Tilray Brands, Inc. (TLRY): PESTLE Analysis [Nov-2025 Updated]

You're watching Tilray Brands, Inc. navigate a market that feels like two steps forward, one step back, and you need to know if their strategy is sound. Honestly, the massive ($2,181.4) million net loss in fiscal year 2025-largely due to a non-cash impairment charge-is a huge number, but it masks the quiet strength of their diversification, like the $241 million in revenue from beverage alcohol. The whole story hinges on political movement, specifically the potential US cannabis rescheduling to Schedule III, which would eliminate the punitive IRS Section 280E tax burden and defintely change their profitability overnight. We'll map out the macro forces-Political, Economic, Sociological, Technological, Legal, and Environmental-to see if their global medical cannabis and US craft beer bet is strong enough to weather the current regulatory storm.

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Political factors

US Cannabis Rescheduling to Schedule III is a Near-Term Tailwind

The proposed reclassification of cannabis from Schedule I to Schedule III under the US Controlled Substances Act represents the single largest near-term financial opportunity for Tilray Brands and the wider industry. You need to understand this is a tax issue, not full federal legalization. The core benefit is relief from IRS Section 280E, which currently bars cannabis companies from deducting ordinary business expenses, pushing effective tax rates to an unsustainable 60-80%.

If the Drug Enforcement Administration (DEA) finalizes the move to Schedule III, analysts project Tilray's effective tax rate could drop dramatically to around 21%. Here's the quick math: this shift is estimated to unlock between $70 million and $100 million in annual savings for Tilray, based on fiscal year 2025 projections. This tax relief alone could transform the company's profitability, with some projections showing a potential 1,400% increase in Earnings Per Share (EPS), from an adjusted $0.01 to $0.15, if the change is enacted.

Metric	Current State (Schedule I / 280E)	Projected State (Schedule III / No 280E)
Effective Tax Rate	60% - 80%	~21%
Annual Cost Savings (Estimate)	$0	$70M - $100M
Adjusted EPS (2025 Estimate)	$0.01	$0.15 (1,400% increase)

Delays in DEA's Final Rescheduling Ruling Create Significant Regulatory Uncertainty

The massive financial upside is currently held hostage by regulatory gridlock. The DEA's formal rulemaking process, which began with a proposed rule in May 2024, is now stalled. Hearings on the proposal, which were scheduled to begin in January 2025, were canceled and proceedings were suspended pending the resolution of an interlocutory appeal filed by involved parties in January 2025. This means the final ruling is in a holding pattern as of November 2025.

This regulatory uncertainty is a major headwind for Tilray's stock price, which remains highly volatile. The delay forces the company to continue operating under the crushing 280E tax burden, forcing it to look elsewhere for growth.

Global Expansion Hinges on Strict Adherence to EU-GMP Standards

Because the US market remains federally restricted, Tilray's international strategy-especially in Europe-is defintely a critical political hedge. Success in the European medical cannabis market is entirely dependent on adhering to European Union Good Manufacturing Practice (EU-GMP) standards, which are far more stringent than many North American regulations. Tilray has invested heavily here to build a competitive advantage.

The company operates a large-scale, EU-GMP-certified cultivation facility in Portugal, spanning 1.5 million square feet, and a certified facility in Neumünster, Germany. This infrastructure allows Tilray to supply medical cannabis across key European markets, including Germany, which is one of the largest medical markets. In the full fiscal year ended May 2025, international sales accounted for approximately 25% of Tilray's annual cannabis revenue, and management expects to triple its German medical cannabis distribution footprint in fiscal 2026.

Key European expansion moves in 2025 include:

• Launching new EU-GMP certified strains in Germany under the Good Supply brand in September 2025.
• Forging a strategic partnership with Molteni in Italy to enhance the availability of Tilray Medical cannabis extracts.
• Securing a medical cannabis license in Panama, marking a crucial entry into Latin American medical cannabis markets in late 2025.

Tilray Actively Lobbies Governments to Reduce Taxation on Medicinal Cannabis Products

Tilray is a vocal political advocate, using its position to push for a more rational tax and regulatory framework across its operating regions. Their lobbying strategy focuses on two key areas: reducing the current tax burden and creating a legal, taxed pathway for all cannabis products, including hemp-derived ones.

