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• Tilray Brands signed an exclusive multi year licensing agreement with Carlsberg Group for U.S. beer production and distribution.

• The company is also rolling out Good Supply’s new spring cannabis lineup, adding fresh products to its Canadian portfolio.

• These moves come as Tilray Brands, NasdaqGS:TLRY, continues to pursue a broader consumer products footprint across cannabis and beverages.

Tilray Brands, NasdaqGS:TLRY, is trading at $7.21, with the share price showing a 3.9% gain over the past year, alongside a 70.2% decline over three years and a 25.8% decline year to date. The recent licensing deal with Carlsberg and the Good Supply product expansion arrive after a 4.9% decline over 30 days and an 8.4% decline over the past week, providing fresh context for how the business is evolving beyond its core operations.

For investors watching Tilray’s mix of cannabis and beverage assets, this combination of a new U.S. beer partnership and a refreshed Canadian cannabis lineup may be worth tracking as the company refines its diversification approach. The key focus is how effectively Tilray can convert these agreements and product launches into a stronger brand presence and more stable category exposure over time.

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3 things going right for Tilray Brands that this headline doesn’t cover.

The Carlsberg licensing deal gives Tilray a route into mainstream U.S. beer shelves using established European brands, while limiting upfront brand-building risk compared with launching entirely new labels. For a company that has already acquired several craft beer assets, this agreement could deepen scale in brewing, sales, and distribution, and potentially make Tilray a more direct competitor to players like Constellation Brands, Molson Coors, and Heineken in certain channels. At the same time, the Good Supply spring lineup in Canada targets high-THC vapes, flower, and pre-rolls, where consumer interest and repeat purchases have been key themes for adult-use cannabis.

• The Carlsberg partnership and refreshed Good Supply portfolio align with the narrative’s focus on category diversification and broader consumer-products reach across cannabis, beverages, and wellness.

• The push deeper into beer comes as the narrative itself highlights pressure in craft beer demand, so further exposure to alcohol could challenge the idea that diversification alone will support more resilient earnings.

• The Carlsberg agreement and product-specific details of the Good Supply launch are recent developments that may not be fully reflected in existing community narratives about Tilray’s long-term mix of cannabis, beverages, and international operations.