Tilray Brands, Inc. (TLRY): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na indústria de cannabis em rápida evolução, a Tilray Brands, Inc. (TLRY) surge como uma empresa global pioneira, se posicionando estrategicamente na interseção de inovação médica, cannabis recreativa e expansão do mercado internacional. Ao alavancar um modelo de negócios abrangente que abrange o cultivo, a pesquisa, a distribuição e o desenvolvimento de produtos de ponta, a Tilray se transformou de um produtor de maconha de nicho para um sofisticado ecossistema de cannabis multidimensional que serve diversos segmentos de consumidores entre médicos, bem-estar e recreação e recreação Mercados.

Tilray Brands, Inc. (TLRY) - Modelo de negócios: Parcerias -chave

Aliança Estratégica com Anheuser-Busch InBev

Em outubro de 2018, a Tilray formou uma parceria estratégica com a Anheuser-Busch InBev (AB InBev) para desenvolver bebidas com infusão de cannabis. A colaboração envolve um Investimento conjunto de US $ 100 milhões explorar as bebidas não alcoólicas de THC e CBD para o mercado canadense.

Parcerias de distribuição

Região	Parceiros de distribuição	Alcance do mercado
Canadá	Varejistas provinciais de cannabis	10 mercados provinciais
Alemanha	Distribuidores farmacêuticos	Rede de cannabis medicinal
Austrália	Dispensários de cannabis medicinal	Mercado Médico Nacional

Colaborações de pesquisa

A Tilray mantém parcerias de pesquisa com várias instituições acadêmicas:

• Universidade da Colúmbia Britânica
• Centro Médico da Universidade de Leiden (Holanda)
• Universidade McMaster

Acordos de fornecimento

Tilray tem acordos de fornecimento com 12 produtores de cannabis licenciados em várias jurisdições, garantindo a disponibilidade consistente do produto.

Parcerias de tecnologia

As colaborações de tecnologia se concentram nas inovações de cultivo e extração:

• Tecnologia avançada de cultivo com Aphria
• Parceria para equipamentos de extração com a Medpharm Holdings
• Colaboração de tecnologia agrícola com CannTrust

Métricas de Parceria Internacional

País	Tipo de parceria	Contribuição anual da receita
Canadá	Distribuição doméstica	US $ 95,3 milhões
Alemanha	Cannabis medicinal	US $ 42,7 milhões
Portugal	Produção GMP da UE	US $ 23,5 milhões

Tilray Brands, Inc. (TLRY) - Modelo de negócios: Atividades -chave

Cultivo e produção de cannabis

Capacidade total de cultivo: 169.000 kg por ano entre instalações no Canadá e Portugal

Localização	Instalação de cultivo	Capacidade de produção anual
Canadá	Leamington, Ontário	100.000 kg
Portugal	Cantânia	69.000 kg

Desenvolvimento de produtos de cannabis médico e recreativo

O portfólio de produtos inclui:

• Flor de cannabis seca
• Óleos de cannabis
• Cápsulas de gel macio
• Sprays orais
• Bebidas com infusão de cannabis

Distribuição e vendas globais de cannabis

Presença do mercado internacional em:

• Canadá
• Estados Unidos
• União Europeia
• Austrália
• América latina

Mercado	Canais de vendas	Rede de distribuição
Canadá	Médico/recreativo	Varejistas diretos e licenciados
Estados Unidos	Medical/CBD	Plataformas de varejo e online

Pesquisa e desenvolvimento de soluções terapêuticas baseadas em cannabis

Investimento anual de P&D: US $ 22,4 milhões no ano fiscal de 2023

• Áreas de foco: distúrbios neurológicos
• Gerenciamento da dor
• Tratamentos de saúde mental

Gestão de conformidade regulatória e licenciamento

Licenças ativas: 19 licenças de cultivo e vendas em várias jurisdições

País	Licenças regulatórias	Status de conformidade
Canadá	10 licenças	Totalmente compatível
Portugal	5 licenças	Totalmente compatível