The CEO has publicly framed US federal reform as a massive revenue opportunity for the government, estimating that nationwide legalization could generate up to $50 billion in annual excise taxes. This is a clear business-first argument to policymakers. More recently, in November 2025, Tilray condemned prohibitionist measures in a US government funding bill while urging Congress to adopt a federal framework that includes a taxed pathway for hemp-derived THC products, advocating for a 10 mg naturally derived delta-9 THC per serving cap for hemp beverages. The company's prior experience in Canada, where it has paid over $120 million in excise tax (including Hexo), underscores the magnitude of the tax issue they are trying to solve.

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Economic factors

You're looking at Tilray Brands, Inc. and trying to map the near-term financial reality against the long-term vision. The economic picture for FY2025 is a classic cannabis-sector contradiction: modest revenue growth, but a massive, one-time non-cash loss. The core of the strategy-diversification into beverage alcohol and a focus on high-margin international cannabis-is defintely starting to pay off, but the legacy of past acquisitions still weighs heavily on the balance sheet.

Fiscal Year 2025 net revenue reached $821 million, a modest increase.

Tilray Brands' total net revenue for the fiscal year ended May 31, 2025, was $821.3 million, which represents a modest increase of 4% from the prior fiscal year's $788.9 million. This is a crucial data point, as it shows the company is still growing its top line, even in a challenging market. What this estimate hides, however, is that strategic decisions, like pausing certain low-margin vape and pre-roll products to focus on profitability, negatively impacted revenue by an estimated $15 million. Still, the overall growth demonstrates the value of their multi-segment approach across cannabis, beverages, and wellness.

A non-cash impairment charge led to a large FY2025 net loss of ($2,181.4) million.

Honestly, the headline number here is jarring. The company reported a net loss of ($2,181.4) million for Fiscal Year 2025, a massive jump from the prior year's net loss of ($222.4) million. But you need to look past the net loss line to understand the true economic impact. This loss was overwhelmingly driven by a non-cash impairment charge of approximately ($2,096.1) million related to goodwill and intangible assets, primarily stemming from the 2021 merger of Aphria and Tilray. This is an accounting adjustment, not a cash drain, reflecting a revised, more realistic valuation of those assets given the slower-than-expected pace of U.S. cannabis legalization.

Financial Metric (FY2025)	Amount (USD Millions)	Commentary
Total Net Revenue	$821.3	4% year-over-year increase, showing top-line growth.
Net Loss	($2,181.4)	Primarily due to non-cash charges.
Non-Cash Impairment Charge	($2,096.1)	Accounting adjustment on goodwill and intangibles.
Adjusted EBITDA	$55	A better measure of core operating cash flow.

International cannabis gross margin improved by 700 basis points in FY2025, driven by higher-priced medical sales.

The economic bright spot is in the cannabis segment's profitability. The company's global cannabis gross margin expanded by an impressive 700 basis points in Fiscal Year 2025, increasing to 40% from 33% in the prior year. This margin expansion is a direct result of a strategic shift to redirect inventory to higher-margin international medical cannabis markets and away from lower-margin Canadian wholesale channels. International cannabis revenue, in particular, increased by 19% for the fiscal year, with European cannabis revenue (excluding Australia) growing by a staggering 112%. This is a clear action: chase the higher-priced medical markets, so the margin profile improves dramatically.

Diversification into beverage alcohol provides a stable revenue stream, growing to $241 million in FY2025.

The beverage alcohol segment is a key economic stabilizer, offering a less volatile revenue stream than the cannabis market. Beverage net revenue increased by 19% to $240.6 million in Fiscal Year 2025. This growth was largely fueled by the strategic acquisition of four craft brands from Molson Coors, including Hop Valley Brewing Company, which expanded Tilray Brands' beer presence across the U.S. This diversification provides a strong, established distribution network that can also be used for future hemp-derived Delta-9 THC (HD-D9) beverage products in the U.S. market. It's a smart hedge against the slow pace of U.S. federal cannabis reform.

Here's the quick math on the segment mix for FY2025 net revenue:

• Cannabis Net Revenue: $249.0 million
• Beverage Net Revenue: $240.6 million
• Distribution Net Revenue: $271.2 million
• Wellness Net Revenue: $60.5 million

Next step: Finance needs to draft a scenario analysis comparing the cash flow impact of a 10% increase in international medical sales versus a 10% increase in Canadian adult-use sales by the end of the week.

