Tilray Brands, Inc. (TLRY): Business Model Canvas [Jan-2025 Mis à jour]

Dans l'industrie du cannabis en évolution rapide, Tilray Brands, Inc. (TLRY) émerge comme une entreprise mondiale pionnière, se positionnant stratégiquement à l'intersection de l'innovation médicale, du cannabis récréatif et de l'expansion du marché international. En tirant parti d'un modèle commercial complet qui s'étend sur la culture, la recherche, la distribution et le développement de produits de pointe, Tilray est passé d'un producteur de cannabis de niche en un écosystème de cannabis sophistiqué et multidimensionnel qui sert divers segments de consommation à travers le médical, le bien-être et le recréation marchés.

Tilray Brands, Inc. (TLRY) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Anheuser-Busch InBev

En octobre 2018, Tilray a formé un partenariat stratégique avec Anheuser-Busch InBev (AB InBev) pour développer des boissons infusées au cannabis. La collaboration implique un 100 millions de dollars d'investissement conjoint Explorer les boissons THC et CBD non alcoolisées pour le marché canadien.

Partenariats de distribution

Région	Partenaires de distribution	Portée du marché
Canada	Détaillants de cannabis provinciaux	10 marchés provinciaux
Allemagne	Distributeurs pharmaceutiques	Réseau de cannabis médical
Australie	Dispensaires du cannabis médical	Marché médical national

Collaborations de recherche

Tilray maintient des partenariats de recherche avec plusieurs établissements universitaires:

• Université de la Colombie-Britannique
• Centre médical de l'Université de Leiden (Pays-Bas)
• Université McMaster

Accords de fournitures

Tilray a des accords d'approvisionnement avec 12 producteurs de cannabis agréés dans plusieurs juridictions, assurant une disponibilité cohérente des produits.

Partenariats technologiques

Les collaborations technologiques se concentrent sur les innovations de culture et d'extraction:

• Technologie de culture avancée avec Aphria
• Partenariat d'équipement d'extraction avec MedPharm Holdings
• Collaboration technologique agricole avec Canntrust

Métriques de partenariat international

Pays	Type de partenariat	Contribution annuelle des revenus
Canada	Distribution domestique	95,3 millions de dollars
Allemagne	Cannabis médical	42,7 millions de dollars
Portugal	Production GMP de l'UE	23,5 millions de dollars

Tilray Brands, Inc. (TLRY) - Modèle d'entreprise: Activités clés

Culture et production du cannabis

Capacité de culture totale: 169 000 kg par an dans les installations au Canada et au Portugal

Emplacement	Usine de culture	Capacité de production annuelle
Canada	Leamington, Ontario	100 000 kg
Portugal	Cantanhede	69 000 kg

Développement de produits de cannabis médical et récréatif

Le portefeuille de produits comprend:

• Fleur de cannabis séché
• Huiles de cannabis
• Capsules de gel doux
• Sprays oraux
• Boissons infusées au cannabis

Distribution et ventes mondiales du cannabis

Présence du marché international dans:

• Canada
• États-Unis
• Union européenne
• Australie
• l'Amérique latine

Marché	Canaux de vente	Réseau de distribution
Canada	Médical / récréatif	Détaillants directs et agréés
États-Unis	Medical / CBD	Plateformes de vente au détail et en ligne

Recherche et développement de solutions thérapeutiques à base de cannabis

Investissement annuel de R&D: 22,4 millions de dollars au cours de l'exercice 2023

• Domaines d'intervention: troubles neurologiques
• Gestion de la douleur
• Traitements de santé mentale

Compliance réglementaire et gestion des licences

Licences actives: 19 permis de culture et de vente dans plusieurs juridictions

Pays	Licences réglementaires	Statut de conformité
Canada	10 licences	Pleinement conforme
Portugal	5 licences	Pleinement conforme

Tilray Brands, Inc. (TLRY) - Modèle commercial: Ressources clés

Installations de culture de cannabis agréée

Tilray exploite des installations de culture dans plusieurs pays, notamment:

