---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-009862"
form_type: "8-K"
ticker: "TLRY"
cik: "0001731348"
company_name: "Tilray Brands, Inc."
filed_at: "2023-04-10T23:59:59+00:00"
generated_at: "2026-06-17T04:14:10.629211+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Tilray Q3 revenue $145.6M, adj EBITDA $14M; acquires HEXO for ~$56M in stock

## Summary
- Net revenue $145.6M (+1.0% QoQ); adjusted gross margin 30% (vs 26% YoY).
- Adjusted EBITDA $14.0M, 16th consecutive positive quarter; reiterates FY2023 EBITDA guidance $60-66M.
- Acquires all HEXO shares at 0.4352 TLRY per HEXO share, total ~$56M; expected close June 2023.
- HEXO acquisition projected to give Tilray ~12.9% pro-forma Canadian market share and ~$215M pro-forma net sales.
- Cash and marketable securities $408.3M; non-cash $1.1B asset impairment from higher rates and market cap decline.

## SEC filing metadata
- accession: 0001437749-23-009862
- form_type: 8-K
- ticker: TLRY
- cik: 0001731348
- company_name: Tilray Brands, Inc.
- filed_at: 2023-04-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1731348/000143774923009862/0001437749-23-009862-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1731348/000143774923009862/tlry20230410_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-009862
- JSON: https://secwatch.observer/filing/0001437749-23-009862.json
- Plain text: https://secwatch.observer/filing/0001437749-23-009862.txt

## Key facts
- Material Agreements
  Tilray Brands, Inc. entered into Arrangement Agreement with HEXO Corp. (effective 2023-04-10).
  - Action: entry
  - Agreement: merger
  - Counterparty: HEXO Corp.
  - Effective: 2023-04-10
  source text: On April 10, 2023, Tilray Brands, Inc. (the “ Company ” or “ Tilray ”) entered into an arrangement agreement (the “ Arrangement Agreement ”) with HEXO Corp. (“ HEXO ”) to acquire all of the outstanding common shares of HEXO
  evidence_url: https://www.sec.gov/Archives/edgar/data/1731348/000143774923009862/0001437749-23-009862-index.htm
- Material Agreements
  Tilray Brands, Inc. entered into Letter Agreement with HEXO Corp. valued at approximately $18.5 million (effective 2023-04-10).
  - Action: entry
  - Counterparty: HEXO Corp.
  - Value: approximately $18.5 million
  - Effective: 2023-04-10
  source text: Tilray and HEXO also entered into a letter agreement (the “ Letter Agreement ”) that requires HEXO to pay Tilray an aggregate amount of approximately $18.5 million as an amendment fee and in satisfaction of certain fees and amounts owing by HEXO to Tilray.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1731348/000143774923009862/0001437749-23-009862-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.