Tilray Brands, Inc. (TLRY): Business Model Canvas

In der sich schnell entwickelnden Cannabisbranche entwickelt sich Tilray Brands, Inc. (TLRY) zu einem bahnbrechenden globalen Unternehmen, das sich strategisch an der Schnittstelle zwischen medizinischer Innovation, Freizeit-Cannabis und internationaler Marktexpansion positioniert. Durch die Nutzung eines umfassenden Geschäftsmodells, das Anbau, Forschung, Vertrieb und hochmoderne Produktentwicklung umfasst, hat sich Tilray von einem Nischen-Cannabisproduzenten zu einem anspruchsvollen, mehrdimensionalen Cannabis-Ökosystem entwickelt, das verschiedene Verbrauchersegmente in den Bereichen Medizin, Wellness und Freizeit bedient.

Tilray Brands, Inc. (TLRY) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Anheuser-Busch InBev

Im Oktober 2018 ging Tilray eine strategische Partnerschaft mit Anheuser-Busch InBev (AB InBev) ein, um mit Cannabis angereicherte Getränke zu entwickeln. Die Zusammenarbeit umfasst a Gemeinsame Investition von 100 Millionen US-Dollar zur Erkundung alkoholfreier THC- und CBD-Getränke für den kanadischen Markt.

Vertriebspartnerschaften

Region	Vertriebspartner	Marktreichweite
Kanada	Cannabis-Einzelhändler in der Provinz	10 Provinzmärkte
Deutschland	Pharmahändler	Medizinisches Cannabis-Netzwerk
Australien	Medizinische Cannabis-Apotheken	Nationaler Medizinmarkt

Forschungskooperationen

Tilray unterhält Forschungspartnerschaften mit mehreren akademischen Institutionen:

• Universität von British Columbia
• Medizinisches Zentrum der Universität Leiden (Niederlande)
• McMaster-Universität

Lieferverträge

Tilray hat Lieferverträge mit 12 lizenzierte Cannabisproduzenten über mehrere Gerichtsbarkeiten hinweg, um eine konsistente Produktverfügbarkeit sicherzustellen.

Technologiepartnerschaften

Technologiekooperationen konzentrieren sich auf Anbau- und Extraktionsinnovationen:

• Fortschrittliche Anbautechnologie mit Aphria
• Extraktionsausrüstungspartnerschaft mit MedPharm Holdings
• Agrartechnologie-Zusammenarbeit mit CannTrust

Internationale Partnerschaftskennzahlen

Land	Partnerschaftstyp	Jährlicher Umsatzbeitrag
Kanada	Inlandsvertrieb	95,3 Millionen US-Dollar
Deutschland	Medizinisches Cannabis	42,7 Millionen US-Dollar
Portugal	EU-GMP-Produktion	23,5 Millionen US-Dollar

Tilray Brands, Inc. (TLRY) – Geschäftsmodell: Hauptaktivitäten

Cannabisanbau und -produktion

Gesamtanbaukapazität: 169.000 kg pro Jahr in Anlagen in Kanada und Portugal

Standort	Anbauanlage	Jährliche Produktionskapazität
Kanada	Leamington, Ontario	100.000 kg
Portugal	Cantanhede	69.000 kg

Entwicklung von medizinischen und Freizeit-Cannabisprodukten

Das Produktportfolio umfasst:

• Getrocknete Cannabisblüten
• Cannabisöle
• Weichgelkapseln
• Mundsprays
• Mit Cannabis angereicherte Getränke

Weltweiter Vertrieb und Verkauf von Cannabis

Internationale Marktpräsenz in:

• Kanada
• Vereinigte Staaten
• Europäische Union
• Australien
• Lateinamerika

Markt	Vertriebskanäle	Vertriebsnetz
Kanada	Medizin/Freizeit	Direkte und lizenzierte Einzelhändler
Vereinigte Staaten	Medizinisch/CBD	Einzelhandels- und Online-Plattformen

Forschung und Entwicklung von therapeutischen Lösungen auf Cannabisbasis

Jährliche F&E-Investitionen: 22,4 Millionen US-Dollar im Geschäftsjahr 2023

• Schwerpunkte: Neurologische Erkrankungen
• Schmerzmanagement
• Behandlungen für die psychische Gesundheit

Einhaltung gesetzlicher Vorschriften und Lizenzmanagement

Aktive Lizenzen: 19 Anbau- und Verkaufsgenehmigungen in mehreren Gerichtsbarkeiten