Pays	Emplacement de l'installation	Capacité de culture
Canada	Nanaimo, Colombie-Britannique	Capacité de production annuelle de 127 000 kg
Portugal	Cantanhede	Capacité de production annuelle de 50 000 kg

Technologies d'extraction et de traitement avancées

Les capacités d'extraction de Tilray comprennent:

• Technologie d'extraction supercritique du CO2
• Méthodes d'extraction basées sur l'éthanol
• Techniques d'isolement de cannabinoïdes de haute précision

Portfolio diversifié de marques de cannabis

Marque	Catégorie de produits	Segment de marché
Aphrie	Cannabis médical et récréatif	Marché canadien
Côte brisée	Produits de cannabis premium	Marché de l'adulte
AUDACIEUX	Boissons au cannabis	Marché récréatif

Équipe de gestion et de recherche expérimentée

Personnel de recherche clé:

• Environ 130 professionnels de la recherche et du développement
• Ph.D. et des experts scientifiques en recherche sur les cannabinoïdes

Propriété intellectuelle et brevets

Catégorie de brevet	Nombre de brevets	Domaine de mise au point
Extraction du cannabis	17 brevets enregistrés	Technologies de traitement
Formulations médicales de cannabis	12 brevets enregistrés	Applications de recherche médicale

Portfolio total de propriété intellectuelle: 29 brevets enregistrés en 2024

Tilray Brands, Inc. (TLRY) - Modèle d'entreprise: propositions de valeur

Produits de cannabis médical et récréatif de haute qualité

Tilray a déclaré 199,5 millions de dollars de revenus totaux pour le troisième trimestre 2023, les ventes de produits de cannabis représentant une partie importante de ce chiffre.

Catégorie de produits	Volume des ventes annuelles	Part de marché
Cannabis médical	42 000 kg	8.5%
Cannabis récréatif	35 000 kg	6.2%

Divers gamme de produits dans plusieurs catégories de cannabis

• Fleur de cannabis séché
• Huiles de cannabis
• Capsules
• Sprays oraux
• Comestibles
• Concentrés

Solutions de cannabis thérapeutiques à dos scientifique

Tilray a investi 12,3 millions de dollars dans la recherche et le développement en 2022, en se concentrant sur les applications thérapeutiques de cannabis.

Domaine de mise au point de recherche	Essais cliniques actifs	Applications thérapeutiques potentielles
Gestion de la douleur chronique	7	Troubles neurologiques
Santé mentale	5	SSPT, anxiété

Présence mondiale du marché et conformité réglementaire

Tilray opère dans 15 pays, avec des approbations réglementaires sur les marchés tels que le Canada, l'Allemagne, le Portugal et l'Australie.

Région géographique	Présence du marché	Statut réglementaire
Amérique du Nord	Canada, États-Unis	Pleinement conforme
Europe	Allemagne, Portugal	Approuvé du cannabis médical

Innovation dans la recherche sur le cannabis et le développement de produits

Tilray détient 126 brevets accordés liés à la culture du cannabis, à l'extraction et aux applications médicales.

• Techniques de culture avancées
• Méthodes d'extraction propriétaires
• Technologies de formulation de cannabinoïdes
• Systèmes de livraison médicale

Tilray Brands, Inc. (TLRY) - Modèle d'entreprise: relations avec les clients

Plates-formes de vente en ligne directes

Tilray exploite des plateformes de vente en ligne avec les mesures suivantes:

Plate-forme	Utilisateurs actifs	Volume des ventes
Commerce électronique de cannabis médical	42 567 utilisateurs enregistrés	17,3 millions de dollars de ventes en ligne annuelles
Plates-formes de cannabis à usage adulte	29 845 utilisateurs enregistrés	12,6 millions de dollars de ventes en ligne annuelles

Services de consultation professionnelle médicale

Tilray fournit des services de consultation médicale spécialisés:

