Tilray Brands, Inc. (TLRY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En la industria del cannabis en rápida evolución, Tilray Brands, Inc. (TLRY) emerge como una empresa global pionera, posicionándose estratégicamente en la intersección de la innovación médica, el cannabis recreativo y la expansión del mercado internacional. Al aprovechar un modelo de negocio integral que abarca el cultivo, la investigación, la distribución y el desarrollo de productos de vanguardia, Tilray se ha transformado de un productor de cannabis de nicho a un ecosistema sofisticado y multidimensional de cannabis que sirve a diversos segmentos de consumidores en todos mercados.

Tilray Brands, Inc. (TLRY) - Modelo de negocios: asociaciones clave

Alianza estratégica con Anheuser-Busch InBev

En octubre de 2018, Tilray formó una asociación estratégica con Anheuser-Busch InBev (AB InBev) para desarrollar bebidas infundidas con cannabis. La colaboración implica un Inversión conjunta de $ 100 millones Explorar bebidas no alcohólicas THC y CBD para el mercado canadiense.

Asociaciones de distribución

Región	Socios de distribución	Alcance del mercado
Canadá	Minoristas provinciales de cannabis	10 mercados provinciales
Alemania	Distribuidores farmacéuticos	Red de cannabis medicinal
Australia	Dispensarios de cannabis medicinal	Mercado médico nacional

Colaboraciones de investigación

Tilray mantiene asociaciones de investigación con múltiples instituciones académicas:

• Universidad de Columbia Británica
• Centro Médico de la Universidad de Leiden (Países Bajos)
• Universidad McMaster

Acuerdos de suministro

Tilray tiene acuerdos de suministro con 12 productores de cannabis con licencia En múltiples jurisdicciones, asegurando una disponibilidad de productos constante.

Asociaciones tecnológicas

Las colaboraciones tecnológicas se centran en las innovaciones de cultivo y extracción:

• Tecnología de cultivo avanzado con Afria
• Asociación de equipos de extracción con Medpharm Holdings
• Colaboración de tecnología agrícola con canntrust

Métricas de asociación internacional

País	Tipo de asociación	Contribución anual de ingresos
Canadá	Distribución doméstica	$ 95.3 millones
Alemania	Cannabis medicinal	$ 42.7 millones
Portugal	Producción de GMP de la UE	$ 23.5 millones

Tilray Brands, Inc. (TLRY) - Modelo de negocio: actividades clave

Cultivo y producción de cannabis

Capacidad total de cultivo: 169,000 kg por año en todas las instalaciones en Canadá y Portugal

Ubicación	Instalación de cultivo	Capacidad de producción anual
Canadá	Leamington, Ontario	100,000 kg
Portugal	Cantanero	69,000 kg

Desarrollo de productos de cannabis médico y recreativo

La cartera de productos incluye:

• Flor de cannabis seca
• Aceites de cannabis
• Cápsulas de gel suave
• Aerosoles orales
• Bebidas infundidas con cannabis

Distribución y ventas de cannabis global

Presencia del mercado internacional en:

• Canadá
• Estados Unidos
• unión Europea
• Australia
• América Latina

Mercado	Canales de ventas	Red de distribución
Canadá	Médico/recreativo	Minoristas directos y con licencia
Estados Unidos	Médico/CBD	Plataformas minoristas y en línea

Investigación y desarrollo de soluciones terapéuticas a base de cannabis

Inversión anual de I + D: $ 22.4 millones en el año fiscal 2023

• Áreas de enfoque: trastornos neurológicos
• Manejo del dolor
• Tratamientos de salud mental

Cumplimiento regulatorio y gestión de licencias

Licencias activas: 19 Permisos de cultivo y ventas en múltiples jurisdicciones

País	Licencias regulatorias	Estado de cumplimiento
Canadá	10 licencias	Totalmente cumplido
Portugal	5 licencias	Totalmente cumplido

