In its Annual Report on Form 10-K for the fiscal year ended May 31, 2026, the company — a Canadian cannabis operator — cautions that forward-looking statements about its business, financial condition, strategic initiatives, cost-savings, acquisitions and related assumptions involve risks and uncertainties and may differ materially from actual results.

# The Company

## Summary of the provided excerpt (cautionary note)

- Document context
  - Annual Report on Form 10-K for the fiscal year ended May 31, 2026.
  - The excerpt addresses forward-looking statements under Canadian securities laws and U.S. securities laws (Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act).
  - Those statements are intended to be protected by the applicable "safe harbor."

- Nature of statements
  - Forward-looking statements involve risks, uncertainties, and assumptions.
  - If risks occur or assumptions prove incorrect, actual results may differ materially from those statements.

- Identifying language
  - Forward-looking statements are often identified by words such as: anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, project, will, would, seek, should, and their variations (including negatives or plurals).

- Examples of forward-looking content referenced
  - Beliefs or expectations about future performance, results of operations, and financial condition.
  - Cost savings initiatives and strategic initiatives.
  - Business strategy, supply chain, brand portfolio, product performance, and expansion efforts.
  - Current or future macroeconomic and industry or regulatory trends.
  - Consolidation of the Canadian cannabis industry.
  - Future corporate acquisitions and strategic transactions.
  - Synergies, cash savings, and efficiencies from integration of completed acquisitions and strategic transactions.

- Risks and uncertainties
  - Actual results may differ materially due to various risks and uncertainties.
  - Relevant risk disclosures appear in the document sections titled “Risk Factor Summary,” “Risk Factors” (Part I, Item 1A), and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Tilray Brands, Inc. is a global lifestyle consumer products company operating in cannabis, beverage, wellness, and entertainment sectors, with a strong presence in multiple international markets.

# Company Overview Summary

## Company Name
**Tilray Brands, Inc.**

## Business Focus
- A leading global lifestyle consumer products company.
- Operates at the nexus of cannabis, beverage, wellness, and entertainment.
- Mission: To be a premium lifestyle company with a house of brands, offering high-quality products that inspire joy, wellness, and memorable experiences.

## Headquarters
- Leamington, Ontario, Canada
- Additional operations in New York, USA

## Key Operations & Geographic Presence
- **Canada:** Leading the Canadian cannabis market with the highest cannabis revenue.
- **United States:** The 4th largest craft brewer; active in beverage and craft spirits sectors.
- **Europe, Australia, Latin America:** Supplies medical cannabis and wellness products; operates with EU-GMP certified facilities, notably in Portugal and Germany.
- **International:** Distributes medical cannabis products to over 20 countries across five continents.

## Core Business Segments
1. **Beverage**
   - Produces and sells craft beers, non-alcoholic beverages, spirits (whiskey, vodka, gin).
   - Brands include SweetWater Brewing, Montauk Brewing, Shock Top, Breckenridge Brewery and Distillery, Green Flash, Hop Valley, and others.
   - Operates in 7 production facilities in the U.S. and 16 brewpubs.
   - Distributes in all 50 U.S. states and internationally in Europe, Asia, Australia; aboard cruise lines; airport venues; sports stadiums.
   - Generated **$240.6 million** in revenue for FY2025.

2. **Cannabis**
   - Cultivates, produces, distributes, and sells medical and adult-use cannabis.
   - Produces a diverse portfolio of products: whole flower, pre-rolls, vapes, edibles, topicals, extracts.
   - Brands include Tilray Medical, Aphria, Broken Coast, Redecan, Charlotte's Web, Good Supply.
   - Operates EU-GMP certified cultivation sites in Portugal and Germany.
   - Supplies major markets in Canada, Europe, Australia, UK, Poland, and Argentina.
   - Cannabis revenue in FY2025 was **$249 million**.
   - Highest revenue share in the segment (~30%).

3. **Distribution**
   - Distributes pharmaceuticals, wellness, and cannabis-related products.
   - Major distributor in Germany (CC Pharma), serving pharmacies, hospitals, wholesalers.
   - Handles approximately 1,200 product lines.
   - Revenue from distribution in FY2025 was **$271.2 million**.

4. **Wellness**
   - Develops, manufactures, markets hemp-based foods and wellness products.
   - Brands include Manitoba Harvest (hemp seeds, oils, proteins), Hemp Yeah!, Just Hemp Foods, The Humble Seed.
   - Products sold at over 21,000 retail locations in the U.S. and Canada.
   - Includes wellness beverages like HiBall Energy, an energy drink.
   - Revenue for FY2025 was **$60.5 million**.

