Here are 1-2 brief analogies for Tilray Brands (TLRY):

• Anheuser-Busch InBev (BUD) for cannabis and craft beverages.
• A Constellation Brands (STZ) focused on cannabis, beer, and spirits.

• Cannabis Products: A diverse portfolio of medical and adult-use cannabis products, encompassing dried flower, pre-rolls, edibles, vapes, and concentrates.
• Craft Beer & Beverages: A collection of craft beer, cider, and non-alcoholic beverages from brands like Montauk Brewing Co., Breckenridge Brewery, and Blue Point Brewing Company.
• Hemp Foods: Consumer packaged goods derived from hemp, such as hemp seeds, hemp protein powders, and hemp oils, primarily under the Manitoba Harvest brand.

Tilray Brands (NASDAQ: TLRY) primarily sells its products to other companies (B2B) rather than directly to individuals. The company's diversified business segments serve distinct types of customers.

According to Tilray Brands' public filings, no single customer accounted for 10% or more of its consolidated net revenue for its fiscal years 2023, 2022, or 2021. This indicates a broad and diversified customer base across its various product lines and geographic markets.

While there are no specific "major customers" to list by name and symbol based on this disclosure, Tilray's customer companies fall into the following general categories across its business segments:

• Provincial and State-Run Cannabis Distributors: In Canada, for the adult-use cannabis market, Tilray sells its products to government-operated provincial wholesale distributors (e.g., Ontario Cannabis Store, BC Liquor Distribution Branch, Société québécoise du cannabis). These entities then supply licensed private retailers. These are not publicly traded companies.
• Licensed Cannabis Retailers and Pharmacies: Tilray distributes medical cannabis products to licensed pharmacies and clinics, and in some markets, directly to licensed private adult-use cannabis retailers.
• Beverage Alcohol Distributors and Retail Chains: For its craft beverage portfolio (including SweetWater Brewing Company, Breckenridge Distillery, and Montauk Brewing Company), Tilray sells to a network of third-party wholesale distributors. These distributors, in turn, sell to various retail channels such as grocery stores, liquor stores, convenience stores, bars, and restaurants. While no single entity represents a major customer, examples of large publicly traded retailers that operate in this space and could be customers of Tilray's distributors include Kroger (KR) or through distributor networks tied to companies like Anheuser-Busch InBev (BUD).
• Natural Food and Mass Market Retailers/Distributors: For its wellness brand Manitoba Harvest, Tilray sells to wholesale distributors and directly to retail chains that specialize in natural foods, health products, and general groceries. Examples of such retailers (again, not specific major customers for Tilray but types of outlets) include Whole Foods Market (owned by Amazon, AMZN), Sprouts Farmers Market (SFM), Walmart (WMT), and Target (TGT).

Irwin D. Simon, Chairman and Chief Executive Officer

Irwin D. Simon is a transformative entrepreneur recognized as a forefather of the organic and natural products industry. He founded The Hain Celestial Group, Inc. in 1993, leading it as Founder, President, CEO, and Chairman for 30 years, growing it to a $3.5 billion company with global operations. Before Tilray, Mr. Simon transformed Aphria Inc. into a profitable global cannabis company. He also previously served as Executive Chairman of Whole Earth Brands, Inc. Mr. Simon has also been on the board of other companies such as Barnes & Noble Inc. and Jarden Corp.

Carl Merton, Chief Financial Officer

Carl Merton brings over 25 years of financial and business experience. He joined Tilray from Aphria Inc., where he served as Chief Financial Officer from December 2015 until April 2021, transforming the company into a global cannabis leader. Prior to Aphria, he held roles as Vice-President, Special Projects at Atlas Tube Canada ULC and Chief Financial Officer of Reko International Group Inc., a publicly-held company. His early career included almost 12 years combined with Ernst & Young LLP and KPMG LLP.

Denise Faltischek, Chief Strategy Officer and Head of International

Denise Faltischek served as Chief Strategy Officer at Aphria Inc. before joining Tilray, playing a pivotal role in establishing Aphria as a global cannabis leader. She also served as Executive Vice President and Chief Strategy Officer at The Hain Celestial Group, Inc., where she led the successful completion of more than 50 acquisitions and strategic transactions. Ms. Faltischek is also a director and chair of the Nominating and Governance Committee of Whole Earth Brands, Inc.

