Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), a global
leader in cannabis research, cultivation, production, and
distribution, today provides an update on Germany’s milestone
cannabis legalization and what it means for the future of cannabis
in Europe and for Tilray.
As a global leader in the legalized medical and
adult-use cannabis markets and a market leader in medical cannabis
across Europe, with a leading market share in Germany, Tilray is
bullish on the positive paradigm shift that the new German drug
policy creates for the future of cannabis in Europe.
Irwin D. Simon, Tilray Brands’ Chairman and
Chief Executive Officer, stated, “We see tremendous growth
opportunities stemming from Germany’s landmark cannabis policy
update. The new German medical market opportunity equates to about
$3bn while the European opportunity, could represent a powerful
growth market consisting of a potential $45bn medical market alone.
Our presence in Europe allows Tilray to grow our brands globally
from a base of over 700 million people in Europe, which is twice
the population of the U.S.”
The public perception regarding the new cannabis
reforms in Germany is mainly centered around cultivation for
personal use and the establishment of cannabis social clubs.
However, what is of greater importance for Tilray are the new
opportunities, which flow from the new German Medical Cannabis Act.
One fundamental change is the removal of cannabis from the list of
prohibited substances in the Narcotics Act. This de-scheduling
change is expected to significantly expand the medicinal cannabis
market in Germany as it would allow for more doctors to prescribe
medical cannabis more easily to patients and not only as a
medication of last resort, which will allow for greater
accessibility to patients and potentially allow for broader health
insurance coverage.
Further, the German Medical Cannabis Act
provides for the abolishment of the tender process for in-country
cultivation of medicinal cannabis and replaces it with a licensing
scheme. Today, only a small portion of the medical cannabis serving
German patients is produced in Germany and what may be cultivated
is set forth in the tender. As the operator of one of only three
in-country cultivation facilities located in Germany today, these
legislative changes would allow Tilray to better meet patient needs
by expanding its medical cannabis product offerings, which in turn
would significantly increase Tilray’s cannabis production in
Germany by approximately 5x and more than double its revenue
opportunity. Tilray also owns and operates Tilray Pharma, an
established medical distribution platform in Germany that
distributes traditional branded and generic pharmaceutical
medicines and medical cannabis across 13,000 pharmacies as well as
wholesalers and distributors.
We also believe that these landmark reforms in
Germany could have an impact on cannabis drug policy across Europe
as other countries may adopt Germany’s approach. We believe this
could lead to significant growth for Tilray in Europe where we
already have a very meaningful presence, and where Tilray continues
to seek to strengthen its leadership position and grow market share
in over 20 countries including Portugal, Poland, Italy, the UK, and
the Czech Republic.
About Tilray Medical
Tilray Medical is dedicated to transforming
lives and fostering dignity for patients in need through safe and
reliable access to a global portfolio of medical cannabis brands,
including Tilray, Aphria, Broken Coast, Symbios, and Navcora.
Tilray Medical grew from being one of the first companies to become
an approved licensed producer of medical cannabis in Canada to
building the first GMP-certified cannabis production facilities in
Europe, first in Portugal and later in Germany. Today, Tilray
Medical is one of the biggest suppliers of medical cannabis brands
to patients, physicians, hospitals, pharmacies, researchers, and
governments, in over 20 countries and across five
continents.
Further information can also be found at
www.tilraymedical.de
About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY;
TSX: TLRY), is a leading global cannabis lifestyle and consumer
packaged goods company with operations in Canada, the United
States, Europe, Australia, and Latin America that is changing
people's lives for the better – one person at a time – by inspiring
and empowering a worldwide community to live their very best life,
enhanced by moments of connection and wellbeing. Tilray’s mission
is to be the most responsible, trusted and market leading cannabis
consumer products company in the world with a portfolio of
innovative, high-quality, and beloved brands that address the needs
of the consumers, customers, and patients we serve. A pioneer in
cannabis research, cultivation, and distribution, Tilray’s
unprecedented production platform supports over 20 brands in over
20 countries, including comprehensive cannabis offerings,
hemp-based foods, and craft beverages.
For more information on how we open a world of
wellbeing, visit, Tilray.com and follow @Tilray on all social
platforms.
Forward-Looking
StatementsCertain statements in this communication that
are not historical facts constitute forward-looking information or
forward-looking statements (together, “forward-looking statements”)
under Canadian securities laws and within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, that are intended
to be subject to the “safe harbor” created by those sections and
other applicable laws. Forward-looking statements can be identified
by words such as “forecast,” “future,” “should,” “could,” “enable,”
“potential,” “contemplate,” “believe,” “anticipate,” “estimate,”
“plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and
the negative of these terms or similar expressions, although not
all forward-looking statements contain these identifying words.
Certain material factors, estimates, goals, projections, or
assumptions were used in drawing the conclusions contained in the
forward-looking statements throughout this communication.
Forward-looking statements include statements regarding our
intentions, beliefs, projections, outlook, analyses, or current
expectations concerning, among other things, the Company’s ability
to grow market share and increase revenue opportunities in Germany
and across Europe. Many factors could cause actual results,
performance, or achievement to be materially different from any
forward-looking statements, and other risks and uncertainties not
presently known to the Company or that the Company deems immaterial
could also cause actual results or events to differ materially from
those expressed in the forward-looking statements contained herein.
For a more detailed discussion of these risks and other factors,
see the most recently filed annual information form of Tilray and
the Annual Report on Form 10-K (and other periodic reports filed
with the SEC) of Tilray made with the SEC and available on EDGAR.
The forward-looking statements included in this communication are
made as of the date of this communication and the Company does not
undertake any obligation to publicly update such forward-looking
statements to reflect new information, subsequent events, or
otherwise unless required by applicable securities laws.
ContactsFor media inquiries, please
contact:Berrin Nooratanews@tilray.com
For investor inquiries, please
contact:Raphael Gross
203-682-8253Raphael.Gross@icrinc.com
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