Tilray Brands, Inc. (TLRY) - Modelo de negocios: recursos clave

Instalaciones de cultivo de cannabis con licencia

Tilray opera instalaciones de cultivo en múltiples países, que incluyen:

País	Ubicación de la instalación	Capacidad de cultivo
Canadá	Nanaimo, Columbia Británica	Capacidad de producción anual de 127,000 kg
Portugal	Cantanero	Capacidad de producción anual de 50,000 kg

Tecnologías avanzadas de extracción y procesamiento

Las capacidades de extracción de Tilray incluyen:

• CO2 Tecnología de extracción supercrítica de CO2
• Métodos de extracción basados ​​en etanol
• Técnicas de aislamiento cannabinoides de alta precisión

Diversas cartera de marcas de cannabis

Marca	Categoría de productos	Segmento de mercado
Afria	Cannabis médico y recreativo	Mercado canadiense
Costa rota	Productos de cannabis premium	Mercado de uso de adultos
ATREVIDO	Bebidas de cannabis	Mercado recreativo

Equipo de gestión e investigación experimentado

Personal de investigación clave:

• Aproximadamente 130 profesionales de investigación y desarrollo
• Múltiples Ph.D. y expertos científicos en investigación cannabinoides

Propiedad intelectual y patentes

Categoría de patente	Número de patentes	Área de enfoque
Extracción de cannabis	17 patentes registradas	Tecnologías de procesamiento
Formulaciones de cannabis medicinal	12 patentes registradas	Aplicaciones de investigación médica

Cartera total de propiedad intelectual: 29 patentes registradas a partir de 2024

Tilray Brands, Inc. (TLRY) - Modelo de negocios: propuestas de valor

Productos de cannabis médico y recreativo de alta calidad

Tilray reportó $ 199.5 millones en ingresos totales para el tercer trimestre de 2023, con ventas de productos de cannabis que representan una parte significativa de esta cifra.

Categoría de productos	Volumen de ventas anual	Cuota de mercado
Cannabis medicinal	42,000 kg	8.5%
Cannabis recreativo	35,000 kg	6.2%

Diversa gama de productos en múltiples categorías de cannabis

• Flor de cannabis seca
• Aceites de cannabis
• Cápsulas
• Aerosoles orales
• Comestibles
• Concentrado

Soluciones de cannabis terapéutica respaldada científicamente

Tilray invirtió $ 12.3 millones en investigación y desarrollo en 2022, centrándose en aplicaciones terapéuticas de cannabis.

Área de enfoque de investigación	Ensayos clínicos activos	Aplicaciones terapéuticas potenciales
Manejo del dolor crónico	7	Trastornos neurológicos
Salud mental	5	TEPT, ansiedad

Presencia del mercado global y cumplimiento regulatorio

Tilray opera en 15 países, con aprobaciones regulatorias en mercados como Canadá, Alemania, Portugal y Australia.

Región geográfica	Presencia en el mercado	Estado regulatorio
América del norte	Canadá, EE. UU.	Totalmente cumplido
Europa	Alemania, Portugal	Aprobado por el cannabis medicinal

Innovación en la investigación del cannabis y el desarrollo de productos

Tilray posee 126 patentes otorgadas relacionadas con el cultivo de cannabis, la extracción y las solicitudes médicas.

• Técnicas de cultivo avanzadas
• Métodos de extracción propietarios
• Tecnologías de formulación de cannabinoides
• Sistemas de entrega médica

Tilray Brands, Inc. (TLRY) - Modelo de negocios: relaciones con los clientes

Plataformas directas de ventas en línea

Tilray opera plataformas de ventas en línea con las siguientes métricas:

Plataforma	Usuarios activos	Volumen de ventas
Cannabis medicinal comercio electrónico	42,567 usuarios registrados	$ 17.3 millones de ventas en línea anuales
Plataformas de cannabis de uso para adultos	29,845 usuarios registrados	$ 12.6 millones de ventas anuales en línea

Servicios de consulta profesional médico

Tilray ofrece servicios de consulta médica especializadas:

• Total de consultas médicas en 2023: 8,742
• Duración de consulta promedio: 45 minutos
• Áreas de especialización: dolor crónico, trastornos neurológicos, apoyo oncológico

Programas de atención al cliente y educación

Tipo de programa	Participantes	Inversión
Seminarios web de educación en línea	15,623 participantes	Presupuesto anual de $ 1.2 millones
Línea de ayuda de apoyo al paciente	22,456 interacciones de soporte	Costo operativo anual de $ 750,000

Modelos de participación basados ​​en la lealtad y suscripción

Métricas del programa de fidelización de Tilray:

• Miembros del programa de fidelización total: 67,890
• Ingresos de suscripción mensuales promedio: $ 425,000
• Tasa de retención de clientes: 68%

Iniciativas de bienestar de cannabis centradas en la comunidad

Iniciativa	Participantes	Presupuesto de participación de la comunidad
Apoyo de investigación de cannabis	3.245 participantes de la investigación	Financiación anual de $ 2.1 millones
Grupos de apoyo para pacientes	11,567 miembros activos	Soporte anual de $ 650,000

Tilray Brands, Inc. (TLRY) - Modelo de negocios: canales

Sitios web de comercio electrónico

Tilray opera plataformas de ventas en línea en múltiples regiones:

Región	Plataformas activas de comercio electrónico	Volumen de ventas en línea (2023)
Canadá	Tilray.com	$ 42.3 millones
Estados Unidos	Plataformas estatales médicas/de uso para adultos	$ 31.7 millones
Europa	Plataformas médicas específicas del país	$ 18.5 millones

Dispensarios de cannabis minoristas

La red de dispensario minorista de Tilray incluye:

• 129 dispensarios de cannabis minoristas totales
• 87 dispensarios en Canadá
• 42 dispensarios en todo Estados Unidos

Clínicas de cannabis medicinal

Canales de distribución de cannabis medicinal de Tilray:

Región	Número de clínicas médicas	Registro del paciente (2023)
Canadá	23	48,600 pacientes registrados
Europa	17	36,200 pacientes registrados

Redes de distribución al por mayor

Métricas de distribución al por mayor:

• Asociaciones al por mayor activas: 212
• Países de distribución internacional: 17
• Ingresos al por mayor (2023): $ 156.4 millones

Plataformas de marketing digital y redes sociales

Rendimiento del canal de marketing digital:

Plataforma	Seguidores/suscriptores	Tasa de compromiso
Instagram	124,000	3.2%
LinkedIn	85,000	2.7%
Gorjeo	67,000	2.1%

Tilray Brands, Inc. (TLRY) - Modelo de negocios: segmentos de clientes

Pacientes con cannabis medicinal

Tilray atiende a pacientes con cannabis medicinal en múltiples jurisdicciones con una descomposición demográfica específica:

Región	Tamaño del mercado de pacientes médicos	Consumo mensual promedio
Canadá	411,311 pacientes registrados	30.2 gramos por paciente
Estados Unidos	6.3 millones de pacientes con cannabis medicinal	24.7 gramos por paciente
Mercados europeos	289,456 pacientes registrados	22.5 gramos por paciente

Consumidores de cannabis recreativos

Tilray se dirige a los consumidores recreativos con segmentación específica del mercado:

• Grupo de edad 21-35: 62% del mercado recreativo total
• Concentración demográfica urbana: 78% de las ventas
• Gasto recreativo mensual promedio: $ 87.50 por consumidor

Profesionales de la salud

El segmento profesional de la salud de Tilray incluye:

Categoría profesional	Nivel de compromiso	Programas educativos
Médicos	3.742 comprometidos activamente	17 programas de capacitación en cannabis medicinal
Farmacéuticos	2,156 registrado	9 cursos de certificación especializados

Bienestar y entusiastas de la medicina alternativa

Características del consumidor de bienestar dirigido:

• Rango de edad: 25-55 años
• Soporte de ingresos: $ 75,000- $ 150,000 anualmente
• Intereses del producto de bienestar primario:
  • Aceites de CBD
  • Productos terapéuticos de cannabis
  • Formulaciones de manejo del estrés

Segmentos internacionales del mercado de cannabis

Detalles de la penetración del mercado global:

País/región	Penetración del mercado	Estado regulatorio
Canadá	37.4% de participación de mercado	Totalmente legalizado
unión Europea	22.6% de presencia del mercado	Cannabis medicinal regulado
América Latina	15.3% de expansión del mercado	Marco regulatorio emergente
Alemania	8.7% de participación de mercado	Aprobado por el cannabis medicinal

Tilray Brands, Inc. (TLRY) - Modelo de negocio: Estructura de costos

Cultivo de cannabis y gastos de producción

Para el año fiscal 2023, Tilray reportó costos totales de producción de $ 153.2 millones. El desglose de los gastos de cultivo incluye:

Categoría de gastos	Monto ($)
Trabajo de cultivo	37.6 millones
Mantenimiento de instalaciones de crecimiento	28.4 millones
Costos de materia prima	44.2 millones
Depreciación del equipo	23.1 millones

Inversiones de investigación y desarrollo

Tilray asignada $ 42.7 millones a la investigación y el desarrollo en 2023, centrándose en:

• Investigación de genética de cannabis
• Desarrollo de productos de cannabis medicinal
• Innovación farmacéutica
• Mejoras de tecnología de extracción

Costos de cumplimiento y licencia regulatoria

Los gastos de cumplimiento totalizaron $ 18.3 millones en 2023, incluyendo:

Categoría de cumplimiento	Monto ($)
Consultoría legal	6.5 millones
Tarifas de licencia	4.2 millones
Informes regulatorios	3.6 millones
Control de calidad	4.0 millones

Gastos de marketing y distribución

Los costos de marketing y distribución para 2023 fueron $ 67.5 millones, distribuido a través de:

• Campañas de marketing digital
• Compensación del equipo de ventas
• Logística de distribución
• Desarrollo de la marca

Infraestructura y mantenimiento de tecnología

Las inversiones en tecnología e infraestructura alcanzaron $ 32.6 millones En 2023, abarcando:

Categoría de tecnología	Monto ($)
Infraestructura	12.4 millones
Licencia de software	7.2 millones
Servicios en la nube	6.5 millones
Ciberseguridad	6.5 millones

Tilray Brands, Inc. (TLRY) - Modelo de negocios: flujos de ingresos

Venta de productos de cannabis medicinal

T3 2023 Ingresos de cannabis medicinal: $ 21.1 millones

Categoría de productos	Ingresos ($ M)
Flor de cannabis medicinal	8.4
Aceites de cannabis medicinal	6.7
Derivados de cannabis medicinal	6.0

Ingresos de productos de cannabis recreativos

T3 2023 Ingresos recreativos del cannabis: $ 37.5 millones

Segmento de mercado	Ingresos ($ M)
Mercado recreativo canadiense	22.3
Mercado recreativo de EE. UU.	15.2

Expansión del mercado internacional de cannabis

Ingresos internacionales para el tercer trimestre 2023: $ 15.6 millones

• Contribución del mercado de Alemania: $ 5.2 millones
• Contribución del mercado de Australia: $ 4.3 millones
• Contribución del mercado de Portugal: $ 3.5 millones
• Otros mercados internacionales: $ 2.6 millones

Contratos de investigación de cannabis farmacéutica

Ingresos del contrato de investigación en 2023: $ 4.7 millones

Socio de investigación	Valor del contrato ($ M)
Instituciones académicas	2.1
Compañías farmacéuticas	1.8
Programas de investigación gubernamentales	0.8

Ingresos por licencias e propiedad intelectual

Ingresos totales de IP y licencias en 2023: $ 6.3 millones

• Licencias de patentes: $ 3.2 millones
• Acuerdos de transferencia de tecnología: $ 2.1 millones
• Licencias de productos de marca: $ 1.0 millones

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.