Tilray Brands, Inc. (TLRY): Business Model Canvas [Dec-2025 Updated]

Look, you're trying to make sense of Tilray Brands, Inc.'s sprawling operation as of late 2025, and honestly, it's a story of aggressive diversification that you need to map out clearly. Forget just cannabis; this company is running three distinct engines: medical extracts, a portfolio of 11+ U.S. craft beer brands, and wellness products, which together generated revenue streams like $241 million from Beverage Alcohol and $249.0 million from Cannabis in fiscal 2025. Still, navigating that growth meant taking a massive $2,096.1 million non-cash impairment charge last year, so understanding how they connect these pieces-from EU GMP facilities to U.S. beer distributors-is critical for your next move. Dive into the full Business Model Canvas below to see the precise mechanics of their current strategy.

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

You're looking at the core alliances that power Tilray Brands, Inc.'s global footprint as of late 2025. These aren't just handshake deals; they are critical infrastructure for market access and operational scale.

The company's strategy relies heavily on leveraging local expertise and established pharmaceutical networks for international medical expansion. For instance, the recent entry into Panama involves a joint venture with Top Tech Global Inc., forming Solana Life Group, which secured a medical cannabis license from Panama's National Directorate of Pharmacy and Drugs authorizing cultivation, manufacturing, import, export, distribution, and sale of medical cannabis.

In Europe, the strategic distribution partnership with Italy's Molteni, through Tilray Medical's FL Group, is designed to enhance patient access to cannabis extracts for pain and addiction therapies. This move supports a broader European growth trajectory, where European cannabis revenue grew by 112 per cent in fiscal 2025.

The U.S. beverage segment is bolstered by the integration of acquired brands from Molson Coors Beverage Company, including Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing, and Atwater Brewery. This acquisition added 30% new beer-buying accounts to the portfolio. Management projects the beer business to expand to 15 million cases annually with this integration.

Tilray Brands, Inc. maintains vital relationships with government-regulated wholesalers in Canada and across its international footprint. The company reported wholesale cannabis revenues of $2.214 million in the fourth quarter of fiscal 2025. International cannabis revenues hit a historical high of $22.365 million in Q4-2025, marking a 71% increase for that quarter. For the full fiscal year 2025, total cannabis revenues were $249 million, with international cannabis revenue increasing 19% year-over-year.

To optimize its production backbone, Tilray leverages its state-of-the-art facilities, which are key to meeting global demand. The completion of Phase I of the growth plan, which began with increased planting in late 2024, is expected to add 60 metric tonnes of cannabis annually from Aphria One and Aphria Diamond alone. This boosts the total Canadian cannabis cultivation capacity to 210 metric tonnes per year.

Here's a quick look at the scale of some of these key operational and distribution partnerships:

The relationships supporting the cannabis segment are segmented by market channel, showing where the regulated wholesale network fits in:

• Canadian medical cannabis revenues in Q4-2025 were $6.225 million.
• Canadian adult-use revenues in Q4-2025 reached $58.421 million.
• Wholesale cannabis revenues in Q4-2025 were $2.214 million.
• Tilray Brands' licensed producers in Canada include Aphria, Broken Coast, Hexo, and Redecan.

The beverage segment, post-acquisition, is substantial, with Tilray Brands positioning itself as a major player. The company's beverage alcohol net revenue reached $202m in FY2024, which sets the baseline for the current distribution network. You've got to track how the distribution network is performing against that baseline now. Finance: draft 13-week cash view by Friday.

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

Global cultivation and manufacturing of EU GMP-certified medical cannabis.

Tilray Brands, Inc. maintains a global cannabis cultivation capacity of approximately 247 metric tonnes. The company's key Canadian facilities, Aphria One and Aphria Diamond, are positioned to supply both Canadian and International markets, including Europe. The Canadian cannabis cultivation capacity reached 210 metric tonnes per year following Phase I additions, which are projected to produce an additional 60 metric tonnes of cannabis annually. The company operates an advanced EU-GMP certified facility in Neumünster, Germany, which is used for cultivation and processing to supply the German market. As of September 30, 2025, Tilray Medical expanded its Tilray Craft portfolio in Germany by launching five new cannabis flower products produced in this German EU-GMP facility.

Here are the key financial metrics for the cannabis segment for Fiscal Year 2025:

The global cannabis gross margin improved by 700 basis points for Fiscal Year 2025.

Integration of acquired beverage brands via Project 420 optimization program.