Mitchell Gendel, Global General Counsel and Corporate Secretary

Mitchell Gendel joined Tilray Brands in July 2021. Prior to Tilray, he served as General Counsel of Emerald Holding, Inc., from April 2020 until July 2021. He also briefly held the position of Chief Restructuring Officer of Steel Partners LLP from November 2019 to June 2020. For 15 years before that, Mr. Gendel was General Counsel for MDC Partners, Inc., a global, publicly-held advertising and communications company.

Roger Savell, Chief Administrative Officer

Roger Savell brings over 30 years of experience, joining Tilray Brands from Ernst & Young, where he was an Audit Partner. In his role at Ernst & Young, he managed corporate governance, Sarbanes-Oxley, accounting, and auditing issues for various public and private companies.

The key risks to Tilray Brands (TLRY) are primarily rooted in the complex and evolving regulatory landscape of the cannabis industry, persistent challenges in achieving consistent profitability, and intense competition across its diversified business segments.

1. Regulatory Uncertainty in the Cannabis Industry: Tilray operates within a highly dynamic and often unpredictable regulatory environment, particularly concerning cannabis. The federal classification of cannabis in the U.S. as a Schedule I substance significantly impacts the business, notably through the 280E tax code, which restricts the deduction of standard business expenses and erodes profitability. While there is ongoing discussion about potential reclassification to Schedule III, such changes could be delayed or may not fully deliver anticipated benefits, as cannabis would likely remain regulated under the Controlled Substances Act, maintaining complexity. Furthermore, fragmented state-level regulations in the U.S. hinder operational efficiency and market reach. International expansion also faces hurdles due to varying permits and political decisions, with regulatory and quota issues in European markets limiting near-term growth. FDA approval uncertainties and the lack of a clear regulatory framework for cannabis as a botanical substance further compound these regulatory challenges.
2. Profitability Challenges and Operational Inefficiencies: Tilray has consistently faced difficulties in achieving and sustaining profitability. The company has reported ongoing negative net income and significant net losses in recent fiscal periods, including a substantial net loss in Q3 FY2025 primarily due to non-cash impairment charges. Operating margins are considerably negative, highlighting challenges in cost management and operational efficiency. While revenue has shown some growth, it has been inconsistent, and the company has historically experienced cash burn, raising concerns about its long-term financial viability without continuous operational enhancements or external financing. Gross margins, particularly in its cannabis and beverage segments, have also faced pressure.
3. Intense Competition and Market Volatility: Tilray operates in highly competitive markets across its cannabis, beverage, and distribution segments. The company faces significant competition from established Canadian cannabis producers and a growing number of U.S. Multi-State Operators (MSOs). Potential regulatory liberalization could further intensify competition by attracting additional well-funded entrants, which could squeeze margins and reduce market share. Additionally, Tilray's stock has demonstrated extreme sensitivity and high volatility in response to market upheavals and economic downturns, often significantly underperforming broader market indices. The company's diversified structure, while intended to build resilience, can also add complexity to its investment story.

• Persistent Price Compression in Legal Cannabis Markets: Tilray operates in several legal cannabis markets (e.g., Canada, Europe) that are experiencing significant over-supply. This leads to intense competition and downward pressure on product prices, directly impacting revenue growth and profitability. This trend is worsening in many mature markets, making it difficult for Tilray to achieve sustainable margins.
• Strategic Disadvantage in the US Cannabis Market due to Slow Federal Reform: As a Canadian-domiciled cannabis company, Tilray is unable to fully leverage its cannabis assets or integrate its US-based alcohol distribution networks for cannabis sales due to the lack of federal legalization in the United States. Meanwhile, US-based Multi-State Operators (MSOs) are rapidly expanding their footprint, consolidating market share, and building strong brands and distribution channels at the state level. This ongoing delay in federal reform creates a widening competitive gap, potentially hindering Tilray's ability to gain significant market share when federal legalization eventually occurs.
• Shifting Consumer Preferences in the Beverage Alcohol Sector: There is a growing global trend towards reduced alcohol consumption, known as the "sober curious" movement, and increasing demand for low-alcohol and no-alcohol alternatives. This shift directly threatens the growth prospects and sales volumes of Tilray's traditional alcoholic beverage brands (e.g., SweetWater Brewing Company, Breckenridge Distillery, Montauk Brewing Company), which constitute a significant part of its diversified portfolio.

