Tilray Brands Delivers Record Quarter 2026 Financial Results; Net income increased to $207 million, an 11% organic increase, and gross profit increased to $55 million, a 6% year-over-year increase.
International Hemp Accelerates With 73% Net Revenue Growth and 100% YoY Growth in Cannabis Flower Sales
Canadian adult-use and medical cannabis net revenue up 8% year-over-year; Tilray maintains the No. 1 cannabis leadership position in Canada by revenue
BrewDog Acquisition¹ for ~£40m cash positions Tilray as a global beverage leader with multi-regional expansion across Europe, the Middle East, Australia, Asia-Pacific and the US
Strong balance sheet supports growth with $265 million in cash and marketable securities² and ~$3.5 million in net cash
NEW YORK and LONDON and LEAMINGTON, Ontario, April 01, 2026 (GLOBE NEWSWIRE) — Tilray Brands, Inc. (“Tilray,” “our,” “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global consumer packaged goods company and leader in the cannabis, beverage and health industries, today reported financial results for its third fiscal quarter ended February 28, 2026. revenue and the continued successful execution of its global expansion strategy. All financial information in this press release is presented in US dollars unless otherwise indicated.
“Our third quarter results demonstrated the strength of our global strategy, delivering our strongest quarter of net income and gross profit to date. Our international hemp business delivered its best quarterly net income in company history, reflecting more than 70% year-over-year growth in our global strategy. markets We see our strategy working by driving growth through scale, product innovation and strong distribution.
Mr. Simon continued. “With the acquisition of leading British craft beer brand BrewDog and our recently announced partnership with Carlsberg from 2027, we are accelerating the creation of a globally scalable beverage platform. These initiatives expand our infrastructure, strengthen our brand portfolio and expand our position in key distribution opportunities in Europe, expand our position in key distribution opportunities in Europe. Backed by our diverse platform in the Middle East, Australasia and Asia-Pacific across cannabis, beverages, pharmaceutical distribution and health, we are well-versed in industry adversaries while capitalizing on emerging opportunities driven by global consumer trends and regulatory changes.
_________________________ 1 The BrewDog acquisition is not reflected in the Company’s third quarter results or balance sheet as the transaction was closed and completed after the end of the quarter. 2 Cash, restricted cash and marketable securities is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for further discussion of these Non-GAAP measures and a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
Financial milestones
All comparisons with the previous year period
Net income rose 11% to a record $206.7 million in the third quarter, up from $185.8 million. Third-quarter gross profit rose 6% to a record $55.0 million from $52.0 million. Gross margin was 27% in the third quarter, up from 28%. Cannabis net revenue increased 19% to $64.8 million in the third quarter, compared to $54.3 million, driven by a 73% increase in international cannabis revenue and an 8% increase in Canadian adult use and medical cannabis net revenue. Cannabis’ gross profit rose 18% to $26.0 million in the third quarter from $22.0 million. Hemp gross margin was 40% in the third quarter, up from 41%. Beverage net revenue in the third quarter was $42.6 million, compared to $55.9 million. Beverages gross profit in the third quarter was $13.6 million, compared to $19.9 million. Beverages gross margin was 32% in the third quarter, up from 36%. Health net income rose 16% to $16.4 million in the third quarter from $14.1 million. Health’s gross profit rose 19% to $5.4 million in the third quarter from $4.5 million. Health’s gross margin increased to 33% from 32% in the third quarter. Distribution net income, which includes Tilray Pharma, rose to a record third-quarter net income of $83.0 million, up from $61.5 million. The distribution’s gross profit rose to $10.0 million in the third quarter from $5.6 million. Gross distribution margin increased to 12% from 9% in the third quarter. Net loss improved 97% in the third quarter to $25.2 million on a net loss of $793.5 million, and net loss per share improved to $0.24 in the third quarter (from $8.69). Adjusted net income (loss)³ and adjusted net income per share³ improved to $2.4 million and $0.02 in the third quarter, compared to an adjusted net loss of $2.9 million and ($0.03). Adjusted cash operating income4 improved to $4.0 million in the third quarter, compared to a cash operating loss of $3.1 million. Adjusted EBITDA⁵ increased 19% to $10.7 million in the third quarter from $9.0 million. _________________________
3 Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP financial measures. See “Use of Non-GAAP Measures” below for a discussion of these Non-GAAP measures and a reconciliation of this Non-GAAP measure to our most comparable GAAP measure. 4 Adjusted cash operating income (loss) is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for a discussion of these Non-GAAP measures and a reconciliation of this Non-GAAP measure to our most comparable GAAP measure. 5 Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for a discussion of these Non-GAAP measures and a reconciliation of this Non-GAAP measure to our most comparable GAAP measure.
