Tilray Brands (TLRY.TO) Wednesday highlighted a series of strategic initiatives, expected to mark its next phase of growth, and they included advancing its UK healthcare platform with the Lyphe acquisition, positioning BrewDog in the beverages market, and preparing for a U.S. rescheduling and medical cannabis opportunity
Tilray said it had acquired the Lyphe Group, a UK-based medical cannabis clinic and digital pharmacy platform, with Lyphe Dispensary having dispensed approximately 150,000 units to date and Lyphe Clinic having treated over 16,000 patients to date. A deal "anchoring and expanding" Tilray Medical's footprint in "one of Europe's largest and most dynamic healthcare markets", it said.
Six weeks following Tilray's acquisition of BrewDog, the company said it has "stabilized brewing volumes, maintained service levels across channels to ensure consistent stock availability, and has begun onboarding new distribution and strategic partners to support expansion". It is also evaluating its participation in the Center for Medicare and Medicaid Innovation pilot program.
To support this next phase of growth, Tilray also announced the filing of an at-the-market equity program of up to US$180 million, "to enhance financial flexibility and to invest behind its global beverage platform."
Tilray Brands chief financial officer Carl Merton said: "We remain focused on disciplined capital allocation, prioritizing investments that support our long-term growth strategy while maintaining a strong balance sheet. This structure allows us to align capital deployment with evolving market conditions and our operational priorities."
Tilray shares were last seen down US$0.05, to US$6.86, in U.S. pre-market trading.