Tilray Brands, Inc. (TLRY): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le paysage rapide du commerce du cannabis en évolution, Tilray Brands, Inc. se dresse au carrefour des environnements réglementaires complexes, de l'innovation technologique et des perceptions sociétales changeantes. Cette analyse complète du pilon dévoile les défis et les opportunités à multiples facettes auxquelles sont confrontés l'un des acteurs les plus dynamiques de l'industrie mondiale du cannabis, explorant comment les facteurs politiques, économiques, sociaux, technologiques, juridiques et environnementaux rehapent l'approche stratégique de Tilray pour l'expansion du marché et la croissance durable.

Tilray Brands, Inc. (TLRY) - Analyse du pilon: facteurs politiques

Tendances de légalisation du cannabis en Amérique du Nord

En 2024, le cannabis est légal pour une utilisation récréative dans 24 États américains et usage médical dans 38 États. Le Canada a entièrement légalisé le cannabis à l'échelle nationale en octobre 2018.

Pays	Statut de cannabis récréatif	Statut de cannabis médical
États-Unis	24 États	38 États
Canada	Pleinement légal	Pleinement légal

Changements réglementaires en cours

Paysage du paysage réglementaire pour Tilray:

• DEA a proposé la règle pour reclassifier le cannabis de l'annexe I à la drogue de l'annexe III
• La FDA continue d'évaluer le cadre réglementaire du cannabis
• Les réglementations au cannabis au niveau de l'État continuent d'évoluer

Réformes potentielles de la politique du cannabis fédéral aux États-Unis

Les principales réformes de politique potentielle comprennent:

• SAFE BANKING Act en attente d'approbation du Congrès
• Efforts potentiels de décriminalisation fédérale
• La légalisation potentielle du commerce du cannabis interétatique

Règlements sur le commerce international

Pays	État d'importation / d'exportation	Complexité réglementaire
Allemagne	Importations médicales de cannabis autorisées	Surveillance réglementaire élevée
Royaume-Uni	Importations de cannabis médical restreint	Complexité réglementaire modérée
Australie	Importations médicales de cannabis autorisées	Cadre réglementaire strict

Tilray Brands, Inc. (TLRY) - Analyse du pilon: facteurs économiques

Prix ​​du marché du cannabis volatil et défis de revenus

Tilray Brands, Inc. a déclaré des revenus nets consolidés de 199,9 millions de dollars pour l'exercice 2024 du trimestre, ce qui représente une baisse de 5,2% par rapport au trimestre précédent. Le marché du cannabis a connu des pressions de prix importantes, les prix moyens de cannabis en gros baissaient à 3,21 $ par gramme en 2023.

Métrique financière	Valeur du Q3 FY2024	Changement d'une année à l'autre
Revenus nets	199,9 millions de dollars	-5.2%
Prix ​​de cannabis en gros	3,21 $ par gramme	-22.3%

Augmentation de la concurrence dans le cannabis et les segments de produits CBD

Le marché mondial du cannabis devrait atteindre 57,18 milliards de dollars d'ici 2026, avec une concurrence intense stimulant la consolidation du marché. La part de marché de Tilray fait face à la pression des principaux concurrents comme la croissance de la canopée et le cannabis Aurora.

Concurrent	Capitalisation boursière	Revenus annuels
Marques Tilray	1,2 milliard de dollars	631,2 millions de dollars
Croissance de la canopée	1,1 milliard de dollars	572,5 millions de dollars
Cannabis aurore	0,8 milliard de dollars	387,9 millions de dollars

Potentiel de croissance économique avec l'expansion des marchés de cannabis légaux

Potentiel du marché du cannabis américain: 24 États ont légalisé le cannabis récréatif, la taille du marché projetée atteignant 33,6 milliards de dollars d'ici 2025. Le positionnement stratégique de Tilray sur plusieurs marchés comprend des opérations au Canada, en Allemagne et aux États-Unis.

Marché	Statut juridique	Taille du marché projeté (2025)
États-Unis	24 États récréatifs	33,6 milliards de dollars
Canada	Pleinement légal	4,3 milliards de dollars
Allemagne	Récréatif médical / limité	1,5 milliard de dollars

Impact de l'inflation et des incertitudes économiques sur les dépenses de consommation

Les dépenses de consommation sur les produits de cannabis ont été touchées par l'inflation, les prix moyens à la consommation baissant de 15,7% en 2023. La marge brute de Tilray était de 22,1% au cours du trimestre 20124, reflétant des conditions économiques difficiles.