Tilray Brands operates in several key markets, with the following addressable market sizes for its main products and services:

• Global Cannabis Market: This market is projected to grow from $63.75 billion in 2025 to $444.34 billion by 2030, at a compound annual growth rate (CAGR) of 34%.
• European Medical Cannabis Market: The medical cannabis market in Europe alone could represent a potential $45 billion market. Specifically, the German medical market opportunity is estimated at about $3 billion.
• Canadian Cannabis Market: While a total market size isn't explicitly stated, Tilray Brands holds the #1 market-leading position by revenue in Canada.
• U.S. Craft Beer Market: This market was projected to generate approximately $30 billion in revenue in 2023 and is expected to grow at a CAGR of approximately 7.2% through 2030.
• Hemp-Derived CBD Market (U.S.): The CBD market is projected to reach $16 billion by 2025. Earlier estimates suggested growth from US$591 million in 2018 to US$22 billion by 2022.

Tilray Brands (TLRY) is projected to drive future revenue growth over the next 2-3 years through several key strategic initiatives and market expansions:

1. International Cannabis Expansion: Tilray is actively expanding its global medical cannabis footprint, particularly in Europe and emerging international markets. The company has launched new cannabis flower products in Germany and forged partnerships to broaden the availability of medical cannabis extracts in Italy. It has also established a joint venture in Panama to cultivate, manufacture, and distribute medical cannabis, marking a crucial entry into Latin American markets. This expansion is supported by ongoing regulatory reforms in Europe and a focus on increasing market share.
2. Growth in Beverage Alcohol Segment: Tilray continues to diversify its business by expanding its beverage alcohol portfolio. The company has made strategic acquisitions in the U.S. craft brewery market, becoming the fifth-largest craft brewer, and is expanding beverage operations internationally, including into Europe and the United Kingdom. This segment also includes the launch of hemp-derived Delta-9 THC (HDD9) beverages in key U.S. markets.
3. New Product Launches and Innovation: Tilray is committed to continuous innovation across its cannabis and wellness segments. This includes the introduction of new cannabis flower products, medical cannabis edibles like Good Supply Pastilles in Australia, and the expansion into wellness beverages and protein-rich wellness products. These new offerings aim to meet evolving consumer demands and expand product categories.
4. Potential U.S. Cannabis Policy Shifts: While subject to external factors, potential shifts in U.S. cannabis policy, such as federal rescheduling of cannabis or changes in regulations for hemp-derived products, are identified as significant opportunities. Tilray management believes the company is well-positioned to scale quickly and capture a substantial market share in the U.S. medical cannabis market if regulatory access improves.
5. Operational Efficiencies and Cost Savings: Tilray's "Project 420" and other cost-efficiency initiatives are designed to improve financial metrics and drive profitable growth. These efforts contribute to healthier gross margins and operational scale, which, in turn, enable the company to invest further in its growth drivers and maintain competitive pricing, indirectly supporting revenue expansion.

Share Issuance

• Tilray's shares outstanding significantly increased from 0.24 billion in 2020 to 0.97 billion in November 2025, primarily due to strategic transactions.
• The merger with Aphria in December 2020 and completion in 2021 created a cannabis industry giant, leading to substantial share issuance.
• The acquisition of HEXO Corp., which closed in June 2023, involved issuing Tilray common stock to HEXO shareholders at a ratio of 0.4352 shares of Tilray for each HEXO share held.
• In May 2024, Tilray announced an at-the-market (ATM) equity program to raise up to $250 million through the sale of common stock for strategic acquisitions and investments. The company subsequently raised $10.3 million by selling 25.74 million shares under this program in fiscal year 2025.

Outbound Investments

• Tilray has made 21 acquisitions, with a significant number occurring in 2023 (10 acquisitions) and 2024 (4 acquisitions), across sectors like alcoholic beverages and cannabis.
• A transformative merger with Aphria was announced in December 2020 and completed in 2021, creating one of the largest global cannabis companies.
• Tilray acquired HEXO Corp., with the agreement announced in April 2023 and closing in June 2023, further strengthening its Canadian market position.
• In September 2023, Tilray acquired eight beer and beverage brands from Anheuser-Busch, elevating it to the fifth-largest craft beer brewer in the U.S. Subsequently, in fiscal year 2025 (effective September 1, 2024), Tilray acquired four additional craft brands from Molson Coors (Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing, and Atwater Brewery), further expanding its U.S. beer presence.

Capital Expenditures

• In fiscal year 2025, Tilray's capital expenditures (net of growth CapEx) were approximately $20 million, which included $7 million for sports sponsorships and $6 million for beverage segment infrastructure to increase production.
• Total investment in capital and intangible assets amounted to ($32.9) million in fiscal year 2025 and ($29.2) million in fiscal year 2024.
• For fiscal year 2026, Tilray plans to focus capital expenditures on enhancing its global supply chain through an accelerated growth plan and increasing its cultivation footprint in Canadian and international markets.