheuser-Busch Companies LLC (craft beverage segment overlap), Molson Coors Beverage Company (craft beverage segment overlap)

Source: SEC 10-K, filed 2025-07-29

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