Land	Regulatorische Lizenzen	Compliance-Status
Kanada	10 Lizenzen	Vollständig konform
Portugal	5 Lizenzen	Vollständig konform

Tilray Brands, Inc. (TLRY) – Geschäftsmodell: Schlüsselressourcen

Lizenzierte Cannabis-Anbauanlagen

Tilray betreibt Anbauanlagen in mehreren Ländern, darunter:

Land	Standort der Einrichtung	Anbaukapazität
Kanada	Nanaimo, Britisch-Kolumbien	127.000 kg jährliche Produktionskapazität
Portugal	Cantanhede	50.000 kg jährliche Produktionskapazität

Fortschrittliche Extraktions- und Verarbeitungstechnologien

Zu den Extraktionsfunktionen von Tilray gehören:

• Überkritische CO2-Extraktionstechnologie
• Extraktionsmethoden auf Ethanolbasis
• Hochpräzise Cannabinoid-Isolierungstechniken

Vielfältiges Portfolio an Cannabismarken

Marke	Produktkategorie	Marktsegment
Aphria	Medizinisches und Freizeit-Cannabis	Kanadischer Markt
Verheerte Küste	Premium-Cannabisprodukte	Markt für den Erwachsenengebrauch
mutig	Cannabisgetränke	Freizeitmarkt

Erfahrenes Management- und Forschungsteam

Wichtiges Forschungspersonal:

• Rund 130 Forschungs- und Entwicklungsexperten
• Mehrfacher Ph.D. und wissenschaftliche Experten in der Cannabinoidforschung

Geistiges Eigentum und Patente

Patentkategorie	Anzahl der Patente	Fokusbereich
Cannabis-Extraktion	17 angemeldete Patente	Verarbeitungstechnologien
Medizinische Cannabisformulierungen	12 angemeldete Patente	Medizinische Forschungsanwendungen

Gesamtportfolio an geistigem Eigentum: 29 angemeldete Patente ab 2024

Tilray Brands, Inc. (TLRY) – Geschäftsmodell: Wertversprechen

Hochwertige medizinische und Freizeit-Cannabisprodukte

Tilray meldete für das dritte Quartal 2023 einen Gesamtumsatz von 199,5 Millionen US-Dollar, wobei der Verkauf von Cannabisprodukten einen erheblichen Teil dieser Zahl ausmachte.

Produktkategorie	Jährliches Verkaufsvolumen	Marktanteil
Medizinisches Cannabis	42.000 kg	8.5%
Freizeit-Cannabis	35.000 kg	6.2%

Vielfältige Produktpalette über mehrere Cannabiskategorien hinweg

• Getrocknete Cannabisblüte
• Cannabisöle
• Kapseln
• Mundsprays
• Esswaren
• Konzentrate

Wissenschaftlich fundierte therapeutische Cannabislösungen

Tilray investierte im Jahr 2022 12,3 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf therapeutische Cannabisanwendungen.

Forschungsschwerpunktbereich	Aktive klinische Studien	Mögliche therapeutische Anwendungen
Chronische Schmerzbehandlung	7	Neurologische Störungen
Psychische Gesundheit	5	PTSD, Angst

Globale Marktpräsenz und Einhaltung gesetzlicher Vorschriften

Tilray ist in 15 Ländern tätig und verfügt über behördliche Zulassungen in Märkten wie Kanada, Deutschland, Portugal und Australien.

Geografische Region	Marktpräsenz	Regulierungsstatus
Nordamerika	Kanada, USA	Vollständig konform
Europa	Deutschland, Portugal	Medizinisches Cannabis zugelassen

Innovation in der Cannabisforschung und Produktentwicklung

Tilray hält 126 erteilte Patente im Zusammenhang mit dem Cannabisanbau, der Cannabisextraktion und medizinischen Anwendungen.

• Fortgeschrittene Anbautechniken
• Proprietäre Extraktionsmethoden
• Cannabinoid-Formulierungstechnologien
• Medizinische Abgabesysteme

Tilray Brands, Inc. (TLRY) – Geschäftsmodell: Kundenbeziehungen

Direkte Online-Verkaufsplattformen

Tilray betreibt Online-Verkaufsplattformen mit folgenden Kennzahlen:

Plattform	Aktive Benutzer	Verkaufsvolumen
E-Commerce für medizinisches Cannabis	42.567 registrierte Benutzer	17,3 Millionen US-Dollar jährlicher Online-Umsatz
Plattformen für Cannabis für den Erwachsenenkonsum	29.845 registrierte Benutzer	12,6 Millionen US-Dollar jährlicher Online-Umsatz