Indicateur économique	Valeur 2023	Impact sur le marché du cannabis
Baisse des prix à la consommation de cannabis	15.7%	Réduction du pouvoir d'achat des consommateurs
Marge brute de tilray	22.1%	Diminution de la rentabilité
Taux d'inflation (nous)	3.4%	Pression sur les dépenses discrétionnaires

Tilray Brands, Inc. (TLRY) - Analyse du pilon: facteurs sociaux

Acceptation croissante du cannabis à usage médical et récréatif

En 2024, 24 États américains ont légalisé le cannabis récréatif et 38 États ont des programmes de cannabis médical. Selon le sondage de Gallup en 2023, 70% des Américains soutiennent la légalisation du cannabis.

Catégorie	Pourcentage de soutien	Année
Légalisation médicale du cannabis	88%	2023
Légalisation récréative du cannabis	70%	2023

Changement des attitudes des consommateurs envers les produits de bien-être du cannabis

Le marché mondial du cannabis médical était évalué à 13,4 milliards de dollars en 2022 et devrait atteindre 59,3 milliards de dollars d'ici 2030, avec un TCAC de 20,1%.

Catégorie de produits	Part de marché	Taux de croissance
Produits de bien-être CBD	42%	18.5%
Produits de cannabis médical	38%	22.3%

Tendances démographiques de la consommation de cannabis dans différents groupes d'âge

Consommation du cannabis par groupe d'âge en 2023:

• 18-25 ans: taux d'utilisation de 34%
• 26-35 ans: taux d'utilisation de 27%
• 36-50 ans: taux d'utilisation de 19%
• 51 à 64 ans: taux d'utilisation de 12%

Accent croissant sur la santé et le bien-être conduisant l'innovation des produits de cannabis

Le marché mondial du bien-être du cannabis devrait atteindre 45,6 milliards de dollars d'ici 2025, avec un TCAC de 22,8% de 2022.

Catégorie de bien-être	Valeur marchande 2022	Valeur marchande projetée 2025
Gestion de la douleur	8,2 milliards de dollars	19,5 milliards de dollars
Santé mentale	5,7 milliards de dollars	14,3 milliards de dollars
Somnifère	3,9 milliards de dollars	9,6 milliards de dollars

Tilray Brands, Inc. (TLRY) - Analyse du pilon: facteurs technologiques

Technologies de culture et d'extraction avancées pour la production de cannabis

Tilray a investi 102,5 millions de dollars dans des installations de culture avancées en 2023. La société exploite des installations de serre de pointe totalisant 227 000 pieds carrés au Canada et au Portugal.

Technologie	Investissement ($)	Amélioration de l'efficacité
Systèmes de croissance automatisés	42,3 millions	37% augmentation du rendement des cultures
Technologie d'extraction de CO2	28,7 millions	Pureté d'extraction à 92%
Systèmes de climatisation	31,5 millions	25% d'efficacité énergétique

Investissement dans des plateformes numériques pour le commerce électronique et la distribution des produits

Tilray a alloué 18,6 millions de dollars au développement des infrastructures numériques en 2023. La plate-forme de commerce électronique de la société a traité 1,2 million de transactions en ligne avec une croissance de 45% d'une année sur l'autre.

Plate-forme numérique	Investissement ($)	Métriques de performance
Plate-forme de commerce électronique	8,9 millions	1,2 million de transactions
Application mobile	5,7 millions	320 000 utilisateurs actifs
Gestion de la relation client	4 millions	Taux de satisfaction du client à 98%

Recherche et développement de traitements médicaux innovants à base de cannabis

Tilray a engagé 47,3 millions de dollars pour la recherche médicale et l'innovation de produits en 2023. La société a 12 essais cliniques en cours axés sur les traitements médicaux basés sur le cannabis.

Domaine de recherche	Investissement ($)	Essais cliniques
Troubles neurologiques	15,6 millions	4 essais
Gestion de la douleur	12,9 millions	3 essais
Traitements de santé mentale	18,8 millions	5 essais

Mise en œuvre de l'IA et de l'analyse des données dans le développement de produits

Tilray a investi 22,4 millions de dollars dans les technologies de l'intelligence artificielle et d'analyse des données en 2023. Le processus de développement de produits axé sur l'IA de l'entreprise a réduit le délai de marché de 35%.