Tilray Brands, Inc. (TLRY) - Modelo de negócios: Recursos -chave

Instalações de cultivo de cannabis licenciadas

A Tilray opera instalações de cultivo em vários países, incluindo:

País	Localização da instalação	Capacidade de cultivo
Canadá	Nanaimo, Colúmbia Britânica	127.000 kg de capacidade de produção anual
Portugal	Cantânia	50.000 kg de capacidade de produção anual

Tecnologias avançadas de extração e processamento

Os recursos de extração de Tilray incluem:

• Tecnologia de extração supercrítica de CO2
• Métodos de extração baseados em etanol
• Técnicas de isolamento canabinóide de alta precisão

Portfólio diversificado de marcas de cannabis

Marca	Categoria de produto	Segmento de mercado
Aéfria	Cannabis médica e recreativa	Mercado canadense
Costa quebrada	Produtos de cannabis premium	Mercado de uso adulto
AUDACIOSO	Bebidas de cannabis	Mercado recreativo

Equipe experiente de gerenciamento e pesquisa

Pessoal de pesquisa -chave:

• Aproximadamente 130 profissionais de pesquisa e desenvolvimento
• Ph.D. múltiplo e especialistas científicos em pesquisa canabinóide

Propriedade intelectual e patentes

Categoria de patentes	Número de patentes	Área de foco
Extração de cannabis	17 patentes registradas	Tecnologias de processamento
Formulações de cannabis medicinal	12 patentes registradas	Aplicações de pesquisa médica

Portfólio de propriedade intelectual total: 29 patentes registradas a partir de 2024

Tilray Brands, Inc. (TLRY) - Modelo de negócios: proposições de valor

Produtos de cannabis médicos e recreativos de alta qualidade

A Tilray registrou US $ 199,5 milhões em receita total para o terceiro trimestre de 2023, com as vendas de produtos de cannabis representando uma parcela significativa desse número.

Categoria de produto	Volume anual de vendas	Quota de mercado
Cannabis medicinal	42.000 kg	8.5%
Cannabis recreativo	35.000 kg	6.2%

Diversas Fios de produtos em várias categorias de cannabis

• Flor de cannabis seca
• Óleos de cannabis
• Cápsulas
• Sprays orais
• Comestíveis
• Concentrados

Soluções terapêuticas de cannabis, de lustrinho científico

A Tilray investiu US $ 12,3 milhões em pesquisa e desenvolvimento em 2022, com foco em aplicações terapêuticas de cannabis.

Área de foco de pesquisa	Ensaios clínicos ativos	Aplicações terapêuticas em potencial
Gerenciamento da dor crônica	7	Distúrbios neurológicos
Saúde mental	5	TEPT, ansiedade

Presença global do mercado e conformidade regulatória

A Tilray opera em 15 países, com aprovações regulatórias em mercados, incluindo Canadá, Alemanha, Portugal e Austrália.

Região geográfica	Presença de mercado	Status regulatório
América do Norte	Canadá, EUA	Totalmente compatível
Europa	Alemanha, Portugal	Cannabis medicinal aprovada

Inovação na pesquisa de cannabis e desenvolvimento de produtos

A Tilray possui 126 patentes concedidas relacionadas ao cultivo, extração e aplicações médicas de cannabis.

• Técnicas avançadas de cultivo
• Métodos de extração proprietários
• Tecnologias de formulação de canabinóides
• Sistemas de entrega médica

Tilray Brands, Inc. (TLRY) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de vendas on -line diretas

A Tilray opera plataformas de vendas on -line com as seguintes métricas:

Plataforma	Usuários ativos	Volume de vendas
Comércio eletrônico de cannabis medicinal	42.567 usuários registrados	US $ 17,3 milhões com vendas online anuais
Plataformas de cannabis de uso adulto	29.845 usuários registrados	US $ 12,6 milhões de vendas online anuais

Serviços de consulta profissional médico

Tilray fornece serviços especializados de consulta médica:

• Total de consultas médicas em 2023: 8.742
• Duração média da consulta: 45 minutos
• Áreas de especialização: dor crônica, distúrbios neurológicos, apoio oncológico

Programas de suporte ao cliente e educação

Tipo de programa	Participantes	Investimento
Webinars de educação on -line	15.623 participantes	Orçamento anual de US $ 1,2 milhão
Helpline de apoio ao paciente	22.456 Interações de suporte	Custo operacional anual de US $ 750.000

Modelos de lealdade e engajamento baseados em assinatura

Métricas do Programa de Fidelidade de Tilray:

• Membros do Programa de Fidelidade Total: 67.890
• Receita média mensal de assinatura: US $ 425.000
• Taxa de retenção de clientes: 68%

Iniciativas de bem-estar de cannabis focadas na comunidade

Iniciativa	Participantes	Orçamento de engajamento da comunidade
Suporte à pesquisa de cannabis	3.245 participantes da pesquisa	Financiamento anual de US $ 2,1 milhões
Grupos de apoio ao paciente	11.567 membros ativos	Suporte anual de US $ 650.000

Tilray Brands, Inc. (TLRY) - Modelo de Negócios: Canais

Sites de comércio eletrônico

A Tilray opera plataformas de vendas on -line em várias regiões:

Região	Plataformas ativas de comércio eletrônico	Volume de vendas on -line (2023)
Canadá	Tilray.com	US $ 42,3 milhões
Estados Unidos	Plataformas estaduais de uso médico/adulto	US $ 31,7 milhões
Europa	Plataformas médicas específicas do país	US $ 18,5 milhões

Dispensários de cannabis de varejo

A rede de dispensários de varejo da Tilray inclui:

• 129 Dispensários totais de maconha no varejo
• 87 dispensários no Canadá
• 42 dispensários nos Estados Unidos

Clínicas de cannabis medicinal

Canais de distribuição de cannabis medicinal de Tilray:

Região	Número de clínicas médicas	Registro de pacientes (2023)
Canadá	23	48.600 pacientes registrados
Europa	17	36.200 pacientes registrados

Redes de distribuição por atacado

Métricas de distribuição por atacado:

• Parcerias por atacado ativas: 212
• Países de distribuição internacional: 17
• Receita por atacado (2023): US $ 156,4 milhões

Plataformas de marketing digital e mídia social

Performance de canal de marketing digital:

Plataforma	Seguidores/assinantes	Taxa de engajamento
Instagram	124,000	3.2%
LinkedIn	85,000	2.7%
Twitter	67,000	2.1%

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

Pacientes com cannabis medicinal

Tilray atende pacientes com cannabis medicinal em várias jurisdições com quebra demográfica específica:

Região	Tamanho do mercado de pacientes médicos	Consumo mensal médio
Canadá	411.311 pacientes registrados	30,2 gramas por paciente
Estados Unidos	6,3 milhões de pacientes com cannabis medicinal	24,7 gramas por paciente
Mercados europeus	289.456 pacientes registrados	22,5 gramas por paciente

Consumidores de cannabis recreativos

Tilray tem como alvo os consumidores recreativos com segmentação de mercado específica:

• Faixa etária 21-35: 62% do mercado recreativo total
• Concentração demográfica urbana: 78% das vendas
• Gastos recreativos mensais médios: US $ 87,50 por consumidor

Profissionais de saúde

O segmento profissional de saúde de Tilray inclui:

Categoria profissional	Nível de engajamento	Programas educacionais
Médicos	3.742 ativamente engajados	17 programas de treinamento de cannabis medicinal
Farmacêuticos	2.156 registrados	9 cursos de certificação especializados

Bem -estar e entusiastas da medicina alternativa

Características do consumidor de bem -estar direcionado:

• Faixa etária: 25-55 anos
• Faixa de renda: US $ 75.000 a US $ 150.000 anualmente
• Interesses primários do produto de bem -estar:
  • Óleos CBD
  • Produtos terapêuticos de cannabis
  • Formulações de gerenciamento de estresse