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Social factors

Growing consumer demand for functional, better-for-you wellness products, including hemp-derived Delta-9 THC drinks.

The shift in consumer preferences toward functional, better-for-you products is a major tailwind for Tilray Brands. We're seeing a clear move away from traditional alcohol and towards alternatives that offer a controlled, sessionable experience, especially among younger demographics. Honestly, this is a massive opportunity, and the numbers show it.

The global functional beverage market is expected to hit a staggering $208 billion by the end of 2025, which provides a massive addressable market for the company's Wellness segment. Tilray's Wellness segment revenue for the fiscal year 2025 was $60.5 million, representing a solid 9% increase over the prior year. More specifically, the hemp-derived Delta-9 THC beverage market is exploding; it was valued at $0.5 billion in 2024 and is projected to reach $2.5 billion by 2034, growing at a compound annual growth rate (CAGR) of 17.5%. Tilray is moving fast to capture this, launching its Alternative Beverages line in the U.S. and generating $1.4 million in revenue from hemp-derived THC beverage sales in the fiscal year up to Q3 2025.

Increasing social acceptance of cannabis, particularly medical use, drives international market growth.

Social acceptance of cannabis is the bedrock of international expansion, particularly in medical markets where public opinion and patient demand drive regulatory change. You can defintely see this impact in the company's international performance.

Tilray's strategy to lead the European medical cannabis market is paying off, with total International cannabis revenue increasing by 19% for the full fiscal year 2025. The growth is particularly sharp in Europe, where cannabis revenue grew by an impressive 112% in FY2025, excluding Australia. Germany, for example, saw a 50% increase in medical cannabis flower revenue in Q1 fiscal year 2025 following its legalization moves. This trend confirms that as social stigma fades, the regulated medical market scales quickly. Tilray currently supplies medical cannabis to patients in over 20 countries across five continents.

Tilray is positioned as the fourth-largest U.S. craft beer producer, aligning with the local, craft beverage trend.

Tilray's aggressive move into the U.S. craft beer market is a smart social hedge against slower cannabis legalization. By acquiring a portfolio of established, local craft brands, they tap into the strong consumer preference for local, authentic, and craft beverages.

The company is now the 4th largest craft brewer in the U.S., a position confirmed by the Brewers Association 2024 annual report (based on beer sales volume), up from the #5 spot previously. This beverage segment is a significant growth engine, with net revenue increasing by 19% to $240.6 million for the fiscal year 2025. The momentum is clear: Q1 fiscal year 2025 saw Beverage alcohol net revenue surge by 132% to $56.0 million, primarily due to strategic acquisitions.

The company supports patient advocacy to reduce barriers to medicinal cannabis access globally.

Tilray's commitment to patient advocacy is a crucial social factor, building goodwill and directly influencing market access. When a company actively works to reduce barriers, it secures its long-term position as a trusted provider, not just a seller.

In November 2025, Tilray Medical significantly expanded its Compassionate Pricing program in Canada, increasing the annual income eligibility threshold to $65,000 CAD, up from $32,500 CAD. This expansion directly helps more patients, including seniors, veterans, and first responders, afford their medicine. Internationally, the company is actively expanding access:

• Partnered with the Italian pharmaceutical firm Molteni in August 2025 to broaden the availability of Tilray Medical cannabis extracts across Italy.
• Announced plans in October 2025 to expand medical cannabis operations into Panama, leveraging a joint venture to enhance local patient access.

This proactive stance on patient access is a competitive advantage in global medical markets.

Social Factor Metric	Fiscal Year 2025 Value (USD)	YoY Growth / Change	Source/Context
Wellness Segment Net Revenue	$60.5 million	+9%	Reflects demand for better-for-you products.
Hemp-Derived THC Beverage Sales (FYTD Q3)	$1.4 million	N/A (New Product Focus)	Early revenue from Delta-9 THC drinks in the U.S.
International Cannabis Revenue	N/A (Segment Total: $249.0 million)	+19%	Driven by increasing social acceptance and medical use globally.
European Cannabis Revenue (Excl. Australia)	N/A	+112%	Strong growth in markets like Germany following regulatory changes.
U.S. Craft Brewer Ranking (Brewers Association)	#4	Up from #5	Position in the U.S. craft beverage trend.
Beverage Segment Net Revenue	$240.6 million	+19%	Growth fueled by craft brands and acquisitions.
Canadian Compassionate Pricing Eligibility	$65,000 CAD	Up from $32,500 CAD	Direct action to reduce barriers to medical access.

