Tilray’s Sales Up Double-Digits, Nearing $800 Million
July 30, 2024Cannabis and beverage alcohol player Tilray saw annual sales grow 26% to $789 million in its fiscal year through May and says the moves it has made to diversify its business—including the purchase of craft beer brands from Anheuser-Busch and the acquisition of Canadian cannabis group Hexo—are paying off. Adjusted EBITDA increased to $60.5 million, compared to $58.7 million in the prior fiscal year.
Tilray chairman and CEO Irwin Simon, who will be among the featured speakers at this fall’s 48th Annual Impact Marketing Seminar in New York, told analysts, “Over the past fiscal year, our strategic acquisitions have significantly benefited our financial results, which we expect will continue to benefit us well into the future.” The deals for Hexo and Truss expanded the company’s cannabis business in Canada, he explained, while the deal for A-B brands including Shock Top, Blue Point, 10 Barrel and others has helped Tilray garner a 4.5% share in the U.S. craft beer market.
The purchase of the A-B brands helped Tilray’s beverage alcohol sales more than double to above $200 million for the year. Its U.S. drinks portfolio also includes SweetWater Brewing, Montauk Brewing, and Breckenridge Distillery, among others, spanning craft beers, spirits, ready-to-drink cocktails, ciders, and non-alcoholic beverages. Cannabis net revenue was also on the rise, boosted by the deals for Hexo and Truss in Canada, and increased 24% to $273 million. Distribution net revenue was flat at $259 million.
According to the company, Tilray Beverages is the fifth-largest craft brewer in the U.S., and Tilray Wellness is the leader in hemp products. In Canada, Tilray Cannabis holds the leading recreational cannabis market share.
More acquisitions are on the cards for Tilray, which in late May announced plans to raise up to a quarter-billion dollars in investment capital to acquire U.S. cannabis companies looking forward.—Daniel Marsteller
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.Tagged : Breckenridge Distillery, cannabis, Hexo, Montauk Brewing, SweetWater Brewing, Tilray, Truss
