Tilray Brands announced the completion of its acquisition of the Lyphe Group, a UK‑based medical cannabis clinic and digital pharmacy platform that has treated more than 16,000 patients and dispensed roughly 150,000 units. The deal expands Tilray’s presence in the United Kingdom, the largest medical cannabis market in Europe, and gives the company a fully integrated patient‑centric platform that combines clinical care, dispensing services and pharmaceutical distribution.
In addition to the acquisition, Tilray filed an at‑the‑market equity program of up to $180 million, managed by Jefferies, TD Securities and Roth Capital Partners. The program is intended to provide flexible capital for the company’s global beverage expansion, a strategy that has been accelerated by the recent acquisition of BrewDog’s UK assets. “Tilray Brands is setting the pace for global innovation across healthcare, cannabis, and craft beverages – each a distinct growth engine within our platform. This is a defining moment as we enter our next phase of global growth,” CEO Irwin D. Simon said.
The Lyphe acquisition positions Tilray to capture a share of the UK medical cannabis market, projected to reach $62.8 million by 2030 with a 26% CAGR. By integrating Lyphe’s clinical expertise and patient‑first approach, Tilray strengthens its medical portfolio and gains a foothold in a rapidly expanding market. The ATM program, meanwhile, provides the liquidity needed to accelerate beverage development and support the rollout of new products in key international markets.
Tilray’s balance sheet remains robust, with $264.8 million in cash and securities as of February 28 2026 and a debt‑repayment program that has already reduced long‑term debt by roughly $100 million. Management expects the Lyphe integration to be accretive in 2027, while the ATM program will enable the company to pursue growth opportunities without compromising its strong balance sheet.
“I’m proud to welcome the Lyphe team to Tilray, bringing deep clinical expertise and a strong patient‑first approach that immediately strengthens our capabilities. This acquisition marks an important step in the continued expansion of Tilray Medical as a global healthcare platform,” said Rajnish Ohri, President, International. “Our priorities are clear: strengthen BrewDog, accelerate innovation, and scale our global beverage platform.”
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