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Technological factors

Technology for Tilray Brands is not just about growing plants; it's the core engine for product differentiation, quality control, and global scale. You see this most clearly in their aggressive push into innovative product formats and their sophisticated, pharmaceutical-grade production footprint. The near-term opportunity is clear: use automation to drive down cultivation costs while leveraging their #1 market share in high-margin categories like beverages.

Use of AI-driven horticulture automation enhances cultivation efficiency, potency, and yield.

Tilray Brands is actively incorporating Artificial Intelligence (AI) initiatives to boost efficiency and maintain a low-cost structure, a critical factor in a competitive market. This focus on advanced agronomic techniques, often referred to as precision agriculture, is what allows them to produce high-quality products at scale.

The operational efficiency gains are tangible. Through an accelerated growth plan, which included bringing idled sections of the Aphria One facility back online, the company increased its Canadian cannabis cultivation capacity from approximately 150 metric tonnes to a projected 210 metric tonnes per year in 2025. That's a 40% increase in capacity, which directly impacts their ability to meet rising global demand. To be fair, the specific R&D spending on these AI-driven systems is small, with the company reporting only $250 thousand in Research and Development expenses for the first nine months of Fiscal Year 2025, but the capital expenditure on state-of-the-art facilities is where the real investment lies.

Continuous product innovation in formats like THC beverages and infused pre-rolls drives Canadian market share.

Product innovation is how Tilray Brands captures and keeps market share, particularly in the Canadian adult-use market. They use technology to create new, differentiated formats that appeal to a broader consumer base than traditional flower. This innovation pipeline is defintely working.

For Fiscal Year 2025, Tilray Brands holds the #1 market-leading sales position in Canada across several key categories, including pre-rolls and beverages. Their THC beverage brands, XMG and Mollo, are especially dominant, holding over 40% market share in the Canadian cannabis beverage category.

The company's 2025 Summer Cannabis Collection showcased their commitment to new formats, including:

• XMG Atomic Sours Beverages (new THC beverages)
• Redecan's live resin infused pre-rolls
• Good Supply's Double Dutchies (powerful pre-rolls)

Leveraging a scalable, global supply chain and infrastructure to rapidly enter new regulated markets.

Tilray Brands' most significant technological advantage is its global infrastructure, which acts as a platform for rapid market entry. They have a scalable global supply chain that supports a portfolio of over 40 brands across more than 20 countries.

This infrastructure includes EU-GMP (European Union Good Manufacturing Practice) certified cultivation and manufacturing facilities in Portugal and Germany (Neumünster). These facilities are critical for anchoring operations across Europe, Australia, and Latin America. The strategic move to establish Solana Life Group in Panama in late 2025, a joint venture that secured a medical cannabis license, is a perfect example of leveraging this existing global platform to enter the Latin American medical cannabis market.

Tilray Brands Global Scale and Efficiency (FY 2025)

Metric	Value (FY 2025 Data)	Strategic Significance
Total Net Revenue	$821 million	Funding source for continued technology and innovation investment.
Canadian Cultivation Capacity	210 metric tonnes per year	Represents a 40% increase in capacity from late 2024, driven by operational efficiencies.
Global Market Reach	Over 20 countries	Scale of the international distribution network and supply chain.
Canadian THC Beverage Market Share	Over 40%	Direct result of product innovation in a high-growth format.

Technology is crucial for product differentiation and maintaining high pharmaceutical-grade standards.

For Tilray Medical, technology is entirely focused on consistency and quality, which is non-negotiable for medical markets. The company's pharmaceutical-grade expertise is demonstrated by its track record of delivering cannabis to patients in over 20 countries.

The EU-GMP certification of their facility in Neumünster, Germany, is a technological and procedural differentiator. It means their production adheres to the rigorous quality control standards required by European medical regulators. They use this advanced facility to continuously introduce new cannabis genetics bred to pharmaceutical standards, ensuring reliable and consistent medical options for physicians and pharmacies. This technological compliance is the key to unlocking the much larger, high-value global medical cannabis market.

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Legal factors

Potential US Schedule III reclassification would eliminate the punitive IRS Section 280E tax burden, boosting profitability.