Technologie d'IA	Investissement ($)	Amélioration de l'efficacité
Analytique prédictive	9,6 millions	Développement de produits 35% plus rapide
Algorithmes d'apprentissage automatique	7,8 millions	28% de formulation de produits améliorés
Infrastructure de traitement des données	5 millions	Informations sur les données 42% améliorées

Tilray Brands, Inc. (TLRY) - Analyse du pilon: facteurs juridiques

Paysage réglementaire complexe pour les entreprises de cannabis

Tilray fonctionne dans un Marché du cannabis hautement réglementé avec des complexités juridiques importantes dans plusieurs juridictions.

Juridiction	Statut juridique	Cadre réglementaire
Canada	Pleinement légal	Act du cannabis, réglementé par Santé Canada
États-Unis	Partiellement légal	Variation étatique par état, restrictions fédérales
Allemagne	Médical de cannabis juridique	Loi sur les stupéfiants, réglementation médicale stricte

Conformité aux réglementations variables de l'État et international sur le cannabis

Tilray doit naviguer sur les exigences de conformité complexes sur plusieurs marchés.

Zone de conformité	Exigences réglementaires	Frais de conformité annuels
Licence de cannabis médical	Permis de juridiction multiple	3,2 millions de dollars
Contrôle de qualité	Certification GMP	1,7 million de dollars
Tests de produits	Analyse chimique complète	2,5 millions de dollars

Défices juridiques en cours dans les opérations du marché du cannabis

Tilray fait face à des défis juridiques continus dans l'élargissement des marchés du cannabis.

• Conflits de réglementation fédéral contre le cannabis fédéral
• Restrictions du commerce international
• Cadres réglementaires en évolution

Protection de la propriété intellectuelle pour les innovations liées au cannabis

Tilray investit considérablement dans la protection de la propriété intellectuelle liée au cannabis.

Catégorie IP	Nombre de brevets	Dépenses annuelles de protection IP
Techniques de culture	12	$750,000
Formulations médicales	8	1,1 million de dollars
Technologies de traitement	6	$650,000

Tilray Brands, Inc. (TLRY) - Analyse du pilon: facteurs environnementaux

Pratiques de culture durable dans la production de cannabis

Tilray Brands, Inc. a mis en œuvre des techniques de culture durables avancées dans ses installations de production. L'entreprise utilise des méthodes d'agriculture de l'environnement contrôlé (CEA), réduisant l'utilisation des terres de 90% par rapport à la culture traditionnelle de plein air.

Paramètre de culture	Métrique d'efficacité
Réduction de l'utilisation de l'eau	Jusqu'à 95% de consommation d'eau en moins
Efficacité énergétique	L'éclairage LED réduit la consommation d'énergie de 40%
Utilisation des terres	90% de terres moins nécessaires à l'agriculture traditionnelle

Réduction de l'empreinte carbone dans la fabrication du cannabis

Tilray s'est engagé à réduire ses émissions de carbone grâce à de multiples initiatives stratégiques. La société a investi 3,2 millions de dollars dans des infrastructures d'énergie renouvelable et des programmes de compensation de carbone.

Métrique de réduction du carbone	Données quantitatives
Investissement annuel de décalage du carbone	3,2 millions de dollars
Cible de réduction des émissions de CO2	35% d'ici 2025
Adoption d'énergie renouvelable	27% de l'énergie totale à partir de sources renouvelables

Conservation de l'eau et techniques de croissance économes en énergie

Tilray utilise des systèmes hydroponiques et aéropiques avancés qui réduisent considérablement la consommation d'eau et améliorent l'efficacité de la culture.

Technique de gestion de l'eau	Métrique de performance
Recyclage de l'eau du système hydroponique	Taux de récupération de l'eau à 92%
Efficacité de culture aéroponique	Cycle de croissance 50% plus rapide
Utilisation de l'eau par kilogramme de cannabis	Réduit à 100 litres

Initiatives d'emballages et de réduction des déchets respectueux de l'environnement

Tilray a mis en œuvre des stratégies complètes de durabilité de l'emballage pour minimiser l'impact environnemental.

Emballage Métrique de la durabilité	Données quantitatives
Pourcentage d'emballage recyclable	85% de l'emballage des produits
Investissement de réduction du plastique	1,5 million de dollars par an
Taux de détournement des déchets	72% du total des déchets de fabrication

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Social factors

Growing consumer demand for functional, better-for-you wellness products, including hemp-derived Delta-9 THC drinks.