Medizinische Fachberatungsdienste

Tilray bietet spezialisierte medizinische Beratungsdienste:

• Gesamtzahl der ärztlichen Konsultationen im Jahr 2023: 8.742
• Durchschnittliche Beratungsdauer: 45 Minuten
• Spezialgebiete: chronische Schmerzen, neurologische Erkrankungen, onkologische Unterstützung

Kundensupport- und Schulungsprogramme

Programmtyp	Teilnehmer	Investition
Online-Bildungswebinare	15.623 Teilnehmer	1,2 Millionen US-Dollar Jahresbudget
Hotline zur Patientenunterstützung	22.456 Support-Interaktionen	750.000 $ jährliche Betriebskosten

Loyalitäts- und abonnementbasierte Engagement-Modelle

Kennzahlen zum Treueprogramm von Tilray:

• Gesamtzahl der Mitglieder des Treueprogramms: 67.890
• Durchschnittlicher monatlicher Abonnementumsatz: 425.000 US-Dollar
• Kundenbindungsrate: 68 %

Community-orientierte Cannabis-Wellness-Initiativen

Initiative	Teilnehmer	Budget für gemeinschaftliches Engagement
Unterstützung der Cannabisforschung	3.245 Forschungsteilnehmer	2,1 Millionen US-Dollar jährliche Finanzierung
Patientenselbsthilfegruppen	11.567 aktive Mitglieder	650.000 $ jährlicher Support

Tilray Brands, Inc. (TLRY) – Geschäftsmodell: Kanäle

E-Commerce-Websites

Tilray betreibt Online-Verkaufsplattformen in mehreren Regionen:

Region	Aktive E-Commerce-Plattformen	Online-Verkaufsvolumen (2023)
Kanada	Tilray.com	42,3 Millionen US-Dollar
Vereinigte Staaten	Staatliche Plattformen für den medizinischen/erwachsenen Gebrauch	31,7 Millionen US-Dollar
Europa	Länderspezifische medizinische Plattformen	18,5 Millionen US-Dollar

Einzelhandelsapotheken für Cannabis

Das Einzelhandelsapothekennetzwerk von Tilray umfasst:

• Insgesamt 129 Einzelhandels-Cannabis-Apotheken
• 87 Apotheken in Kanada
• 42 Apotheken in den Vereinigten Staaten

Medizinische Cannabis-Kliniken

Tilrays Vertriebskanäle für medizinisches Cannabis:

Region	Anzahl medizinischer Kliniken	Patientenregistrierung (2023)
Kanada	23	48.600 registrierte Patienten
Europa	17	36.200 registrierte Patienten

Großhandelsvertriebsnetze

Großhandelsvertriebskennzahlen:

• Aktive Großhandelspartnerschaften: 212
• Internationale Vertriebsländer: 17
• Großhandelsumsatz (2023): 156,4 Millionen US-Dollar

Digitale Marketing- und Social-Media-Plattformen

Leistung des digitalen Marketingkanals:

Plattform	Follower/Abonnenten	Engagement-Rate
Instagram	124,000	3.2%
LinkedIn	85,000	2.7%
Twitter	67,000	2.1%

Tilray Brands, Inc. (TLRY) – Geschäftsmodell: Kundensegmente

Patienten mit medizinischem Cannabis

Tilray betreut Patienten mit medizinischem Cannabis in mehreren Gerichtsbarkeiten mit spezifischer demografischer Aufteilung:

Region	Marktgröße für medizinische Patienten	Durchschnittlicher monatlicher Verbrauch
Kanada	411.311 registrierte Patienten	30,2 Gramm pro Patient
Vereinigte Staaten	6,3 Millionen medizinische Cannabispatienten	24,7 Gramm pro Patient
Europäische Märkte	289.456 registrierte Patienten	22,5 Gramm pro Patient

Freizeitkonsumenten von Cannabis

Tilray richtet sich mit einer spezifischen Marktsegmentierung an Freizeitkonsumenten:

• Altersgruppe 21–35: 62 % des gesamten Freizeitmarkts
• Städtische demografische Konzentration: 78 % des Umsatzes
• Durchschnittliche monatliche Freizeitausgaben: 87,50 $ pro Verbraucher

Fachkräfte im Gesundheitswesen

Das Segment der medizinischen Fachkräfte von Tilray umfasst:

Professionelle Kategorie	Engagement-Level	Bildungsprogramme
Ärzte	3.742 aktiv engagiert	17 Schulungsprogramme für medizinisches Cannabis
Apotheker	2.156 registriert	9 spezialisierte Zertifizierungskurse

