Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ | TSX: TLRY), a
global pioneer in cannabis research, cultivation, production, and
distribution, today held its first Annual Meeting of Shareholders
as the ‘new’ Tilray, the leading cannabis-lifestyle and consumer
packaged goods company with the largest global geographic footprint
in the industry.
Irwin D. Simon, Chairman and CEO, said, “In just
six months, we have made concrete and measurable progress
integrating our operations while capitalizing on the fast-growing
consumer demand for wellness and consumer lifestyle products. Our
assets in pursuit of this goal – a portfolio of highly
sought-after, high-quality brands, significant operational scale, a
broad global distribution footprint, and a commitment to
operational excellence – provide clear and differentiated benefits
as we plan to build long-term, sustainable shareholder value.”
He continued, “At the same time, in fiscal 2021,
our brand platform generated positive Adjusted EBITDA with the
added benefit of enhanced operational efficiencies, infrastructure,
production facilities, and distribution networks to capitalize on
the long-term growth opportunity that comes with ongoing cannabis
legalization. This ‘current value plus upside' model is the
backbone of the pursuit of our target of delivering $4 billion in
revenue by the end of fiscal 2024. I remain highly optimistic about
the future.”
Strong Presence in the E.U.: In
the E.U., a growth market with nearly twice the population of the
US, Tilray expects to generate $1 billion in revenue by the end of
fiscal 2024 with a mix of organic growth and acquisitions. The
Company has state-of-the-art cultivation facilities in Portugal and
Germany that supply pharmaceutical-grade medical cannabis across
international markets, as well as sales and distribution
arrangements to supply cannabis through major pharmaceutical
distribution channels. Further, we believe that Tilray’s reputation
for product quality puts it in an excellent position to capture the
opportunity for adult-use legalization in the E.U. when the time
comes.
Last week, leaders in Germany’s incoming
government coalition made substantial progress towards legalizing
recreational cannabis in that market. Tilray is ideally positioned
when legalization happens based on its market leadership in medical
cannabis, production capacity, and strength in brand-building.
Building on Leadership Position in
Canada through Strength of Brand Portfolio: In Canada,
Tilray remains the #1 licensed producer in the CAD$4.62 billion
cannabis market, driven by its portfolio of carefully curated
brands across the medical, wellness, and cannabis 2.0 product
segments and its processing capacity and distribution. Five brands
in the Tilray portfolio rank in the top five sales brands across
adult-use categories based on HiFyre sales data for August through
October 2021. The Company is making strategic investments in sales
and distribution to grow its market share to a target of 30% by the
end of fiscal year 2024. It has also expanded its medical business
in Canada through Tilray-branded cannabis edibles and the launch of
its Symbios brand to offer patients a broader spectrum of cannabis
formats and cannabinoid ratios at a better price point.
Focused on Cultivating
Brand Recognition and Deepening U.S. Footprint: In order
to drive current revenue generation while positioning the business
for accelerated future growth, Tilray is building its U.S. business
on several fronts. In 2020, Tilray acquired Sweetwater, the 11th
largest craft brewer in the U.S. We plan to grow Sweetwater further
by expanding distribution, building awareness, and new product
development. Tilray is also committed to growing our Manitoba
Harvest business, a pioneer in branded hemp and wellness products,
with access to 17,000 stores in North America. Together, Sweetwater
and Manitoba are combined $100-plus million businesses and have
exciting potential for future growth, including in the CBD market
today and over time in THC-based products. In addition, to further
reinforce its ability to seize the U.S. market opportunity when
federal legalization allows, Tilray acquired the majority of the
Convertible Notes of MedMen, a leading cannabis retail brand.
Commitment to Operational
Excellence: Since the closing of the merger with Aphria,
Tilray’s leadership team has increased quarterly reported sales and
delivered on the Company’s synergy commitments to drive bottom-line
results.
- In the fiscal year ended May 31,
2021, Tilray generated $513 million in revenue, a 27% increase
compared to the prior year, and in the first quarter of fiscal
2022, revenue growth increased to 43% year over year.
- Tilray delivered Adjusted EBITDA of
more than $40 million in the fiscal year ended May 31, 2021, and
its 10th consecutive quarter of positive Adjusted EBITDA in the
first quarter of fiscal 2022.
- Tilray achieved $55 million in
synergies on a run-rate basis through the end of the first quarter
of fiscal 2022. The Company currently expects to deliver
approximately $80 million of annual pre-tax cost synergies by one
year from now, ahead of its original plan.
About TilrayTilray, 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 – by
inspiring and empowering the worldwide community to live their very
best life by providing them with products that meet the needs of
their mind, body, and soul and invoke a sense of wellbeing.
Tilray’s mission is to be the trusted partner for its patients and
consumers by providing them with a cultivated experience and health
and wellbeing through high-quality, differentiated brands and
innovative products. A pioneer in cannabis research, cultivation,
and distribution, Tilray’s unprecedented production platform
supports over 20 brands in over 20 countries, including
comprehensive cannabis offerings, hemp-based foods, and alcoholic
beverages.
For more information about Tilray, visit
www.Tilray.com
Forward-Looking
StatementsCertain 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: the Company’s ability
to become the world's leading cannabis-focused consumer branded
company with our target of $4 billion of revenue by 2024; the
Company’s position and plans to be the #1 Canadian L.P. in total
sales on a consolidated basis; management’s projected growth in
market share and revenue in the E.U. cannabis market and its
Sweetwater and Manitoba Harvest businesses; and expectations
regarding the Company’s achievement of synergy targets. 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 information form of Tilray and the Annual Report on
Form 10-K (and other periodic reports filed with the SEC)
of Tilray 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.
ContactsFor media inquiries, please
contact:Berrin Nooratanews@tilray.com
For investor inquiries, please
contact:Raphael Gross
203-682-8253Raphael.Gross@icrinc.com
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