Segmentos internacionais de mercado de cannabis

Detalhes de penetração no mercado global:

País/região	Penetração de mercado	Status regulatório
Canadá	37,4% de participação de mercado	Totalmente legalizado
União Europeia	22,6% presença no mercado	Cannabis medicinal regulamentada
América latina	15,3% de expansão do mercado	Estrutura regulatória emergente
Alemanha	8,7% de participação de mercado	Cannabis medicinal aprovada

Tilray Brands, Inc. (TLRY) - Modelo de negócios: estrutura de custos

Cultivo de cannabis e despesas de produção

Para o ano fiscal de 2023, Tilray registrou custos totais de produção de US $ 153,2 milhões. A quebra das despesas de cultivo inclui:

Categoria de despesa	Valor ($)
Trabalho de cultivo	37,6 milhões
Manutenção de instalações em crescimento	28,4 milhões
Custos de matéria -prima	44,2 milhões
Depreciação do equipamento	23,1 milhões

Investimentos de pesquisa e desenvolvimento

Tilray alocado US $ 42,7 milhões Para pesquisar e desenvolver em 2023, concentrando -se em:

• Pesquisa de genética de cannabis
• Desenvolvimento de produtos de cannabis medicinal
• Inovação farmacêutica
• Melhorias da tecnologia de extração

Custos regulatórios de conformidade e licenciamento

As despesas de conformidade totalizaram US $ 18,3 milhões em 2023, incluindo:

Categoria de conformidade	Valor ($)
Consultoria legal	6,5 milhões
Taxas de licenciamento	4,2 milhões
Relatórios regulatórios	3,6 milhões
Controle de qualidade	4,0 milhões

Despesas de marketing e distribuição

Os custos de marketing e distribuição para 2023 foram US $ 67,5 milhões, distribuído:

• Campanhas de marketing digital
• Compensação da equipe de vendas
• Logística de distribuição
• Desenvolvimento da marca

Manutenção de infraestrutura e tecnologia

Os investimentos em tecnologia e infraestrutura alcançaram US $ 32,6 milhões em 2023, abrangendo:

Categoria de tecnologia	Valor ($)
Infraestrutura de TI	12,4 milhões
Licenciamento de software	7,2 milhões
Serviços em nuvem	6,5 milhões
Segurança cibernética	6,5 milhões

Tilray Brands, Inc. (TLRY) - Modelo de negócios: fluxos de receita

Vendas de produtos de cannabis medicinal

Q3 2023 Receita de cannabis medicinal: US $ 21,1 milhões

Categoria de produto	Receita ($ m)
Flor de cannabis medicinal	8.4
Óleos de cannabis medicinal	6.7
Derivados de cannabis medicinal	6.0

Receita de produto de cannabis recreativa

Q3 2023 Receita de cannabis recreativa: US $ 37,5 milhões

Segmento de mercado	Receita ($ m)
Mercado recreativo canadense	22.3
Mercado Recreativo dos EUA	15.2

Expansão do mercado internacional de cannabis

Receita internacional para o terceiro trimestre de 2023: US $ 15,6 milhões

• Alemanha Contribuição do mercado: US $ 5,2 milhões
• Contribuição do mercado da Austrália: US $ 4,3 milhões
• Portugal Contribuição do mercado: US $ 3,5 milhões
• Outros mercados internacionais: US $ 2,6 milhões

Contratos de pesquisa em cannabis farmacêuticos

Receita do contrato de pesquisa em 2023: US $ 4,7 milhões

Parceiro de pesquisa	Valor do contrato ($ M)
Instituições acadêmicas	2.1
Empresas farmacêuticas	1.8
Programas de pesquisa do governo	0.8

Receitas de licenciamento e propriedade intelectual

Receitas totais de IP e licenciamento em 2023: US $ 6,3 milhões

• Licenciamento de patentes: US $ 3,2 milhões
• Acordos de transferência de tecnologia: US $ 2,1 milhões
• Licenciamento de produtos de marca: US $ 1,0 milhão

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.