Tilray Brands, Inc.

Red flags

• Canadian cannabis market share declined 60 basis points quarter over quarter to 7.9%, including a 162 basis-point decline in whole flower and a 660 basis-point decline in straight-edge pre-rolls.
• Tilray raised $157.974 million net through its ATM program by issuing 19,625,505 shares during fiscal 2026, alongside additional shares issued for debt exchanges, dividends, acquisitions, and warrant exercises.
• Net long-term debt was $138.585 million at May 31, 2026, with $18.160 million of principal classified as current; the company also has $88.0 million of convertible debentures due in 2028.
• Contractual obligations include $59.562 million of material purchase commitments and $663,000 of construction commitments, in addition to debt and convertible obligations.
• The company reported a componentry-vendor stockout that contributed to the Canadian pre-roll market-share decline, demonstrating operational dependence on an unnamed supplier.