Tilray: The $1.2 Billion Cannabis Powerhouse on a Roll
Tilray has been a force to be reckoned with in the cannabis industry since its inception seven years ago as a $50 million company. Today, it stands as a pro forma $1.2 billion global business, reflecting the company's ability to identify opportunities, acquire strategically, integrate assets, and build platforms for greater reach.
The company has grown exponentially over the years, with Tilray now operating from a position of global scale and category leadership that few companies in its categories can replicate. As the world's largest cannabis grower, Tilray boasts more than 6 million square feet of cultivation capacity and a leading low-cost production base.
Tilray has also made significant strides in other markets, including becoming the number one craft beer supplier in the U.K., the fourth-largest total beer category supplier in the U.K. grocery market, the fourth-largest craft brewer in the U.S., and a global leader in hemp foods, beverage, and wellness.
One notable example of Tilray's acquisition strategy is its purchase of BrewDog, which has given the company access to one of the world's most recognized craft beer brands, a passionate global consumer community, a scaled hospitality footprint, and a powerful platform for international beverage growth. This deal is a clear demonstration of how Tilray can buy a valuable brand, stabilize it, return it to profitability, reinvest behind growth, and expand its reach globally.
Despite the challenges posed by delays in rescheduling cannabis reform in the U.S., Tilray remains confident that significant opportunities will arise over time. The company's strategy is not dependent on one regulatory event and is instead focused on growing organically and through targeted M&A using its infrastructure, operating capabilities, and brand-building expertise.
These efforts have already begun to pay off, with Tilray delivering record revenue of $257 million in Q1 2027, up 23% year-over-year. The company also expanded gross margin year-over-year, demonstrating that it is not only growing larger but also building a stronger financial profile.
Tilray's international growth engine is another area where the company has made significant strides. In Q1, EMEA revenues, including medical cannabis, beverage, and pharmaceutical distribution combined increased over 70%, reflecting momentum across markets where Tilray already has infrastructure, regulatory expertise, and commercial reach. International cannabis revenue grew 21% year-over-year, with EU GMP medical cannabis shipments accelerating with flower volumes up 110% and oil volumes up 150% year-over-year.
Regulated markets are a key focus for Tilray, where demand is growing, standards are high, operating expertise matters, including scale, low cost, and quality. The company's vertically integrated global cannabis supply chain gives it control across cultivation, production, distribution, and patient access, with approximately 90% of its international cannabis supply coming from its Portugal facility.
