Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Tilray Brands (TLRY) halal?

FAIL

Tilray Brands, Inc. · Nasdaq/TSX: TLRY · Cannabis & beverages

⚠️ Pending take-private: a Brixmor Property Group / Everview Partners joint venture agreed on ~September 28, 2026 to acquire all units at US$13.00 cash (~US$2.3B enterprise value); distributions were suspended and the units may delist on close.

The short answer

FAIL. Tilray Brands is a cannabis, beverage, and wellness company. In fiscal 2026, about 29.3% of its revenue came from cannabis and about 27.7% from beverage (craft beer and spirits brands such as SweetWater, Breckenridge, and BrewDog) — combined, roughly 57% of revenue from prohibited business lines under AAOIFI criteria. The business gate fails on its own, so this screener gives Tilray a FAIL regardless of its financial ratios. (For context: interest-bearing debt is about 43.6% of market cap — above the 33% threshold anyway — and interest income is not separately disclosed in its filings.)

Gate 1 — Business activity: FAIL

FAIL. Tilray self-describes as "a global lifestyle and consumer packaged goods company at the forefront of the cannabis, beverage, hospitality and wellness industries." Its own segment reporting for the fiscal year ended May 31, 2026 breaks net revenue down as follows (all figures from the company press release and 10-K, in thousands of USD):

Cannabis and alcohol together make up roughly 57% of revenue — both are prohibited business lines under standard AAOIFI Shariah criteria. A company whose core business is materially non-compliant fails the business gate, and gates 2 and 3 become moot.

Gate 2 — Debt: FAIL

FAIL (context only — the business gate already decides the result). The 10-K for the year ended May 31, 2026 reports: bank indebtedness US$8.775M + current portion of long-term debt US$18.160M + long-term debt US$120.425M + convertible debentures payable US$79.529M = US$226.9M of interest-bearing debt (leases excluded).

With 131,683,075 common shares outstanding (post 10-for-1 reverse split effective December 2, 2025) at US$3.95 (Nasdaq, September 30, 2026), market cap is about US$520.1M.

Debt ÷ market cap = 226.9 ÷ 520.1 = 43.6% — above the ~33% AAOIFI threshold, so this gate would fail too. It is moot: the business gate already fails.

Gate 3 — Non-compliant income: unverifiable

UNVERIFIABLE (context only). The FY2026 income statement discloses only "Interest expense, net" (US$23.663M) and "Nonoperating income (expense), net" (US$(1.370)M). No separately disclosed interest or finance income line exists in the filing, so this ratio cannot be computed from official filings. It is moot: the business gate already fails.

Key figures used

Frequently asked questions

Is Tilray (TLRY) halal?

FAIL. Our screener gives Tilray Brands a FAIL because cannabis (~29.3% of FY2026 revenue) and alcohol beverages (~27.7%) together make up roughly 57% of revenue — both are prohibited business lines under standard AAOIFI Shariah criteria. The business gate fails, so the ratio gates are moot.

Why does Tilray fail the Shariah business gate?

Tilray's own segment reporting for fiscal 2026 (year ended May 31, 2026) shows cannabis net revenue of US$268.3M and beverage net revenue of US$254.0M out of US$915.5M total — 29.3% and 27.7% respectively, or about 57% combined from prohibited lines.

How much debt does Tilray have?

Its 10-K reports US$226.9M of interest-bearing debt (bank indebtedness, long-term debt, and convertible debentures; leases excluded). At US$3.95 per share on September 30, 2026, the ~US$520.1M market cap puts debt ÷ market cap at 43.6% — above the ~33% AAOIFI threshold. Moot, since the business gate already fails.

Does Tilray earn interest income?

No separately disclosed interest or finance income line exists in its FY2026 filing — the income statement shows only 'Interest expense, net' of US$23.663M and 'Nonoperating income (expense), net' of US$(1.370)M. The ratio is unverifiable from official filings.

Is Tilray being acquired or delisted?

No delisting or takeover activity found. Tilray is the acquirer — it bought BrewDog brewing assets for £33M (announced March 2026). Its Q1 FY2027 results (quarter ended August 31, 2026) are due October 8, 2026.

Sources