Balance update: our balance sheet remains strong with secured cash, restricted cash and marketable securities balance of $264.8 million at the end of the third quarter, providing flexibility for strategic opportunities and investments. We also reduced our total debt outstanding by $4.2 million in the quarter, highlighting our improved debt position.
Net (debt) cash position. Our net cash position of $3.5 million improved to $40.2 million compared to net debt of $36.6 million last year.
Program 420 update. In the quarter, we completed the previously announced Project 420 synergy program, delivering approximately $33 million in annualized cost savings and significantly strengthening the cost structure of our Beverages business.
FY 2026 guidance
For its fiscal year ending May 31, 2026, the Company reaffirms its guidance to achieve: adjusted EBITDA of $62 million to $72 million, representing an increase of 13% to 31% compared to fiscal 2025.
Management’s guidance for Adjusted EBITDA is provided on a non-GAAP basis and excludes stock-based compensation; change in fair value of contingent consideration. increase in purchase price accounting; impairment of intangible assets and goodwill; In addition to the temporary change in the fair value of convertible receivables; court costs; restructuring costs, transaction (revenue) costs and other non-operating income (expenses) and other non-recurring items that may occur during the Company’s 2026 fiscal year, which the Company will continue to recognize when presenting its future financial results. Given the escalation of hostilities in the Middle East, including Iran, we are monitoring various factors that may directly and indirectly affect operating expenses and, therefore, our adjusted EBITDA expectations, including energy, fuel, logistics and supply chain disruption.
The Company is unable to reconcile its expected Adjusted EBITDA with the “Fiscal Year 2026 Guidance” to net income without unreasonable effort because certain items affecting net income and other reconciliation measures are beyond the Company’s control and/or cannot be reasonably predicted at this time.
Live audio webcast
Tilray Brands will host a webcast to discuss these results today at 8:30 AM ET. Investors can tune in to the live webcast, which is available in the Events and Presentations section of Tilray’s Investor Relations website. A replay will be available and archived on the Company’s website.
About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America, leading as a transformative force at the intersection of cannabis, beverages, health and entertainment. Tilray’s mission is to be a leading premium lifestyle company, home to brands and innovative products that inspire joy and create memorable experiences. Tilray’s unparalleled platform supports more than 40 brands in more than 20 countries, including comprehensive cannabis offerings, hemp-based food and craft beverages.
To learn more about how we elevate life in moments of connection, visit Tilray.com and follow @Tilray on all social platforms.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.
friends,
The New Cannabis Ventures Global Cannabis Stock Index edged up slightly in May, rising 1.1% to 5.76. Compared to the previous year, it decreased by 12.6%. The index, recalculated as of the end of the first quarter, is up 9.9% so far in the second quarter, lagging the S&P 500’s 12.8% gain. Here are the earnings of the 23 names currently in the index (SMG was dropped in late April after the sale of Hawthorne Gardening):
MSOs are very much higher as the rally approaches the discussion of the big transformation announcements on 4/22 and beyond. There are currently six MSOs and two of them have been promoted. The rest rose, and the average of the six was 38.1%. The AdvisorShares Pure US Cannabis ETF ( MSOS ) has rallied 48.5% since the end of March and is now up 11.7% year-to-date in 2026. Both GCSI names have fallen sharply, and the index has a total of seven double-digit gains in Q2, with six MSOs and Canopy holding investments. 14 of the 23 names returned less than GCSI.
As readers are probably aware, the US reclassified medical cannabis from Schedule I to Schedule III on 4/23, and that will go away. 280E tax for some of the businesses of cannabis companies. The Department of Justice will hold a hearing in late June to determine possible rezoning for adult use. If it passes, all 280E taxation will end, which is a good thing for cannabis companies and their investors, as well as the subsidiaries that serve them. It is not yet known what the outcome will be, and it is not yet known how past 280E taxes that have not been paid but are carried as liabilities (and not debt) will be handled. Also, there is no conclusion yet on SECURITY banking or the possibility of a raise.
NCV has stopped publishing news, although we continue to update the financial calendar as well as the earnings rankings. After more than 10 years with NCV and more than a dozen years with 420 Investor, I am in the process of moving on. I’ve appreciated sharing the news and my views here, and I want to wish everyone the best. Hopefully, the 280E taxation will end and the bear market that started in early 2021 for the hemp sector will come to an end.