The shift in consumer preferences toward functional, better-for-you products is a major tailwind for Tilray Brands. We're seeing a clear move away from traditional alcohol and towards alternatives that offer a controlled, sessionable experience, especially among younger demographics. Honestly, this is a massive opportunity, and the numbers show it.

The global functional beverage market is expected to hit a staggering $208 billion by the end of 2025, which provides a massive addressable market for the company's Wellness segment. Tilray's Wellness segment revenue for the fiscal year 2025 was $60.5 million, representing a solid 9% increase over the prior year. More specifically, the hemp-derived Delta-9 THC beverage market is exploding; it was valued at $0.5 billion in 2024 and is projected to reach $2.5 billion by 2034, growing at a compound annual growth rate (CAGR) of 17.5%. Tilray is moving fast to capture this, launching its Alternative Beverages line in the U.S. and generating $1.4 million in revenue from hemp-derived THC beverage sales in the fiscal year up to Q3 2025.

Increasing social acceptance of cannabis, particularly medical use, drives international market growth.

Social acceptance of cannabis is the bedrock of international expansion, particularly in medical markets where public opinion and patient demand drive regulatory change. You can defintely see this impact in the company's international performance.

Tilray's strategy to lead the European medical cannabis market is paying off, with total International cannabis revenue increasing by 19% for the full fiscal year 2025. The growth is particularly sharp in Europe, where cannabis revenue grew by an impressive 112% in FY2025, excluding Australia. Germany, for example, saw a 50% increase in medical cannabis flower revenue in Q1 fiscal year 2025 following its legalization moves. This trend confirms that as social stigma fades, the regulated medical market scales quickly. Tilray currently supplies medical cannabis to patients in over 20 countries across five continents.

Tilray is positioned as the fourth-largest U.S. craft beer producer, aligning with the local, craft beverage trend.

Tilray's aggressive move into the U.S. craft beer market is a smart social hedge against slower cannabis legalization. By acquiring a portfolio of established, local craft brands, they tap into the strong consumer preference for local, authentic, and craft beverages.

The company is now the 4th largest craft brewer in the U.S., a position confirmed by the Brewers Association 2024 annual report (based on beer sales volume), up from the #5 spot previously. This beverage segment is a significant growth engine, with net revenue increasing by 19% to $240.6 million for the fiscal year 2025. The momentum is clear: Q1 fiscal year 2025 saw Beverage alcohol net revenue surge by 132% to $56.0 million, primarily due to strategic acquisitions.

The company supports patient advocacy to reduce barriers to medicinal cannabis access globally.

Tilray's commitment to patient advocacy is a crucial social factor, building goodwill and directly influencing market access. When a company actively works to reduce barriers, it secures its long-term position as a trusted provider, not just a seller.

In November 2025, Tilray Medical significantly expanded its Compassionate Pricing program in Canada, increasing the annual income eligibility threshold to $65,000 CAD, up from $32,500 CAD. This expansion directly helps more patients, including seniors, veterans, and first responders, afford their medicine. Internationally, the company is actively expanding access:

• Partnered with the Italian pharmaceutical firm Molteni in August 2025 to broaden the availability of Tilray Medical cannabis extracts across Italy.
• Announced plans in October 2025 to expand medical cannabis operations into Panama, leveraging a joint venture to enhance local patient access.

This proactive stance on patient access is a competitive advantage in global medical markets.

Social Factor Metric	Fiscal Year 2025 Value (USD)	YoY Growth / Change	Source/Context
Wellness Segment Net Revenue	$60.5 million	+9%	Reflects demand for better-for-you products.
Hemp-Derived THC Beverage Sales (FYTD Q3)	$1.4 million	N/A (New Product Focus)	Early revenue from Delta-9 THC drinks in the U.S.
International Cannabis Revenue	N/A (Segment Total: $249.0 million)	+19%	Driven by increasing social acceptance and medical use globally.
European Cannabis Revenue (Excl. Australia)	N/A	+112%	Strong growth in markets like Germany following regulatory changes.
U.S. Craft Brewer Ranking (Brewers Association)	#4	Up from #5	Position in the U.S. craft beverage trend.
Beverage Segment Net Revenue	$240.6 million	+19%	Growth fueled by craft brands and acquisitions.
Canadian Compassionate Pricing Eligibility	$65,000 CAD	Up from $32,500 CAD	Direct action to reduce barriers to medical access.

