Germany's De-Scheduling of Cannabis Opens Path to New Opportunities for Tilray
in Potential $3bn Medical Market
European Union Medical Cannabis Market Now Projected to Become $45bn
NEW YORK and NEUMÜNSTER, Germany, Feb. 28, 2024 (GLOBE NEWSWIRE) -- 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
(https://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
(http://www.tilray.com/) and follow @Tilray on all social platforms.
Forward-Looking Statements
Certain 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.
Contacts
For media inquiries, please contact:
Berrin Noorata
news@tilray.com
For investor inquiries, please contact:
Raphael Gross 203-682-8253
Raphael.Gross@icrinc.com (mailto:Raphael.Gross@icrinc.com)
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