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Tilray Brands Inc (NASDAQ: TLRY) is an American pharmaceutical and consumer packaged goods company that operates in the cannabis sector. The company is incorporated in the United States and headquartered in New York City. Founded in 2013, Tilray cultivates and sells medical and recreational cannabis, operates craft breweries, and has a global presence across North America, Europe, Australia, New Zealand, and Latin America. Following a reverse merger with Aphria in December 2020, Tilray now positions itself as a diversified lifestyle and wellness provider.
Corporate Structure
Tilray employs between 1,001 and 5,000 staff members worldwide, covering a range of functions from cultivation and production to marketing and regulatory affairs. The executive team includes professionals from major consumer goods and beverage companies—individuals with experience at Coca-Cola, Diageo, and Danone oversee brand strategy, growth initiatives, and government relations. Cultivation facilities are located in Canada, Germany, and Portugal, while processing operations extend into Australia, New Zealand, and Latin America. The corporate structure is organized around four primary segments: adult-use cannabis, medical cannabis exports, beverage alcohol, and consumer packaged goods.
Cannabis Industry by Richard T
Recent Developments and News
On September 26, 2025, Tilray filed its Annual Report to Security Holders (Form ARS) and definitive proxy materials (DEF 14A) with the U.S. Securities and Exchange Commission, detailing its financial results, governance proposals, and upcoming shareholder votes. Two trading sessions later, on September 29, 2025, the share price closed at $1.5450, reflecting an increase of 34.35% from a prior close of $1.15, with 65 million shares traded. The next earnings release is scheduled for October 9, 2025, during which analysts will evaluate profitability trends and cash-flow performance.
Financial and Strategic Analysis
As of the close on September 29, 2025, Tilray’s market capitalization was reported between $1.4 billion (Yahoo Finance intraday) and $1.7 billion (CNBC data). The trailing twelve-month revenue amounted to $821 million, while net income attributable to common shareholders was a loss of $2.19 billion, resulting in a negative profit margin of approximately 266%. Key financial ratios include:
- Price/Sales (TTM): 1.31
- Price/Book (MRQ): 0.90
- Enterprise Value/Revenue: 1.74
- Debt/Equity (MRQ): 20–22%
- Total Cash (MRQ): $256 million
- Levered Free Cash Flow (TTM): $19 million
- EBITDA (TTM): $28 million
The negative earnings per share of $–2.46 and a beta of 2.08 indicate volatility and ongoing investments in operations. The cash position is substantial enough to cover short-term obligations, while manageable leverage supports continued funding of expansion initiatives. In August 2023, Tilray acquired eight beverage brands and associated breweries from Anheuser-Busch for $85 million, expanding its U.S. beverage portfolio and diversifying revenue sources.
Market Position and Industry Context
Tilray ranks among the largest global cannabis operators based on revenue and geographic reach, utilizing export licenses in Europe and Latin America alongside recreational and medical markets in Canada. In the U.S., its exposure primarily arises from beverage alcohol, craft beer operations, and hemp foods. The company faces competition from other major cannabis producers such as Canopy Growth, Aurora Cannabis, and Curaleaf, in addition to regional craft manufacturers. Regulatory developments in the U.S. federal market and changes in international import/export frameworks are critical industry considerations. Share price volatility—evidenced by a 52-week trading range of $0.35 to $1.85—reflects sensitivities to legal, regulatory, and market-demand factors.
tl;dr
On September 26, 2025, Tilray filed its 2025 annual report and proxy materials with the SEC. By September 29, 2025, the share price increased by 34.35% to $1.5450 on significant trading volume. The company reported $256 million in cash against a 20% debt-to-equity ratio and plans to announce third-quarter earnings on October 9, 2025. Analysts are expected to focus on profitability trends and cash-flow generation as well as industry regulations in evaluating the company's ongoing growth potential.
