Tilray Brands, Inc. (“Tilray Brands”, “Tilray” or the “Company”)
(Nasdaq | TSX: TLRY), a leading global cannabis-lifestyle and
consumer packaged goods company, today announced the acquisition of
the remaining 57.5% equity ownership of Truss Beverage Co.™ (Truss)
from Molson Coors Canada (NYSE: TAP).
THC beverages present a significant opportunity
to engage legal-aged consumers who haven’t explored cannabis as a
lifestyle, medical, or functional choice. In Canada, with over 10.6
million2 potential consumers remaining untapped, cannabis beverages
are almost $100MM3 at retail. Regulatory shifts are expected to
facilitate market entry for beverages, with the possibility of
on-tap THC options in restaurants and bars promising substantial
growth for this category. Over time, we expect the regulatory
landscape for beverage distribution to evolve, with authorities
re-evaluating their consumer policies. We expect this shift to fuel
strong growth in the market for cannabinoid-based beverages,
catering to diverse needs and occasions.
Blair MacNeil, President, Tilray Canada, said,
“In addition to acquiring full and direct ownership of a stable of
high-growth brands, this acquisition further strengthens Tilray’s
#1 cannabis market share position in Canada and positions the
company at the forefront of the adult-use beverage sector. We are
excited to build upon our leading portfolio of beloved cannabis
brands and to further diversify our product offerings while
broadening our consumer reach and enhancing consumer’s lives.”
Beyond the cannabis industry, functional
beverages represent significant growth. These beverages offer
consumers the functional advantages of THC and the diverse range of
minor cannabinoids. These elements provide many benefits and other
opportunities that enhance the lives of adults.
Strategic and Financial
Benefits
- Robust
Cannabis Beverage Platform Positions Tilray at the Forefront of a
Dynamic Market. As regulations ease, Tilray's expansion
into the billion-dollar functional drinks category is a strategic
step into a dynamic market. Tilray is positioned to capitalize on
this trend. By embracing this evolving landscape, Tilray not only
taps into a lucrative market but also aligns with the changing
preferences of consumers seeking functional benefits. This move
reflects Tilray's commitment to innovation and consumer needs,
setting the stage for a new era of cannabis-infused beverage
experiences.
- Bolsters
Tilray’s Portfolio of Cannabis Beverage Brands and Strengthens #1
Market Share Position. With a combined pro-forma market
share of approximately ~36% (+33.2%), Tilray substantially broadens
its consumer base and leading market share position. Tilray's
expanded cannabis portfolio now includes the fastest-growing
beverage brands including; XMG, Mollo, House of Terpenes, and
Little Victory.
- Enhances Commercial
Framework with Streamlined Sales & Distribution. As
retailers navigate the evolving landscape of product offerings,
Tilray's comprehensive range empowers them to efficiently address a
substantial portion of their business needs in just one visit.
Discover our new lineup of beverage brands,
including XMG, Mollo, House of Terpenes, and Little Victory, at
cannabis retailers nationwide. Get ready for even more exciting
product releases on the horizon.
About Truss Beverage Co.
Truss Beverage Co. is a wholly owned subsidiary of Tilray
Brands, a licensed producer of cannabis products in Canada;
formed to lead innovation in the development of non-alcoholic,
cannabis-beverages for the Canadian market. Produced through Truss
Cannabis-Infused Beverages, a division of Tilray Brands, the Truss
portfolio has a range of products for Canadian consumers of legal
age, providing a variety of taste experiences for multiple beverage
occasions.
Truss Beverage Co. will deliver on its promise to be the
cannabis beverage specialist through extraordinary products and
marketing that reinforces its commitment to responsible adult
use.
About Tilray Brands
Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY),
is a leading global cannabis-lifestyle and consumer packaged goods
company with operations in Canada, the United States, Europe,
Australia, and Latin America that is changing people's lives for
the better – one person at a time. Tilray Brands delivers on this
mission by inspiring and empowering the worldwide community to live
their very best life, enhanced by moments of connection and
wellbeing. Patients and consumers trust Tilray Brands to be the
most responsible, trusted and market leading cannabis consumer
products company in the world with a portfolio of innovative,
high-quality, and beloved brands that address the needs of the
consumers, customers, and patients we serve. A pioneer in cannabis
research, cultivation, and distribution, Tilray Brands’
unprecedented production platform supports over 20 brands in over
20 countries, including comprehensive cannabis offerings,
hemp-based foods, and craft beverages.
For more information on Tilray Brands, visit
www.Tilray.com and follow @Tilray
Cautionary Statement Concerning
Forward-Looking Statements
Certain statements in this communication that
are not historical facts constitute forward-looking information or
forward-looking statements (together, “forward-looking statements”)
under Canadian securities laws and within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, that are intended
to be subject to the “safe harbor” created by those sections and
other applicable laws. Forward-looking statements can be identified
by words such as “forecast,” “future,” “should,” “could,” “enable,”
“potential,” “contemplate,” “believe,” “anticipate,” “estimate,”
“plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and
the negative of these terms or similar expressions, although not
all forward-looking statements contain these identifying words.
Certain material factors, estimates, goals, projections, or
assumptions were used in drawing the conclusions contained in the
forward-looking statements throughout this communication.
Forward-looking statements include statements regarding our
intentions, beliefs, projections, outlook, analyses or current
expectations concerning, among other things: anticipated accretion,
Tilray shareholder value and profitability related to the Truss
Beverages Co.™ acquisition; expected revenue growth, production
efficiencies, sustainability efforts, strengthened market
positioning, market share, operational scale and potential cost
saving and brand portfolio synergies resulting from the Truss
Beverages Co.™ acquisition; expectations regarding consolidation in
the cannabis industry; and the Company’s ability to commercialize
new and innovative products. Many factors could cause actual
results, performance, or achievement to be materially different
from any forward-looking statements, and other risks and
uncertainties not presently known to the Company or that the
Company deems immaterial could also cause actual results or events
to differ materially from those expressed in the forward-looking
statements contained herein. For a more detailed discussion of
these risks and other factors, see the most recently filed Annual
Report on Form 10-K (and other periodic reports filed with the SEC)
of Tilray Brands made with the SEC and available on EDGAR. The
forward-looking statements included in this communication are made
as of the date of this communication and the Company does not
undertake any obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities laws.
Media:Jaydon Casenews@tilray.com
InvestorsRaphael
Gross203-682-8253Raphael.Gross@icrinc.com
1 Source: HiFyre, WeedCrawler, Provincial Board & Company
data (July 2023)2Source: Statistics Canada 2022 population by age
including only ages 20-443 Source: Report by M. Ridder, February
25, 2022, Non-alcoholic beverages in Canada - statistics &
facts
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