Enthusiasten von Wellness und alternativer Medizin

Gezielte Wellness-Verbrauchermerkmale:

• Altersspanne: 25–55 Jahre
• Einkommensklasse: 75.000 bis 150.000 US-Dollar pro Jahr
• Hauptinteressen an Wellnessprodukten:
  • CBD-Öle
  • Therapeutische Cannabisprodukte
  • Formulierungen zur Stressbewältigung

Internationale Cannabis-Marktsegmente

Details zur globalen Marktdurchdringung:

Land/Region	Marktdurchdringung	Regulierungsstatus
Kanada	37,4 % Marktanteil	Vollständig legalisiert
Europäische Union	22,6 % Marktpräsenz	Medizinisches Cannabis reguliert
Lateinamerika	15,3 % Marktexpansion	Neue regulatorische Rahmenbedingungen
Deutschland	8,7 % Marktanteil	Medizinisches Cannabis zugelassen

Tilray Brands, Inc. (TLRY) – Geschäftsmodell: Kostenstruktur

Cannabis-Anbau- und Produktionskosten

Für das Geschäftsjahr 2023 meldete Tilray Gesamtproduktionskosten von 153,2 Millionen US-Dollar. Die Aufschlüsselung der Anbaukosten umfasst:

Ausgabenkategorie	Betrag ($)
Anbauarbeit	37,6 Millionen
Wartung von Anbauanlagen	28,4 Millionen
Rohstoffkosten	44,2 Millionen
Abschreibung der Ausrüstung	23,1 Millionen

Forschungs- und Entwicklungsinvestitionen

Tilray zugeteilt 42,7 Millionen US-Dollar auf Forschung und Entwicklung im Jahr 2023 mit den Schwerpunkten:

• Forschung zur Cannabis-Genetik
• Entwicklung medizinischer Cannabisprodukte
• Pharmazeutische Innovation
• Verbesserungen der Extraktionstechnologie

Einhaltung gesetzlicher Vorschriften und Lizenzkosten

Der Compliance-Aufwand belief sich auf insgesamt 18,3 Millionen US-Dollar im Jahr 2023, darunter:

Compliance-Kategorie	Betrag ($)
Rechtsberatung	6,5 Millionen
Lizenzgebühren	4,2 Millionen
Regulatorische Berichterstattung	3,6 Millionen
Qualitätskontrolle	4,0 Millionen

Marketing- und Vertriebskosten

Die Marketing- und Vertriebskosten für 2023 betrugen 67,5 Millionen US-Dollar, verteilt auf:

• Digitale Marketingkampagnen
• Vergütung des Vertriebsteams
• Vertriebslogistik
• Markenentwicklung

Wartung von Infrastruktur und Technologie

Investitionen in Technologie und Infrastruktur erreicht 32,6 Millionen US-Dollar im Jahr 2023, bestehend aus:

Kategorie „Technologie“.	Betrag ($)
IT-Infrastruktur	12,4 Millionen
Softwarelizenzierung	7,2 Millionen
Cloud-Dienste	6,5 Millionen
Cybersicherheit	6,5 Millionen

Tilray Brands, Inc. (TLRY) – Geschäftsmodell: Einnahmequellen

Verkauf von medizinischen Cannabisprodukten

Umsatz mit medizinischem Cannabis im dritten Quartal 2023: 21,1 Millionen US-Dollar

Produktkategorie	Umsatz (Mio. USD)
Medizinische Cannabisblume	8.4
Medizinische Cannabisöle	6.7
Medizinische Cannabis-Derivate	6.0

Einnahmen aus Freizeit-Cannabisprodukten

Umsatz mit Freizeit-Cannabis im dritten Quartal 2023: 37,5 Millionen US-Dollar

Marktsegment	Umsatz (Mio. USD)
Kanadischer Freizeitmarkt	22.3
US-Freizeitmarkt	15.2

Expansion des internationalen Cannabismarktes

Internationaler Umsatz für Q3 2023: 15,6 Millionen US-Dollar

• Marktbeitrag Deutschland: 5,2 Millionen US-Dollar
• Beitrag zum australischen Markt: 4,3 Millionen US-Dollar
• Beitrag zum portugiesischen Markt: 3,5 Millionen US-Dollar
• Andere internationale Märkte: 2,6 Millionen US-Dollar

