Cannabis firm Tilray inks distribution deal for CBD products in US

New York-headquartered cannabis company Tilray Brands said its wellness division, Fresh Hemp Foods, signed a distribution deal with Southern Glazer’s Wine & Spirits.

The liquor distributor, based in Miami, will provide Tilray with access to its distribution network, according to a news release from Tilray, “reaching consumers everywhere from local bars and restaurants to independent and national grocery chains and convenience stores.”

Southern Glazer’s will ship the company’s nonalcoholic CBD beverages.

“Southern Glazer’s will be the exclusive distribution partner for the Tilray Wellness CBD beverage portfolio across 13 states with additional opportunities to scale nationwide,” according to the release.

For the financial year ended May 31, Tilray reported “wellness” net revenue of $59.6 million.

“Wellness” covers hemp foods and CBD products.

In 2021, Tilray entered a deal with Great North Distributors for distribution of the company’s adult-use cannabis products in Canada.

Great North was established as a joint venture by the owners of Southern Glazer’s Wine & Spirits, according to a Tilray news release.

Tilray posted a $457.8 million net loss for its fourth quarter and a $434 million loss for its 2022 fiscal year.

The company’s shares trade as TLRY on the Nasdaq and Toronto Stock Exchange.

Source: https://mjbizdaily.com/cannabis-firm-tilray-inks-distribution-deal-for-cbd-products-in-us/