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Technological factors

Technology for Tilray Brands is not just about growing plants; it's the core engine for product differentiation, quality control, and global scale. You see this most clearly in their aggressive push into innovative product formats and their sophisticated, pharmaceutical-grade production footprint. The near-term opportunity is clear: use automation to drive down cultivation costs while leveraging their #1 market share in high-margin categories like beverages.

Use of AI-driven horticulture automation enhances cultivation efficiency, potency, and yield.

Tilray Brands is actively incorporating Artificial Intelligence (AI) initiatives to boost efficiency and maintain a low-cost structure, a critical factor in a competitive market. This focus on advanced agronomic techniques, often referred to as precision agriculture, is what allows them to produce high-quality products at scale.

The operational efficiency gains are tangible. Through an accelerated growth plan, which included bringing idled sections of the Aphria One facility back online, the company increased its Canadian cannabis cultivation capacity from approximately 150 metric tonnes to a projected 210 metric tonnes per year in 2025. That's a 40% increase in capacity, which directly impacts their ability to meet rising global demand. To be fair, the specific R&D spending on these AI-driven systems is small, with the company reporting only $250 thousand in Research and Development expenses for the first nine months of Fiscal Year 2025, but the capital expenditure on state-of-the-art facilities is where the real investment lies.

Continuous product innovation in formats like THC beverages and infused pre-rolls drives Canadian market share.

Product innovation is how Tilray Brands captures and keeps market share, particularly in the Canadian adult-use market. They use technology to create new, differentiated formats that appeal to a broader consumer base than traditional flower. This innovation pipeline is defintely working.

For Fiscal Year 2025, Tilray Brands holds the #1 market-leading sales position in Canada across several key categories, including pre-rolls and beverages. Their THC beverage brands, XMG and Mollo, are especially dominant, holding over 40% market share in the Canadian cannabis beverage category.

The company's 2025 Summer Cannabis Collection showcased their commitment to new formats, including:

• XMG Atomic Sours Beverages (new THC beverages)
• Redecan's live resin infused pre-rolls
• Good Supply's Double Dutchies (powerful pre-rolls)

Leveraging a scalable, global supply chain and infrastructure to rapidly enter new regulated markets.

Tilray Brands' most significant technological advantage is its global infrastructure, which acts as a platform for rapid market entry. They have a scalable global supply chain that supports a portfolio of over 40 brands across more than 20 countries.

This infrastructure includes EU-GMP (European Union Good Manufacturing Practice) certified cultivation and manufacturing facilities in Portugal and Germany (Neumünster). These facilities are critical for anchoring operations across Europe, Australia, and Latin America. The strategic move to establish Solana Life Group in Panama in late 2025, a joint venture that secured a medical cannabis license, is a perfect example of leveraging this existing global platform to enter the Latin American medical cannabis market.

Tilray Brands Global Scale and Efficiency (FY 2025)

Metric	Value (FY 2025 Data)	Strategic Significance
Total Net Revenue	$821 million	Funding source for continued technology and innovation investment.
Canadian Cultivation Capacity	210 metric tonnes per year	Represents a 40% increase in capacity from late 2024, driven by operational efficiencies.
Global Market Reach	Over 20 countries	Scale of the international distribution network and supply chain.
Canadian THC Beverage Market Share	Over 40%	Direct result of product innovation in a high-growth format.

Technology is crucial for product differentiation and maintaining high pharmaceutical-grade standards.

For Tilray Medical, technology is entirely focused on consistency and quality, which is non-negotiable for medical markets. The company's pharmaceutical-grade expertise is demonstrated by its track record of delivering cannabis to patients in over 20 countries.

The EU-GMP certification of their facility in Neumünster, Germany, is a technological and procedural differentiator. It means their production adheres to the rigorous quality control standards required by European medical regulators. They use this advanced facility to continuously introduce new cannabis genetics bred to pharmaceutical standards, ensuring reliable and consistent medical options for physicians and pharmacies. This technological compliance is the key to unlocking the much larger, high-value global medical cannabis market.

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Legal factors

Potential US Schedule III reclassification would eliminate the punitive IRS Section 280E tax burden, boosting profitability.