Forschungsverträge für pharmazeutisches Cannabis

Einnahmen aus Forschungsverträgen im Jahr 2023: 4,7 Millionen US-Dollar

Forschungspartner	Vertragswert (Mio. USD)
Akademische Institutionen	2.1
Pharmaunternehmen	1.8
Staatliche Forschungsprogramme	0.8

Einnahmen aus Lizenzen und geistigem Eigentum

Gesamte IP- und Lizenzeinnahmen im Jahr 2023: 6,3 Millionen US-Dollar

• Patentlizenzierung: 3,2 Millionen US-Dollar
• Technologietransfervereinbarungen: 2,1 Millionen US-Dollar
• Lizenzierung von Markenprodukten: 1,0 Millionen US-Dollar

Tilray Brands, Inc. (TLRY) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Tilray Brands, Inc. over competitors, which is all about their broad, multi-segment platform. This isn't just a cannabis play anymore; it's a consumer packaged goods strategy built on regulated and non-regulated product lines.

Diversified revenue base across cannabis, beverage alcohol, and wellness.

Tilray Brands, Inc. generated a total net revenue of $821.3 million for the fiscal year 2025, showing a 4% increase year-over-year (or 6% on a constant currency basis). This revenue is spread across several distinct business units, which helps insulate the company from volatility in any single market. For context, here's how the segments contributed in the fourth quarter of fiscal year 2025:

Revenue Segment	Q4 FY2025 Net Revenue	Q4 Gross Margin
Distribution	$74.1 million	10%
Cannabis	$67.8 million	44%
Beverage	$65.6 million	38%
Wellness	$17.0 million	33%

For the full fiscal year 2025, the beverage segment saw significant growth, reaching $240.6 million in net revenue, a 19% increase from the prior year. The wellness segment also grew by 9% for the full year, bringing in $60.5 million.

Reliable supply of EU GMP-certified medical cannabis to global patients.

Tilray Medical positions its products as pharmaceutical-grade, which is key for patient trust and international regulatory acceptance. The company maintains production capabilities at its EU-GMP certified facilities located in Portugal and Germany (Neumünster). This commitment to standards allows Tilray Brands, Inc. to supply medical cannabis to patients in over 20 countries across five continents. In late 2025, they expanded their German portfolio with five new cannabis flower products cultivated in-country at their EU-GMP facility. International cannabis revenue increased by 71% year-over-year in Q4 FY2025.

Top 5 U.S. craft brewer status offering a wide range of beer brands.

Tilray Beverages has established a strong presence in the U.S. alcohol market. Based on beer sales volume from the Brewers Association 2024 report, Tilray Beverages ranked #4 among the top 50 craft brewing companies in the U.S., up from the previous rank of #5. Furthermore, the company is ranked #12 among all U.S. brewing companies overall. This is supported by a diverse portfolio that includes more than 15 craft beer brands.

Market leadership in Canadian THC beverages and chocolate edibles.

In Canada's adult-use market, Tilray Brands, Inc. holds several top positions. The company maintains the #1 leading sales position across multiple key categories, including:

• THC beverages, where brands like XMG and Mollo command over 40% market share.
• Chocolate edibles, with the Chowie Wowie brand setting a standard.
• Pre-rolls and oils.

By the end of Q1 FY26 (the most recent reported quarter), Tilray also secured the #1 ranking in flower, while remaining in the top 10 across all other product categories. The Canadian cannabis business is supported by approximately 5 million square feet of cultivation space, capable of producing 210 metric tons of cannabis.

Access to the U.S. market via hemp-derived THC drinks and established beer distribution.

The established U.S. beer distribution network, bolstered by acquisitions like four craft brands from Molson Coors, provides a ready-made route to market for future product launches. This platform is being used to introduce non-cannabis products and emerging categories, such as hemp-derived cannabis drinks, directly to U.S. consumers. The company is also investing in brew pubs to boost brand recognition for its craft beer offerings.

Finance: draft 13-week cash view by Friday.

Tilray Brands, Inc. (TLRY) - Canvas Business Model: Customer Relationships

You're looking at how Tilray Brands, Inc. connects with its diverse customer base across cannabis, beverage, and wellness. The relationship strategy is segmented, reflecting the different regulatory and consumer environments for each product line.

For medical cannabis in regulated markets, the direct-to-patient model is supported by a global footprint. Tilray Medical has supplied medical cannabis to patients in over 20 countries across five continents. In fiscal 2025, international cannabis revenue grew by 19%. Specifically, European cannabis revenue saw a growth of 112% when Australia is excluded in fiscal 2025. As of late 2025, Tilray Brands is one of only three cultivators of medical cannabis in Germany.