Sincerely,
Alan:
This week’s newsletter is sponsored by the Paul E. Saperstein Co.
Massachusetts hemp production equipment for sale
On May 12, Middlesex Integrative Medicine, Inc.’s equipment is being auctioned online in Leominster, Massachusetts at 10:00 a.m. ET. All applications must be submitted online. Learn more Of the secured party’s sale of all assets of this cultivation equipment.
Interested parties may contact Paul Cotto at 617-227-6553 or email pcotto@pesco.com:.
New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.
Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Statistics Canada has released February retail sales for the country, with Cannabis sales are declining from January levels, down 7.9% from the previous month to C$440.5 million. The sequential decrease increased by 2.0% on a daily basis due to fewer days than in the previous month. January, originally reported at C$466.1 million, was revised higher to C$478.2 million. February sales rose 7.9% from a year ago, down 9.4% from last month, and 8.3% in May and 7.5% in June, but better than last year’s slowest growth rate since legalization -0.9% in September 2024 due to the BC strike. Total sales are expected to increase by 4.5% to C$5.39 billion in 2024 and by 4.1% to C$5.62 billion in 2025. So far in 2026, sales are up 8.6%.
An increase in the number of shops, as well as a fall in the prices of flowers that attract consumers from the illegal market, have boosted sales. In Ontario, the most populous province, sales fell 11.4% from January and 3% from a year ago. Alberta was down 10.2% from January, but up 1% from a year ago. British Columbia was up 3.7% from January and up 33% from a year ago, while Quebec was down 9.6% from January but up 30% from a year ago.
March sales data will be released on May 22.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Aurora Cannabis accelerates global medical cannabis leadership with proactive acquisition of Safari Flower, expanding EU GMP capabilities to serve growing high-margin international markets.
EDMONTON, AB, April 15, 2026. /PRNewswire/ – Aurora Cannabis Inc. (the “Company” or “Aurora”) (NASDAQ: ACB) (TSX: ACB), a leading global medical cannabis company based in Canada, is pleased to announce that it has acquired Safari Flower, an EU GMP certified cannabis developer and manufacturer. The aggregate consideration is valued at $26.5 million, subject to customary adjustments and including a $2 million cash payment contingent on the satisfaction of certain conditions (the “Deal”).
“The acquisition of Safari Flower is an important milestone for Aurora as we continue to make targeted investments in expanding our EU GMP capabilities to support the rapidly growing international medical cannabis market. The expanded supply chain will enable us to capture greater international market share while delivering superior quality and value to our most valued patients around the world,” said Miguel Martin, Aurora’s Executive Chairman and Chief Executive Officer.
Strategic rationale
Safari Flower Company’s 59,000-square-foot, purpose-built EU GMP certified in-house processing and manufacturing facility in Ontario, Canada will provide the company with increased capacity that closely aligns with its existing cultivation and manufacturing facilities.
The increased capacity will be used to supply EU GMP flower to Aurora’s key international markets, including Germany, Australia, Poland and the UK, and will support further market expansion.
This transaction is expected to result in a positive adjusted EBITDA contribution in fiscal year 2027, with additional benefits in fiscal year 2028 and beyond as these assets are optimized in the Company’s supply chain.
Aurora intends to leverage its plant science and operational expertise to drive operational efficiencies, improve crop yields and support high-margin commercialization in international markets.
Transaction details
Aurora, through a wholly-owned subsidiary, has indirectly purchased 100% of the shares of 9869247 Canada Limited (“Safari Flower Company”) for an aggregate consideration of $26.5 million, including a cash payment of $2 million subject to the satisfaction of certain conditions. As closing consideration, Aurora (i) issued to the selling stockholder 2,417,180 shares of common stock; and (ii) paid the selling stockholder $15 million in cash, subject to customary post-closing adjustments.
About Aurora
Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance and a deep commitment to patient care. Aurora serves both medical and consumer markets in Canada, Europe, Australia and New Zealand with a strategic focus on high margin opportunities and a medical first approach. Aurora’s portfolio of trusted, leading brands includes Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, Tasty’s® and Whistler Medical Marijuana Co.®. With world-class GMP-certified manufacturing facilities in Canada and Germany and a team of industry-leading professionals, Aurora continues to expand its global footprint and deliver consistent, high-quality cannabis products to open up the world to cannabis.
Learn more at www.auroramj.com and follow us on X and LinkedIn.
Aurora common stock trades on the NASDAQ and TSX exchanges under the symbol “ACB”.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not automated in any way. Got a secret news tip? Get in touch.