## Financials (FY2025)
- **Total Revenue:** Approximately **$821.3 million**
- **Number of Employees:** ~2,842 worldwide
- **Stock Outstanding:** 1,100,530,099 shares (as of July 2025)
- **Market Capitalization:** Approximately **$1.2 billion** (as of November 2024)

## Business Strategy Highlights
- Leverage brands and infrastructure for growth in cannabis, beverage, wellness, and entertainment sectors.
- Focus on consumer insights, product innovation, cost management, and international expansion.
- Focused on building a global portfolio with brands connected to lifestyle and wellness.
- Expanding beverage portfolio via strategic acquisitions (e.g., craft breweries from Molson and Anheuser-Busch).
- International growth via expanding medical cannabis presence and potential U.S. market entry pending federal legalization.
  
## Other Key Points
- Operates in highly regulated environments: Canada (Cannabis Act), European Union (EU-GMP), US (various state/federal laws).
- Has a diversified product portfolio including alcoholic beverages, cannabis, hemp foods, and hemp-derived products.
- Several acquisitions aimed at expanding and diversifying the business.
- Engagement in strategic partnerships, such as distribution agreements and collaborative initiatives.

This summarizes the company's core operations, market presence, product categories, financial standing, employee count, and strategic focus based solely on provided official filings.

Tilray Brands, Inc. is a leading global lifestyle consumer products company specializing in cannabis, beverage, wellness, and entertainment sectors, headquartered in Canada.

# Tilray Brands, Inc.

Tilray Brands, Inc. is a global lifestyle consumer products company focused on cannabis, beverage, wellness, and entertainment. The company is headquartered in Leamington, Canada, and operates in the United States, Europe, Australia, New Zealand, and Latin America.

## Key Business Segments

### Cannabis
- Products: Medical and adult-use cannabis products, including oils, capsules, and edibles. Brands include Tilray, Aphria, Broken Coast, and others.  
- Market presence:
  - In Canada, 35% of total revenue is derived from cannabis operations.
  - The company services over 100,000 patients globally.
  - Demand for medical cannabis has increased since 2014.

### Beverage Alcohol
- Products: A portfolio of beer and spirits brands, including SweetWater, 10 Barrel Brewing, Blue Point Brewing, and more. The company is the 5th largest craft brewer in the U.S.  
- Market share:
  - 25% of total revenue comes from beverage alcohol.
  - The company has seen growth in craft beverage products, with SweetWater as a flagship brand.

### Wellness
- Products: Hemp-based food products (including Manitoba Harvest) and wellness beverages.  
- Market presence:
  - 7% of total revenue is generated from the wellness segment.
  - Products are sold to retailers and directly to consumers in over 21,000 retail locations across North America and in 18 countries.

### Distribution
- Operations: Distribution of wellness and pharmaceutical products.
- Market presence:
  - Distribution contributes 33% of total revenue.
  - Established distribution channels across pharmaceutical networks, particularly in Europe.

## Financial Overview

- Revenue:
  - Fiscal year ended May 31, 2024: total revenue of $788.9 million, up from $627.1 million in 2023.
  - Revenue by segment:
    - Beverage Alcohol: $202.1 million
    - Cannabis: $272.8 million
    - Distribution: $258.7 million
    - Wellness: $55.3 million
- Income:
  - As of May 31, 2024, Tilray reported net losses, reflecting ongoing challenges in achieving profitability. The company has a limited operating history and has yet to generate consistent positive cash flow.
- Employees:
  - Approximately 2,650 employees worldwide.

## Competitive Position

Tilray holds a prominent position in both the cannabis and beverage alcohol markets with a diverse portfolio of consumer brands. Strategic acquisitions in beverage alcohol (including brands from Anheuser-Busch) and cannabis (such as HEXO Corp.) support the company’s growth and market reach.

## Conclusion

Tilray Brands, Inc. aims to build a sustainable business by integrating products across the cannabis, beverage, and wellness sectors. Despite challenges in profitability, the company’s global operations and diversified product lines position it for growth in emerging markets.

Tilray Brands, Inc.

10-K / July 28, 2026

10-K / July 29, 2025

10-K / July 30, 2024

10-K / July 28, 2026

The Company

Summary of the provided excerpt (cautionary note)