Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY) releases financial results for the first fiscal quarter ended August 31, 2022. Tilray’s Chairman and Chief Executive Officer, Irwin D. Simon stated that Tilray Brands’ top and bottom-line performance in the first quarter reflect the company’s successful restructuring to optimize revenue and market share gains across core business areas and geographies.

Most significantly, they are currently the global leader in net cannabis revenue, as seen by global medical cannabis supremacy and adult-use cannabis market share dominance in Canada. These accomplishments demonstrate that, despite industry change and macroeconomic headwinds, they have used their size, marketing savvy, and CPG knowledge to create significant and durable topline growth.

He continued that they have also optimized their performance through an ambitious and expanded cost savings across the platform. Through the end of the Q1, they have realized $mm/mvv 95 million of their revised and increased $100 million goal of annualized cost savings. In addition, they realized an additional $13 million of cost savings from their recently launched $30 million cost optimization plan for their existing cannabis business.

In aggregate, the firm expects to remove $130 million of costs from the business. They also plan to realize an additional $40 million in revenue and interest payments from the strategic HEXO transaction. These initiatives, combined with their market share and revenue gains, should position Tilray Brands extraordinarily well for the future, allowing us to reconfirm our guidance of $70 – $80 million of adjusted EBITDA and be free cash flow positive.

Tilray Brands has adopted targeted price increases, increased distribution via coast-to-coast agreements with Rose Life Sciences and Great North Distributors, and expedited product innovation.