The single biggest near-term legal opportunity for Tilray Brands, and the entire cannabis sector, is the potential reclassification of cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA). This administrative move, currently pending in late 2025, would immediately remove the punitive Internal Revenue Service (IRS) Section 280E tax code.

Section 280E is brutal; it prohibits cannabis companies from deducting ordinary business expenses like salaries, rent, and marketing, forcing them to pay taxes on gross revenue instead of net profit. This results in effective tax rates of 60-70% for many operators. The industry's excess tax burden from 280E was forecasted to be $2.3 billion in 2024, a number that will only grow. Eliminating this tax would immediately and materially lower Tilray's effective tax rate, freeing up significant cash flow from its U.S. operations and investments for expansion or debt reduction. It's a game-changer for the bottom line.

Strict, fragmented state-by-state cannabis laws in the US restrict interstate commerce and market entry.

Despite the promise of a massive U.S. market, projected to exceed $50 billion before the decade's end, Tilray's ability to tap into it is severely hampered by federal prohibition. The federal classification of cannabis as a Schedule I substance means it cannot be transported across state lines; there is no interstate commerce.

This fragmentation forces Tilray to adopt a complex, capital-intensive strategy of establishing separate, costly supply chains-cultivation, processing, and distribution-within each state where it operates. This lack of scale across borders drives up production costs and hinders the efficiency that a global consumer packaged goods company like Tilray is built on. It forces a reliance on expensive, state-specific compliance and automation just to maintain consistency.

EU-GMP certification is a critical competitive advantage for supplying the growing European medical market, like Germany.

In stark contrast to the U.S. legal quagmire, Tilray's international strategy is anchored by its compliance with the European Union's Good Manufacturing Practice (EU-GMP) standards. This certification is the gold standard for pharmaceuticals and medical products, and Tilray leverages its EU-GMP facilities in Portugal and Germany to supply the burgeoning European medical market, which is projected to reach €3.2 billion in 2025.

This compliance is a clear competitive moat. Following German medical cannabis law changes, Tilray's German medical cannabis flower revenue increased by 50% in the first quarter of Fiscal Year 2025. Management is so confident in this market that they expect to triple their German medical cannabis distribution footprint in fiscal 2026. That's a massive, compliant growth engine.

Regulatory Factor	Impact on Tilray Brands (TLRY)	2025 Financial/Operational Data
IRS Section 280E Elimination (US Schedule III)	Massive tax relief, allowing deduction of ordinary business expenses.	Current effective tax rates for industry: 60-70%. US industry excess tax burden (280E): $2.3 billion (2024 forecast).
EU-GMP Certification (Germany/Europe)	Establishes a competitive moat in the global medical market.	German medical cannabis flower revenue increased by 50% in Q1 Fiscal Year 2025. European medical market projected to reach €3.2 billion in 2025.
US Interstate Commerce Ban	Forces costly, fragmented, state-by-state supply chains.	US state-regulated market projected to exceed $50 billion, a major opportunity currently constrained by state borders.

The company must navigate complex, varying regulations for its diverse portfolio of cannabis, hemp, and alcohol products.

Tilray is a diversified consumer packaged goods company, but this diversification means navigating three entirely separate and often conflicting regulatory regimes: cannabis, hemp, and alcohol. This is defintely a high compliance burden.

The alcohol business, which generated $63 million in net revenue in Q2 2025, is regulated by the Alcohol and Tobacco Tax and Trade Bureau (TTB). The TTB is proposing new rules in 2025 that mandate more detailed labeling for alcohol content and allergens, with a five-year phase-in period. However, the critical legal challenge is the TTB's firm prohibition on any THC or controlled substances on federally bonded brewery premises, forcing the company to maintain a strict separation of its alcohol and cannabis/hemp production lines.

The hemp-derived Delta-9 THC beverage market, a $1 billion industry in the U.S., presents another layer of legal inconsistency. While Tilray is actively launching products here, it must contend with a patchwork of state laws that are tightening up. For example, some states are changing serving size limits from 8 milligrams to just 5 milligrams of THC and raising the purchase age from 18 to 21, forcing constant product and labeling adjustments. Tilray is lobbying for a federal baseline framework with a 10mg per serving cap to bring some clarity.

• Maintain strict separation of TTB-regulated alcohol and THC production.
• Monitor state-level changes to hemp-derived THC serving sizes (e.g., 8mg to 5mg).
• Adapt product labeling to new TTB mandates on alcohol content and allergens.

