Tilray is as much a beer company as it is a weed company

Revenue growth for one of the largest publicly traded cannabis companies has shifted from one vice to another.

1/10/25 8:23AM

Tilray, the third-largest cannabis seller by market cap, now actually sees more growth in selling booze than weed.

The Canadian firm has been slowly building its portfolio of craft-beer brands, closing a deal with Molson Coors in 2024 and with Anheuser-Busch in 2023. In its most recent quarterly figures, released Friday, Tilray reported selling $63 million in beer compared to $65.8 million in cannabis.

It also reported a larger net loss than analysts expected, bleeding $83.5 million compared to $46.2 million in the same period last year.

Tilray — like all cannabis companies listed on the NYSE or Nasdaq — does not sell weed in the United States, where it is still federally illegal. It sells cannabis in Canada, a regulated albeit much smaller market. One vice Tilray can sell in the US without losing its listing is beer. This switch for Tilray comes as consumers are smoking more weed and drinking less.

Other Canadian cannabis companies have also tried to gain exposure to the US market without risking their listing, often through credit or equity deals with US-based companies, said Frederico Gomes, an analyst at ATB Capital Markets.

“Canadian companies have tried to get some sort of exposure to the US cannabis market, and Tilray is the only one that actually did that through an actual operating business,” he said.

Tilray, which has only about 10% institutional ownership, was down more than 5% in premarket trading.

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