Tilray Brands launched Project 420, a $25 million synergy plan specifically for the beverage business. This program involves streamlining operations and cutting back on certain alcohol beverage brands. The strategic SKU rationalization within the beverage segment impacted revenue by $20 million in Fiscal Year 2025. The company anticipates the completion of this synergy optimization plan in the third quarter of Fiscal Year 2026. The beverage segment revenue growth of 19% in FY2025, reaching $240.6 million, was primarily due to the acquisition of craft beverage brands effective September 1, 2024.

The beverage segment performance for Fiscal Year 2025 included:

• Net Revenue: $240.6 million
• Gross Margin: 39%

International market expansion, especially in Europe and emerging markets.

Tilray Brands has operations and revenues spanning 21 countries, with an overall platform supporting over 40 brands in more than 20 countries. International cannabis revenue for Fiscal Year 2025 increased by 19%. European cannabis growth was particularly strong, showing a 112% increase for Fiscal Year 2025. In the fourth quarter of 2025, international cannabis revenue saw a 71% increase. Germany represented the company's fastest-growing international market with 134% growth Year-over-Year.

Expansion activities as of late 2025 include:

• Broadening European presence by expanding the Tilray Craft portfolio in Germany.
• Establishing Solana Life Group in Panama via a joint venture, securing a medical cannabis license for local cultivation, manufacture, and distribution.
• Entering a strategic partnership in Italy with Molteni to broaden the availability of Tilray Medical cannabis extracts.
• Plans to expand international distribution to the Middle East, India, Türkiye, and Asia.

Brand development and SKU rationalization for higher-margin products.

Tilray Brands manages approximately 40 cannabis brands and 20 beverage brands, 15 of which are craft beer. Strategic decisions to preserve margin in Canadian cannabis contributed to the decline in FY2025 cannabis revenue. The company cited prioritizing key products and discontinuing underperforming Stock Keeping Units (SKUs) as reasons for revenue impacts. For the six months ended November 30, 2024, the company reported a $6.0 million reduction in net sales from product prioritization and an additional $2.0 million decline from discontinuing specific SKUs. In Australia, the company introduced its first medical cannabis edible, Good Supply Pastilles, described as sugar-free and vegan-friendly.

Distribution of pharmaceutical and wellness products across multiple countries.

The Distribution segment generated net revenue of $271.2 million in Fiscal Year 2025, an increase of 5% over the prior fiscal year. The Distribution gross margin remained consistent at 11% for FY2025. For the fourth quarter of 2025, Distribution net revenue was $74.1 million, representing a 13% increase Year-over-Year.

The Wellness segment, which sells hemp food products and energy drinks, had FY2025 net revenue of $60.5 million, a 9% increase. The Wellness gross margin increased to 32% in Fiscal Year 2025.

In the U.S., Hemp-Derived Delta-9 (HD-D9) THC Drinks are served to customers in 13 states, reaching 1,300 distribution points through the national craft beer distribution network.

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

You're looking at the tangible assets Tilray Brands, Inc. uses to execute its strategy across cannabis, beverage, and wellness sectors. These aren't just line items; they are the physical and financial foundations of their global footprint.

Physical and Operational Assets

The company's physical assets are spread globally, supporting both medical and consumer segments. A key component is the advanced EU-GMP certified facility in Neumünster, Germany, which is actively expanding its premium craft cannabis production as part of the BfArM in-country cultivation program. This facility is central to Tilray Medical's European strategy.

In the U.S. beverage space, Tilray Brands has established itself as the fifth largest craft brewer through strategic acquisitions. This beverage portfolio includes 15 American craft beer brands operating under Project 420. Furthermore, the expansion into hemp-derived THC beverages is supported by an extensive U.S. distribution network, with products currently available in 1,000 stores across the country.

Here's a snapshot of the scale of their brand and operational reach:

Financial Strength

You need to know the company's immediate financial flexibility. Tilray Brands ended Fiscal Year 2025 with a strong balance sheet position. They reported $256 million available in cash and marketable securities. This liquidity, combined with having reduced total debt by roughly $100 million, provides significant strategic flexibility.

Brand Portfolio Components

The diverse brand portfolio is a critical intangible asset, spanning specialized segments:

• Tilray Medical, which continues to expand its EU-GMP certified offerings in Germany.
• Tilray Wellness, which generated $60 million in revenue for Fiscal Year 2025.
• The craft beverage acquisitions, including brands like SweetWater, which anchor the U.S. beer presence.
• The portfolio includes hemp-based foods and wellness drinks, with the Wellness segment showing 9% revenue growth in FY2025.

The company's ability to generate revenue from these distinct, yet integrated, segments is key; for example, the distribution segment brought in $271.2 million in net revenue for FY2025.

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:

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:

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:

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.

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:

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:

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.