(Globe Newswire) New York & Leamington, Ont. — Tilray Brands Inc., a leading global cannabis-lifestyle and consumer packaged goods company, today reported financial results for the fourth quarter and full fiscal year, ended May 31, 2022.
All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
“Over the past year, we have accelerated the optimization of our operations and sharpened execution against our most profitable core business opportunities in medical, adult-use, wellness, and beverage-alcohol across Canada, Europe, and the U.S.
We are confident that our proactive steps to plan for the evolution of the cannabis business in each of our markets has positioned Tilray Brands to be at the forefront of the industry on a global basis while delivering profitability and driving shareholder value.” — Irwin D. Simon, Tilray Brands’ Chairman and Chief Executive Officer
Highlights:
- Fourth quarter international cannabis increased 205 percent from the prior year Q4; Tilray Medical leads European medical cannabis market with 20 percent market share in Germany.
- The company delivered $85 million in cost savings to date, exceeding original target on accelerated timeline; the company now expects to deliver $100 million by the end of fiscal year 2023.
- Significantly strengthened balance sheet, reduced debt, and ended fiscal year 2022 with $416 million in cash.
- Tilray Brands sets stage for next evolution of cannabis following HEXO transaction, which positions the company for additional growth opportunities in Canada, Europe, and the U.S.
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