Tilray Brands, Inc. (TLRY) - PESTLE Analysis: Environmental factors

You're looking at Tilray Brands, Inc.'s environmental profile, and the core takeaway is that the company is actively addressing immediate, tangible issues like packaging waste, but it still lacks the long-term, public-facing climate commitments that institutional investors now expect from major consumer packaged goods (CPG) players.

They are focusing their efforts where they can show immediate, measurable impact, particularly in their Canadian cannabis and U.S. beverage operations. This approach is practical, but it exposes them to future pressure on Scope 1, 2, and 3 emissions disclosure.

Commitment to monitoring GHG (Greenhouse Gas) emissions and optimizing transportation logistics

Tilray Brands recognizes that climate change presents both risks and opportunities, which is a key part of their Fiscal Year 2025 disclosures. The primary action here is internal monitoring and efficiency, not a public reduction target.

Specifically, the company commits to monitoring its Greenhouse Gas (GHG) emissions by focusing on energy-efficient technologies and optimizing transportation logistics. This is a crucial, foundational step, but it's defintely not the same as setting a Science Based Target (SBTi) for absolute emissions reduction.

The management of climate-related risks-like changing weather patterns affecting cultivation and water scarcity impacting their supply chain-is directly tied to these monitoring efforts. They are using AI-driven horticulture automation in cultivation to manage greenhouse conditions in real-time, which helps reduce costs for resources like water and energy.

Initiative to convert some packaging to hemp, diverting at least 131,000 kilograms of plastic from landfills annually

The company has made a significant, industry-leading move to combat plastic waste in the cannabis sector. This initiative involves converting packaging and product components, such as pre-rolls and vape accessories, to hemp-based materials across key Canadian brands like Good Supply, RIFF, and Broken Coast.

The initial commitment was projected to divert at least 131,000 kilograms (approximately 288,805 pounds) of plastic from landfills each year. However, a more recent update shows the cumulative impact is much larger. Since the initiative's launch in June 2023, the total ongoing efforts have prevented over 925,000 kilograms of plastic from reaching landfills, which is a huge number that demonstrates real progress. They are also using bags made from recycled content for whole-flower products, which alone is expected to divert an additional 38,000 kilograms of plastic waste annually.

Here's a quick look at the packaging impact versus the company's size in FY2025:

Metric	Fiscal Year 2025 Value	Context
Total Net Revenue (FY2025)	$821 million	Indicates the scale of operations generating this waste.
Plastic Diverted (Cumulative since June 2023)	Over 925,000 kilograms	Shows the overall environmental benefit of the packaging shift.
Annual Plastic Diversion (Initial Hemp Commitment)	131,000 kilograms	The baseline annual impact of the hemp packaging program.

Sustainability efforts are visible in the beverage segment, such as Terrapin Beer Co.'s solar-powered brewing

The beverage division, which generated $241 million in revenue in Fiscal Year 2025, also features concrete environmental efforts. One of the most visible examples is at Terrapin Beer Co. in Athens, Georgia, which is part of the Tilray Beverages portfolio.

Terrapin Beer Co. operates under a sustainability initiative called Terraprint, which focuses on minimizing waste and conserving water. Crucially, the brewery has over 700 solar panels installed on its roof, which power the brewing of its Sunray Wheat Beer. This demonstrates a tangible commitment to renewable energy within a core operational asset.

• Brewing is powered by over 700 solar panels at the Athens, Georgia facility.
• The Terraprint initiative also includes efforts to minimize waste and conserve water.
• Terrapin also partners with groups like the Chattahoochee Riverkeeper, donating a portion of proceeds from a unique beer to support river preservation.

Tilray has not publicly committed to specific 2030 or 2050 climate goals through major global frameworks

This is the primary gap in Tilray's environmental strategy as of late 2025. While they are implementing practical, operational improvements, they have not yet made a public commitment to a long-term, science-aligned climate goal.

They have not publicly committed to specific 2030 or 2050 climate goals through major global frameworks, such as the Science Based Targets initiative (SBTi) or the Carbon Disclosure Project (CDP). This lack of formal commitment means they do not currently report specific carbon emissions data (in kg CO2e) or documented reduction targets. This is a near-term risk because institutional investors and large asset managers, like BlackRock, are increasingly using these public commitments as a screening tool for ESG compliance. Not having a net-zero roadmap or validated targets can increase the company's perceived ESG risk profile.