The single biggest near-term legal opportunity for Tilray Brands, and the entire cannabis sector, is the potential reclassification of cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA). This administrative move, currently pending in late 2025, would immediately remove the punitive Internal Revenue Service (IRS) Section 280E tax code.

Section 280E is brutal; it prohibits cannabis companies from deducting ordinary business expenses like salaries, rent, and marketing, forcing them to pay taxes on gross revenue instead of net profit. This results in effective tax rates of 60-70% for many operators. The industry's excess tax burden from 280E was forecasted to be $2.3 billion in 2024, a number that will only grow. Eliminating this tax would immediately and materially lower Tilray's effective tax rate, freeing up significant cash flow from its U.S. operations and investments for expansion or debt reduction. It's a game-changer for the bottom line.

Strict, fragmented state-by-state cannabis laws in the US restrict interstate commerce and market entry.

Despite the promise of a massive U.S. market, projected to exceed $50 billion before the decade's end, Tilray's ability to tap into it is severely hampered by federal prohibition. The federal classification of cannabis as a Schedule I substance means it cannot be transported across state lines; there is no interstate commerce.

This fragmentation forces Tilray to adopt a complex, capital-intensive strategy of establishing separate, costly supply chains-cultivation, processing, and distribution-within each state where it operates. This lack of scale across borders drives up production costs and hinders the efficiency that a global consumer packaged goods company like Tilray is built on. It forces a reliance on expensive, state-specific compliance and automation just to maintain consistency.

EU-GMP certification is a critical competitive advantage for supplying the growing European medical market, like Germany.

In stark contrast to the U.S. legal quagmire, Tilray's international strategy is anchored by its compliance with the European Union's Good Manufacturing Practice (EU-GMP) standards. This certification is the gold standard for pharmaceuticals and medical products, and Tilray leverages its EU-GMP facilities in Portugal and Germany to supply the burgeoning European medical market, which is projected to reach €3.2 billion in 2025.

This compliance is a clear competitive moat. Following German medical cannabis law changes, Tilray's German medical cannabis flower revenue increased by 50% in the first quarter of Fiscal Year 2025. Management is so confident in this market that they expect to triple their German medical cannabis distribution footprint in fiscal 2026. That's a massive, compliant growth engine.

Regulatory Factor	Impact on Tilray Brands (TLRY)	2025 Financial/Operational Data
IRS Section 280E Elimination (US Schedule III)	Massive tax relief, allowing deduction of ordinary business expenses.	Current effective tax rates for industry: 60-70%. US industry excess tax burden (280E): $2.3 billion (2024 forecast).
EU-GMP Certification (Germany/Europe)	Establishes a competitive moat in the global medical market.	German medical cannabis flower revenue increased by 50% in Q1 Fiscal Year 2025. European medical market projected to reach €3.2 billion in 2025.
US Interstate Commerce Ban	Forces costly, fragmented, state-by-state supply chains.	US state-regulated market projected to exceed $50 billion, a major opportunity currently constrained by state borders.

The company must navigate complex, varying regulations for its diverse portfolio of cannabis, hemp, and alcohol products.

Tilray is a diversified consumer packaged goods company, but this diversification means navigating three entirely separate and often conflicting regulatory regimes: cannabis, hemp, and alcohol. This is defintely a high compliance burden.

The alcohol business, which generated $63 million in net revenue in Q2 2025, is regulated by the Alcohol and Tobacco Tax and Trade Bureau (TTB). The TTB is proposing new rules in 2025 that mandate more detailed labeling for alcohol content and allergens, with a five-year phase-in period. However, the critical legal challenge is the TTB's firm prohibition on any THC or controlled substances on federally bonded brewery premises, forcing the company to maintain a strict separation of its alcohol and cannabis/hemp production lines.

The hemp-derived Delta-9 THC beverage market, a $1 billion industry in the U.S., presents another layer of legal inconsistency. While Tilray is actively launching products here, it must contend with a patchwork of state laws that are tightening up. For example, some states are changing serving size limits from 8 milligrams to just 5 milligrams of THC and raising the purchase age from 18 to 21, forcing constant product and labeling adjustments. Tilray is lobbying for a federal baseline framework with a 10mg per serving cap to bring some clarity.

• Maintain strict separation of TTB-regulated alcohol and THC production.
• Monitor state-level changes to hemp-derived THC serving sizes (e.g., 8mg to 5mg).
• Adapt product labeling to new TTB mandates on alcohol content and allergens.

