Tilray Brands runs four businesses out of Leamington, Ontario and New York: cannabis, beverages, pharmaceutical and wellness distribution, and hemp foods. It trades on Nasdaq as TLRY and backs more than 40 brands in more than 20 countries. On July 28, 2026 it reported record fiscal 2026 net revenue of $915.5 million.
The beer side now nearly matches the cannabis side. Tilray bought BrewDog's global brand in March 2026 for £33 million.
How Aphria and Tilray became one company
The corporate entity was incorporated in Delaware on January 24, 2018. The combination with Aphria closed on April 30, 2021, with Aphria shareholders receiving 0.8381 Tilray shares each. The company kept the Tilray name and the TLRY ticker, and Aphria's chairman and chief executive, Irwin D. Simon, took both roles at the combined company. It became Tilray Brands, Inc. in January 2022.
Cannabis consolidation followed. Tilray closed its takeover of HEXO on June 23, 2023, MJBizDaily reported, after HEXO shareholders approved the deal that June. In August 2023 it bought Molson Coors' remaining stake in the Truss cannabis beverage venture.
Buying up the beer aisle
Beer arrived by acquisition. MJBizDaily reported on August 8, 2023 that Tilray was buying eight Anheuser-Busch beverage brands for $85 million. The fiscal 2026 annual report lists a beverage portfolio of SweetWater, Montauk Brewing, BrewDog, Shock Top, 10 Barrel, Breckenridge Brewery, Blue Point, Terrapin, Alpine, Breckenridge Distillery, Green Flash, Hop Valley, Redhook, Revolver and Widmer.
MJBizDaily described Tilray in May 2026 as the fourth-largest craft brewer in the United States. Manitoba Harvest anchors the hemp-food business in the same report.
BrewDog for £33 million
The BrewDog deal closed on March 2, 2026 and covered the global brand and its intellectual property, the UK brewing operations and 11 brewpubs: Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill and Waterloo. "BrewDog is one of the most iconic, mission-driven craft beer brands in the UK," Simon said.
Tilray put the combined beverage platform at roughly $500 million and annualized revenue near $1.2 billion, with the BrewDog assets projected to add about $200 million in net revenue and $6 million to $8 million in adjusted EBITDA in fiscal 2027. The fiscal 2026 report describes brewing, distilling, brewpubs and brand rights across the UK, Australia and the United States.
Licensing came next. On February 5, 2026, Tilray signed a multi-year exclusive agreement with Carlsberg that starts January 1, 2027, and in April 2026 it said a UK launch of Hi-Ball Energy was set for May.
Good Supply, Broken Coast and the Canadian shelf
The cannabis portfolio in the fiscal 2026 report runs to Tilray Medical, Aphria, Broken Coast, Redecan, Good Supply, ARX, Navcora and Symbios. The company states that it led the Canadian cannabis market with the highest cannabis revenue in Canada.
Headset tracked more than $5 million in Good Supply sales for August 2026 across 181 SKUs in Alberta, British Columbia, Ontario and Saskatchewan. It ranked the brand No. 3 in British Columbia flower and No. 5 in the province's pre-rolls. Double Dutchies two-pack pre-rolls were its top sellers, ahead of Jean Guy pre-rolls.
Tilray also makes other companies' drinks. On February 6, 2024, Jones Soda named Tilray its manufacturing and distribution partner for Mary Jones cannabis sodas in Canada, produced at Tilray's London, Ontario facility for an Ontario launch in the first quarter of 2024. "The Mary Jones brand has seen enormous success in the United States," Tilray Canada president Blair MacNeil said.
Germany, Australia and the European build-out
Tilray sells cannabis into regulated medical markets in more than 20 countries across five continents. Its German subsidiary Aphria RX received a cultivation license in July 2024 and launched its first commercial flower grown in Neumünster that November, MJBizDaily reported. Denise Faltischek, chief strategy officer and head of international, credited the Aphria RX team.
The map got sharper in 2025 and 2026. Tilray left New Zealand's medical market in April 2025 to concentrate on Australia. It took a 25% stake in the Panamanian venture Solana Life Group on October 13, 2025, and on April 15, 2026 it acquired the Lyphe Group, a UK clinic and digital pharmacy platform, giving it cultivation, dispensing and distribution in one country.
International medical cannabis revenue rose 34% in fiscal 2026. MJBizDaily put European medical sales near $100 million a year and Canadian medical sales near $50 million in May 2026.
Fiscal 2026 by segment
The July 28, 2026 results split the company four ways: distribution at $327.2 million, cannabis at $268.3 million, beverage at $254.0 million and wellness at $65.9 million. Adjusted EBITDA came in at $61.1 million, with fiscal 2027 guidance of $68 million to $75 million.
The balance sheet held about $235 million in cash, restricted cash and marketable securities, with net debt down to $0.7 million. "Fiscal 2026 marks an important milestone in Tilray's evolution," Simon said.
What Simon said about the United States
The United States is the open question. Simon told MJBizDaily on May 7, 2026 that federal rescheduling would change the math for a company with 7 million square feet of Canadian cultivation. "If I can supply the U.S. and there's billions of dollars of sales opportunities, we'll need a lot more supply," he said.
For now the American business is beer, spirits and hemp food, while cannabis revenue comes from Canada, Europe, Australia and Latin America. Tilray Medical sells flower, oils, capsules, pre-rolls, edibles, beverages, vapes, concentrates, inhalers, sprays and topicals in Canada under the Tilray, Aphria, Symbios, Broken Coast and Redecan names, and Canadian rules require a medical document before purchase.
For adults 21 and over.