Canada-based cannabis and beverage company Tilray Brands has cut “a limited number” of jobs in its drinks division.
The group told Just Drinks today (5 September) it had “identified areas where duplication of work exists within our organisation”.
In a statement, Tilray added: “In order to streamline our operations, we have made the difficult decision to restructure our workforce and reallocate resources accordingly.
“As a result, we implemented a reduction in force that impacted a limited number of employees across various departments. This decision was not taken lightly, and we are committed to supporting those affected by these changes through this transition.”
Just Drinks asked Tilray to confirm the number of job cuts.
The group’s drinks portfolio primarily comprises beer and cider, with one spirits brand and an “energy seltzer”.
The move comes only a few weeks after Tilray announced it had acquired four craft breweries from Molson Coors.
The agreement saw Tilray adding Hop Valley Brewing Co., Terrapin Beer Co., Revolver Brewing, and Atwater Brewery to its portfolio.
Tilray also acquired a clutch of beer brands from Anheuser-Busch InBev last year, including Blue Point Brewing, Shock Top, Breckenridge Brewery and Square Mile Cider.
Some of the assets were acquired by AB InBev in deals during the 2010s. Three of the brewers were bought in 2019 when the company acquired Craft Brew Alliance outright.
Tilray’s net revenue from its beverage-alcohol business stood at C$202.1m ($145.9m) in the full year ended 31 May 2024, more than double the sum booked in 2023. Gross profit from the division was up 91% to C$88.6m year-on-year.
On a group level, Tilray reported revenue of C$788.9m in 2024, up 26% on the year prior. It posted a 14% increase in gross profit to $223.4m.
In total, net losses for the year stood at C$222m, an improvement on C$1.44bn in 2023, which included brewery acquisitions.
Tilray generates 25% of its revenue from beverage alcohol, 35% from cannabis, 33% from its distribution business and 7% from “wellness” products, including hemp oils.