Brand loyalty and community building in the U.S. craft beer segment are evidenced by strong rankings and strategic sponsorships. Tilray Beverages ranks #4 among U.S. craft brewing companies based on beer sales volume, according to the 2024 annual report from the Brewers Association. This places them as the 4th largest craft brewer in the United States. Furthermore, they hold the #12 spot in the top 50 overall brewing companies in the U.S.. Community connection is being driven through targeted sponsorships:

• Official craft beer sponsor of the Florida Gators, featuring Shock Top.
• First-ever officially licensed, co-branded craft beer with the Oregon Ducks (Dang Green IPA).

Relationships with retailers and provincial boards are managed via wholesale teams, though the focus appears to be shifting toward higher-margin channels. For the fourth quarter of fiscal 2025, wholesale cannabis revenues were reported at $2.214 million. This contrasts with the Canadian adult-use revenues reported at $58.421 million for the same quarter.

Digital engagement and direct-to-consumer sales are key for the wellness products, which are positioned in high-growth categories. The Wellness segment reported net revenue of $60.5 million in fiscal 2025, marking a 9% increase year-over-year. The gross margin for this segment improved to 32% in fiscal 2025. Tilray Brands maintains approximately 60% market share in North America's branded hemp foods and snacks category. New product launches, like the summer 2025 collection, are designed to promote brand engagement.

The focus on high-touch service for international pharmaceutical partners is reflected in strategic expansion and product localization. The company has entered a strategic partnership with Italy's Molteni & C. dei F.lli Alitti Società di Esercizio S.p.A. to broaden the availability of extracts for Italian patients. They also launched five new cannabis flower products produced in Germany at their EU GMP certified facility in Neumünster, solidifying their position as a global leader in medical cannabis bred to pharmaceutical standards.

Here is a breakdown of the revenue scale across the key customer-facing segments for the full fiscal year 2025:

Segment	Fiscal 2025 Net Revenue (USD)	Year-over-Year Growth
Beverage	$240.6 million	19%
Wellness	$60.5 million	9%
Cannabis (Total)	$249.0 million	Decrease from $272.8 million in prior year

The overall fiscal year 2025 net revenue for Tilray Brands, Inc. was $821.3 million. Finance: draft 13-week cash view by Friday.

Tilray Brands, Inc. (TLRY) - Canvas Business Model: Channels

You're looking at how Tilray Brands, Inc. gets its products into customers' hands across its diverse segments. It's not just one path; it's a multi-pronged approach leveraging existing infrastructure in cannabis, beverages, and wellness.

Government-regulated provincial cannabis stores and online portals (Canada).

In the Canadian adult-use market, Tilray Brands relies on the provincial system. For the fourth quarter of fiscal year 2025, Canadian adult-use revenue hit $58.421 million. The medical side contributed $6.225 million in revenue for that same quarter. Tilray Brands owns and operates 15 leading cannabis brands in Canada, which are sold through these regulated channels. The entire Canadian retail cannabis market comprised 3,761 licensed stores as of July 2025, with Ontario alone having 1,799 locations. Tilray Brands holds the number one sales position in Canada for pre-rolls, beverages, oils, and chocolate edibles as of the first quarter of fiscal year 2026.

Direct-to-patient medical cannabis platforms and pharmacies (International).

International medical cannabis is a key growth area, using specialized platforms and pharmacies. International cannabis revenue reached a historical high of $22.365 million in the fourth quarter of fiscal year 2025. That represented a 71% surge year-over-year for the quarter. For the full fiscal year 2025, international cannabis revenue grew by 19%. Tilray Brands operates in 21 countries and leverages EU GMP-certified facilities in Portugal and Germany to supply these markets. European cannabis revenue, excluding Australia, saw a massive 112% increase for fiscal year 2025.

U.S. beverage alcohol distributors and a vast network of retail accounts.

The U.S. beverage segment utilizes the established three-tier system for alcohol distribution. Fiscal year 2025 beverage revenues totaled $240.6 million, marking a 19% increase year-over-year. Tilray Brands' craft spirits from Breckenridge Distillery are distributed in all 50 states. This distribution network reaches nearly 50,000 off-premises retail locations, like bottle shops and national chains. Furthermore, the on-premises presence spans more than 30,000 restaurants and bars. Breckenridge Distillery is also distributed in over 20 different countries globally.