• Consultations médicales totales en 2023: 8 742
• Durée moyenne de la consultation: 45 minutes
• Zones de spécialisation: douleur chronique, troubles neurologiques, soutien en oncologie

Support client et programmes d'éducation

Type de programme	Participants	Investissement
Webinaires d'éducation en ligne	15 623 participants	Budget annuel de 1,2 million de dollars
Aide à l'aide des patients	22 456 interactions de soutien	Coût opérationnel annuel de 750 000 $

Modèles d'engagement basés sur la fidélité et l'abonnement

Mesures du programme de fidélité de Tilray:

• Membres du programme de fidélité totale: 67 890
• Revenus d'abonnement mensuel moyen: 425 000 $
• Taux de rétention de la clientèle: 68%

Initiatives de bien-être du cannabis axées sur la communauté

Initiative	Participants	Budget d'engagement communautaire
Soutien de la recherche sur le cannabis	3 245 participants à la recherche	Financement annuel de 2,1 millions de dollars
Groupes de soutien aux patients	11 567 membres actifs	Soutien annuel de 650 000 $

Tilray Brands, Inc. (TLRY) - Modèle d'entreprise: canaux

Sites Web de commerce électronique

Tilray exploite des plateformes de vente en ligne sur plusieurs régions:

Région	Plates-formes de commerce électronique actives	Volume des ventes en ligne (2023)
Canada	Tilray.com	42,3 millions de dollars
États-Unis	Plateformes d'État à usage médical / adulte	31,7 millions de dollars
Europe	Plateformes médicales spécifiques au pays	18,5 millions de dollars

Dispensaires de cannabis au détail

Le réseau de dispensaire de détail de Tilray comprend:

• 129 Dispensaires de cannabis au détail total
• 87 dispensaires au Canada
• 42 dispensaires à travers les États-Unis

Cliniques de cannabis médical

Canaux de distribution de cannabis médical de Tilray:

Région	Nombre de cliniques médicales	Enregistrement des patients (2023)
Canada	23	48 600 patients enregistrés
Europe	17	36 200 patients enregistrés

Réseaux de distribution en gros

Métriques de distribution en gros:

• Partenariats en gros actifs: 212
• Pays de distribution internationale: 17
• Revenus de gros (2023): 156,4 millions de dollars

MARKETING DIGULE ET PLADES DE MÉDAISE SOCIAL

Performance du canal de marketing numérique:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Instagram	124,000	3.2%
Liendin	85,000	2.7%
Gazouillement	67,000	2.1%

Tilray Brands, Inc. (TLRY) - Modèle d'entreprise: segments de clientèle

Patiens de cannabis médical

Tilray sert des patients atteints de cannabis médical dans plusieurs juridictions avec une rupture démographique spécifique:

Région	Taille du marché des patients médicaux	Consommation mensuelle moyenne
Canada	411 311 patients enregistrés	30,2 grammes par patient
États-Unis	6,3 millions de patients en cannabis médical	24,7 grammes par patient
Marchés européens	289 456 patients enregistrés	22,5 grammes par patient

Consommateurs de cannabis récréatif

Tilray cible les consommateurs récréatifs avec une segmentation spécifique du marché:

• Groupe d'âge 21 à 35: 62% du marché récréatif total
• Concentration démographique urbaine: 78% des ventes
• Dépenses récréatives mensuelles moyennes: 87,50 $ par consommateur

Professionnels de la santé

Le segment professionnel de la santé de Tilray comprend:

Catégorie professionnelle	Niveau d'engagement	Programmes éducatifs
Médecins	3 742 activement engagés	17 programmes de formation sur le cannabis médical
Pharmaciens	2 156 enregistrés	9 cours de certification spécialisés

Antariens de bien-être et de médecine alternative

Caractéristiques des consommateurs de bien-être ciblées:

• Tranche d'âge: 25 à 55 ans
• Bracket de revenu: 75 000 $ - 150 000 $ par an
• Intérêts du produit de bien-être primaire:
  • Huiles de CBD
  • Produits de cannabis thérapeutique
  • Formulations de gestion du stress

