Tilray CEO Irwin Simon On 2024 Fiscal Year Results
The TDR Three Key Takeaways from CEO Irwin Simon and Tilray’s Q4 Earnings Results
- Tilray Brands has released strong financial results for the fiscal year ending May 31, 2024 including a record net revenue of $789 million for 2024, a 26% increase YOY.
- Expansion in the German market following decriminalization of marijuana, resulting in a 65% increase in sales.
- Tilray’s beverage segment, which includes their craft brands, generated $200m.
On July 30, 2024, Tilray Brands (Nasdaq: TLRY; TSX: TLRY) released earnings results for the fiscal year ending May 31. Tilray CEO Irwin Simon joins Shadd Dales and Anthony Varrell on TDR’s Trade To Black podcast to explain the reasons for this large increase in net revenue in their earnings results.
Last year’s acquisition of eight beer and beverage brands from Anheuser-Busch, which included associated breweries and brewpubs, resulted in a net win for the company when the net revenue of this segment soared by 113% to $202m and 13 million cases of beer sold. Simon still sees a category size worth trillions in beverage, especially if rescheduling and rescheduling are favorable.
Simon says that Tilray is making plans for multiple contingencies, including growing other aspects of the business in hemp, spirits, and wellness. In the event that cannabis does not somehow see legalization in the near future, there are other opportunities in growth. And hemp and cannabis infused beverage formulations are already waiting for production, once regulations are in place.
Looking forward to 2025 and internationally, Tilray sees an opportunity north of the border, and is planning to grow and double cannabis business in Canada as the illicit market shrinks and the cap size increases in Ontario. The excise tax, so far, has remained, but the Toronto Attorney General indicated that this is likely to be reevaluated. Europe is another market which may be fruitful, with Tilray owning facilities so far in Germany and Portugal. Germany represents a substantial market of 80m people, and with 600m people in Europe, other countries may soon open to cannabis products.