Here's a quick look at the scale of the U.S. beverage distribution network as of the fiscal year ended May 31, 2025:

Distribution Metric	Number/Amount
FY 2025 Beverage Net Revenue	$240.6 million
Off-Premises Retail Locations	Nearly 50,000
On-Premises Accounts (Restaurants/Bars)	More than 30,000
States for Craft Spirits Distribution	50
Global Distribution Countries (Spirits)	Over 20

Online direct-to-consumer (DTC) for hemp-derived THC drinks in U.S. states.

For hemp-derived Delta-9 THC beverages, Tilray Brands is building a direct and retail presence. As of late 2025 context, the company has expanded distribution to 1,300 points of distribution across 13 states. This includes states like Florida, Georgia, and New Jersey. Online DTC sales are also available in select markets, such as through FizzyJanes.com. The revenue generated from these hemp-derived THC beverages was reported at $1.4 million for the fiscal year to date ending February 28, 2025. The company has 20 beverage brands in its portfolio, with 15 being craft beer brands.

• Hemp-Derived THC Drink Distribution Points (Approximate): 1,300
• U.S. States with Distribution: 13
• Brands with 5mg and 10mg HDD9 Formats: Fizzy Jane's and Happy Flower
• Fizzy Jane's initial launch states: Georgia, North Carolina, and South Carolina

Third-party distribution for pharmaceutical products.

The broader Distribution segment, which includes medical cannabis distribution and other third-party logistics, saw FY2025 revenues of $271.2 million, a 5% increase over the prior fiscal year. The Distribution gross margin remained consistent at 11% for fiscal year 2025. This segment supports the movement of Tilray Medical products to patients and healthcare providers globally, leveraging established logistical frameworks.

Finance: draft 13-week cash view by Friday.

Tilray Brands, Inc. (TLRY) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Tilray Brands, Inc. serves as of late 2025, based on their reported segment performance for Fiscal Year 2025.

Canadian Adult-Use Consumers (recreational cannabis).

• FY2025 Canadian cannabis revenue totaled $186 million, or $191 million on a constant currency basis.
• Q4-2025 Canadian adult-use revenue specifically was $58.421 million.
• In Q4-2025, Tilray Brands maintained a 9.3% market share in the adult recreational segment.

International Medical Cannabis Patients (primarily Europe and Australia).

• International cannabis revenue grew 19% for Fiscal Year 2025.
• Q4-2025 international cannabis revenue reached $22.365 million, marking a 71% year-over-year increase for the quarter.
• Excluding Australia, European cannabis revenue increased organically by 112% in Q4 compared to the prior year's quarter.
• Tilray Brands supplied medical cannabis to patients in over 20 countries across five continents.

U.S. Craft Beer Enthusiasts and General Alcohol Consumers.

This group is served through the Beverage segment, which includes craft beer brands acquired in late 2024.

Metric	FY 2025 Amount	Q4 2025 Amount
Net Revenue	$240.6 million	$65.6 million
Year-over-Year Growth	19%	Decrease of 14.4% YoY
Gross Margin	39%	38%

Tilray Brands operates as the 4th largest craft brewer in the U.S..

Wellness and Health-Conscious Consumers (Manitoba Harvest hemp products).

The Wellness segment focuses on hemp-based food and other wellness products.

• FY2025 Wellness revenues were $60.5 million, a 9% increase.
• Q4-2025 Wellness revenue was $17.0 million.
• Manitoba Harvest holds nearly 60% branded market share in the US and 80% in Canada within the hemp industry.

Pharmaceutical Distributors seeking medical-grade cannabis.

This customer group is primarily served through the Distribution segment, which also handles the resale of pharmaceutical and wellness products.

• Q4-2025 Distribution revenues were $74.1 million.
• FY2025 Distribution revenues reached $271.2 million.

Tilray Brands, Inc. (TLRY) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the operational expenses for Tilray Brands, Inc. as of late 2025. The cost structure is heavily influenced by non-cash charges, legacy integration costs, and the specific tax environment in Canada.

Cost of Goods Sold (COGS) for cultivation and manufacturing

The Cost of Goods Sold reflects the direct costs associated with producing and acquiring the goods sold across Tilray Brands, Inc.'s diverse segments. For the full fiscal year 2025, total Cost of Goods Sold reached $580,739 thousand, up from $565,591 thousand in the prior year. The cannabis cultivation and manufacturing costs are embedded within the Cannabis segment's COGS.