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Environmental factors

You're looking at Tilray Brands, Inc.'s environmental profile, and the core takeaway is that the company is actively addressing immediate, tangible issues like packaging waste, but it still lacks the long-term, public-facing climate commitments that institutional investors now expect from major consumer packaged goods (CPG) players.

They are focusing their efforts where they can show immediate, measurable impact, particularly in their Canadian cannabis and U.S. beverage operations. This approach is practical, but it exposes them to future pressure on Scope 1, 2, and 3 emissions disclosure.

Commitment to monitoring GHG (Greenhouse Gas) emissions and optimizing transportation logistics

Tilray Brands recognizes that climate change presents both risks and opportunities, which is a key part of their Fiscal Year 2025 disclosures. The primary action here is internal monitoring and efficiency, not a public reduction target.

Specifically, the company commits to monitoring its Greenhouse Gas (GHG) emissions by focusing on energy-efficient technologies and optimizing transportation logistics. This is a crucial, foundational step, but it's defintely not the same as setting a Science Based Target (SBTi) for absolute emissions reduction.

The management of climate-related risks-like changing weather patterns affecting cultivation and water scarcity impacting their supply chain-is directly tied to these monitoring efforts. They are using AI-driven horticulture automation in cultivation to manage greenhouse conditions in real-time, which helps reduce costs for resources like water and energy.

Initiative to convert some packaging to hemp, diverting at least 131,000 kilograms of plastic from landfills annually

The company has made a significant, industry-leading move to combat plastic waste in the cannabis sector. This initiative involves converting packaging and product components, such as pre-rolls and vape accessories, to hemp-based materials across key Canadian brands like Good Supply, RIFF, and Broken Coast.

The initial commitment was projected to divert at least 131,000 kilograms (approximately 288,805 pounds) of plastic from landfills each year. However, a more recent update shows the cumulative impact is much larger. Since the initiative's launch in June 2023, the total ongoing efforts have prevented over 925,000 kilograms of plastic from reaching landfills, which is a huge number that demonstrates real progress. They are also using bags made from recycled content for whole-flower products, which alone is expected to divert an additional 38,000 kilograms of plastic waste annually.

Here's a quick look at the packaging impact versus the company's size in FY2025:

Metric	Fiscal Year 2025 Value	Context
Total Net Revenue (FY2025)	$821 million	Indicates the scale of operations generating this waste.
Plastic Diverted (Cumulative since June 2023)	Over 925,000 kilograms	Shows the overall environmental benefit of the packaging shift.
Annual Plastic Diversion (Initial Hemp Commitment)	131,000 kilograms	The baseline annual impact of the hemp packaging program.

Sustainability efforts are visible in the beverage segment, such as Terrapin Beer Co.'s solar-powered brewing

The beverage division, which generated $241 million in revenue in Fiscal Year 2025, also features concrete environmental efforts. One of the most visible examples is at Terrapin Beer Co. in Athens, Georgia, which is part of the Tilray Beverages portfolio.

Terrapin Beer Co. operates under a sustainability initiative called Terraprint, which focuses on minimizing waste and conserving water. Crucially, the brewery has over 700 solar panels installed on its roof, which power the brewing of its Sunray Wheat Beer. This demonstrates a tangible commitment to renewable energy within a core operational asset.

• Brewing is powered by over 700 solar panels at the Athens, Georgia facility.
• The Terraprint initiative also includes efforts to minimize waste and conserve water.
• Terrapin also partners with groups like the Chattahoochee Riverkeeper, donating a portion of proceeds from a unique beer to support river preservation.

Tilray has not publicly committed to specific 2030 or 2050 climate goals through major global frameworks

This is the primary gap in Tilray's environmental strategy as of late 2025. While they are implementing practical, operational improvements, they have not yet made a public commitment to a long-term, science-aligned climate goal.

They have not publicly committed to specific 2030 or 2050 climate goals through major global frameworks, such as the Science Based Targets initiative (SBTi) or the Carbon Disclosure Project (CDP). This lack of formal commitment means they do not currently report specific carbon emissions data (in kg CO2e) or documented reduction targets. This is a near-term risk because institutional investors and large asset managers, like BlackRock, are increasingly using these public commitments as a screening tool for ESG compliance. Not having a net-zero roadmap or validated targets can increase the company's perceived ESG risk profile.