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Tilray Brands Inc. (NASDAQ: TLRY) is an American pharmaceutical, cannabis-lifestyle, and consumer packaged goods company incorporated in the United States and headquartered in New York City. Founded in 2013 under Seattle-based Privateer Holdings, it completed a reverse merger with Aphria in December 2020 and trades on both the NASDAQ and the Toronto Stock Exchange. The company cultivates and sells medical and recreational cannabis primarily in Canada and Europe, exports medical cannabis internationally, and distributes alcoholic beverages in the United States. On October 9, 2025, TLRY closed at $2.2276, reflecting a 29.51 percent increase, on a volume of 103,808,385 shares.
Corporate Structure
Tilray employs between 1,001 and 5,000 individuals worldwide. Its senior leadership team includes executives with prior experience at Coca-Cola, Diageo, and Cadbury, indicating expertise in brand strategy and market activation. The company operates growing facilities in Canada, Germany, and Portugal, with additional operations in Australia, New Zealand, and Latin America. In August 2023, Tilray acquired eight beverage brands and several craft breweries from Anheuser-Busch for $85 million.
Cannabis Industry by Richard T
Developments and News
- On October 9, 2025, Tilray filed Form 8-K with the U.S. Securities and Exchange Commission, reporting items 2.02 and 9.01.
- The company’s annual report to security holders (Form ARS) and definitive proxy materials (Form DEFA14A) were filed on September 26, 2025.
- In April 2023, Tilray announced an agreement to acquire Hexo Corp. for approximately US$56 million, exchanging 0.4352 shares of Tilray common stock for each share of Hexo.
- The merger with Aphria in December 2020 positioned Tilray as a significant player in the global cannabis market by revenue and geographic reach.
- On October 9, 2025, Tilray is scheduled to report its third-quarter financial results.
Financial and Strategic Analysis
For the twelve months ended September 30, 2025, Tilray reported revenue of $821.3 million and a net loss of $2.19 billion, which resulted in a profit margin of -266.25 percent. The diluted earnings per share (EPS) was -$2.46. As of the most recent quarter, total cash was reported at $256.4 million, with a debt-to-equity ratio of 22.07 percent. Levered free cash flow amounted to $19.1 million. The company's valuation multiples include a price/sales ratio of 1.25 and a price/book ratio of 0.85. Tilray’s strategy includes scaling its medical cannabis exports in Europe and expanding its U.S. alcohol distribution to counterbalance regulatory challenges in the cannabis market.
Market Position and Industry Context
Tilray operates within the Food and Beverage Manufacturing industry, specifically focusing on cannabis and consumer packaged goods. The company's market capitalization is approximately $1.29 billion. Over the past 52 weeks, TLRY has traded between $0.35 and $1.85, with a beta of 2.08, indicating above-average volatility. Key competitors in the cannabis sector include Canopy Growth and Aurora Cannabis, while regional craft brewers pose competition in the alcoholic beverages market. Regulatory risk persists due to ongoing changes in legal frameworks for cannabis in North America and Europe. Tilray’s diverse portfolio of cannabis, hemp foods, and alcoholic beverages positions it to manage regulatory complexities while seeking opportunities for growth across multiple market segments.
tl;dr
- On October 9, 2025, TLRY shares increased 29.51 percent to $2.2276 on high trading volume and filed an SEC Form 8-K.
- Third-quarter earnings are expected to be reported on October 9, 2025; for fiscal 2025, TTM revenue was $821.3 million against a $2.19 billion loss.
- Recent transactions include the August 2023 acquisition of Anheuser-Busch breweries for $85 million and the April 2023 merger with Hexo Corp.
- Management is focusing on growth through European medical cannabis exports and U.S. alcoholic beverage distribution amid evolving regulations.