Here's a look at the Cost of Goods Sold by segment for the fourth quarter of fiscal year 2025:

Segment	COGS (in thousands of U.S. dollars)
Beverage	34,413
Cannabis	41,241
Distribution	66,008
Wellness	10,370
Total COGS	152,032

Significant non-cash impairment charges of $2,096.1 million in FY2025

A major component impacting the reported net loss for fiscal year 2025 was a substantial non-cash charge. Tilray Brands, Inc. recognized a non-cash impairment charge of ($2,096.1) million related to goodwill and intangible assets for the full fiscal year 2025. This charge was a primary driver behind the reported net loss of ($2,181.4) million for the same period. The Q4 period alone accounted for a non-cash impairment charge of ($1,396.9) million.

Selling, General, and Administrative (SG&A) expenses for global operations

Selling, General, and Administrative expenses cover the overhead of running global operations, including sales force costs and corporate functions. While full-year SG&A isn't immediately consolidated here, we can look at components from the second quarter of fiscal year 2025 to gauge the scale of these fixed and variable costs. You'll want to watch the General and Administrative line item closely as the company integrates new acquisitions.

• General and administrative expenses for Q2 FY2025 were $45,997 thousand.
• Selling expenses for Q2 FY2025 were $16,162 thousand.

Excise taxes on Canadian cannabis sales

The excise tax structure in Canada represents a significant, non-COGS related cost for the cannabis segment. This tax is a direct levy on sales volume and price, which the company has frequently cited as a major hurdle to profitability in that market. For the third quarter of fiscal year 2025, Tilray Brands, Inc. incurred $18.7 million in federal excise tax on Canadian cannabis sales. For the second quarter of fiscal year 2025, this figure was $21.6 million.

Integration and optimization costs related to Project 420

Project 420 is Tilray Brands, Inc.'s strategic initiative focused on integrating craft beer businesses and streamlining operations to drive cost efficiencies. These optimization costs are tracked separately in operating expenses. The company had an expanded cost-savings plan under Project 420 totaling $33 million, expected to be completed in the third quarter of fiscal 2026. By the third quarter of fiscal year 2025, the company had completed $20.6 million of this plan. For the full fiscal year 2025, operating expenses included $2,600 thousand for Project 420 business optimization. Finance: draft 13-week cash view by Friday.

Tilray Brands, Inc. (TLRY) - Canvas Business Model: Revenue Streams

You're looking at how Tilray Brands, Inc. actually brings in money across its diverse portfolio as of late 2025. It's not just about cannabis anymore; the model is built on four distinct pillars feeding the top line.

The Distribution Net Revenue stream was reported at \$271.2 million for fiscal 2025, showing a 5% increase year-over-year. This segment handles the purchase, resale, and distribution of pharmaceutical and wellness products, which is a key part of their infrastructure play. So, this revenue stream is about utilizing their established logistics network.

The core Cannabis Net Revenue for fiscal 2025 came in at \$249.0 million. This figure reflects a strategic shift, as it was lower than the prior year's \$272.8 million, due to unexpected international medical cannabis permit delays and management's decision to preserve margin in the Canadian cannabis market. Honestly, protecting margin over chasing volume in a compressed market makes sense for long-term health.

The Beverage Alcohol Net Revenue was a significant contributor, hitting \$241 million in fiscal 2025, marking a 19% increase. This growth is heavily tied to the acquisitions of craft beverage brands, like those from Molson Coors, which helps Tilray Brands leverage existing US distribution channels. This segment is definitely a major growth engine now.

The Wellness Net Revenue stream brought in over \$60 million, specifically reported at \$60.5 million for the fiscal year, which is a 9% jump. This includes hemp-based food and other wellness products, like their Manitoba Harvest line, which remains exempt from certain trade tariffs.

To give you a clear picture of these core revenue streams for the fiscal year ended May 31, 2025, here's the quick math:

Revenue Stream	Fiscal 2025 Net Revenue (USD)
Distribution	\$271.2 million
Cannabis	\$249.0 million
Beverage Alcohol	\$241 million
Wellness	\$60.5 million

What this estimate hides is the total net revenue for the entire company was \$821.3 million for fiscal 2025, a 4% increase over the prior year. The international focus is paying off in the cannabis segment, too.

Specifically regarding the global cannabis footprint, the International Cannabis Revenue grew 19% for the full fiscal year. This growth is really concentrated in specific areas, showing where the near-term opportunities are:

• European cannabis revenue grew 112% when excluding Australia.
• The Q4 international cannabis revenue surge was even more dramatic at 71%.
• Tilray Brands operates and generates revenue from 21 countries.

Finance: draft 13-week cash view by Friday.