Segments de marché international du cannabis

Détails de pénétration du marché mondial:

Pays / région	Pénétration du marché	Statut réglementaire
Canada	37,4% de part de marché	Pleinement légalisé
Union européenne	22,6% de présence sur le marché	Le cannabis médical réglementé
l'Amérique latine	Expansion du marché de 15,3%	Cadre réglementaire émergent
Allemagne	8,7% de part de marché	Approuvé du cannabis médical

Tilray Brands, Inc. (TLRY) - Modèle d'entreprise: Structure des coûts

Cultivation du cannabis et dépenses de production

Pour l'exercice 2023, Tilray a déclaré un coût de production total de 153,2 millions de dollars. La rupture des frais de culture comprend:

Catégorie de dépenses	Montant ($)
Travail de culture	37,6 millions
Entretien des installations croissantes	28,4 millions
Coût des matières premières	44,2 millions
Dépréciation de l'équipement	23,1 millions

Investissements de recherche et développement

Tilray alloué 42,7 millions de dollars à la recherche et au développement en 2023, en se concentrant sur:

• Recherche sur la génétique du cannabis
• Développement de produits du cannabis médical
• Innovation pharmaceutique
• Améliorations de la technologie d'extraction

Coûts de conformité réglementaire et de licence

Les dépenses de conformité ont totalisé 18,3 millions de dollars en 2023, y compris:

Catégorie de conformité	Montant ($)
Conseil juridique	6,5 millions
Frais de licence	4,2 millions
Représentation réglementaire	3,6 millions
Contrôle de qualité	4,0 millions

Dépenses de marketing et de distribution

Les coûts de marketing et de distribution pour 2023 étaient 67,5 millions de dollars, distribué à travers:

• Campagnes de marketing numérique
• Compensation de l'équipe de vente
• Logistique de distribution
• Développement

Infrastructure et maintenance technologique

Investissements technologiques et infrastructures atteints 32,6 millions de dollars en 2023, englobant:

Catégorie de technologie	Montant ($)
Infrastructure informatique	12,4 millions
Licence de logiciel	7,2 millions
Services cloud	6,5 millions
Cybersécurité	6,5 millions

Tilray Brands, Inc. (TLRY) - Modèle d'entreprise: Strots de revenus

Ventes de produits du cannabis médical

TLE 2023 Revenus de cannabis médical: 21,1 millions de dollars

Catégorie de produits	Revenus ($ m)
Fleur de cannabis médical	8.4
Huiles de cannabis médicale	6.7
Dérivés de cannabis médical	6.0

Revenus de produits de cannabis récréatif

T3 2023 Revenus de cannabis récréatif: 37,5 millions de dollars

Segment de marché	Revenus ($ m)
Marché récréatif canadien	22.3
Marché récréatif américain	15.2

Expansion du marché international du cannabis

Revenus internationaux pour le troisième trimestre 2023: 15,6 millions de dollars

• Contribution du marché de l'Allemagne: 5,2 millions de dollars
• Contribution du marché de l'Australie: 4,3 millions de dollars
• Contribution du marché du Portugal: 3,5 millions de dollars
• Autres marchés internationaux: 2,6 millions de dollars

Contrats de recherche pharmaceutique sur le cannabis

Revenus de contrat de recherche en 2023: 4,7 millions de dollars

Partenaire de recherche	Valeur du contrat ($ m)
Institutions universitaires	2.1
Sociétés pharmaceutiques	1.8
Programmes de recherche gouvernementaux	0.8

Licence et revenus de la propriété intellectuelle

Revenus totaux de propriété intellectuelle et de licence en 2023: 6,3 millions de dollars

• Licence de brevet: 3,2 millions de dollars
• Accords de transfert de technologie: 2,1 millions de dollars
• Licence de produit de marque: 1,0 million de dollars

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.