Tilray Brands, Inc. (NasdaqGS:TLRY) will look for acquisitions. Carl A. Merton, Chief Financial Officer & Principal Accounting Officer said, “Turning to our beverage alcohol segment. We generated $21.4 million in net revenue, which was 56% higher than the prior year quarter of $13.7 million.

This was primarily due to our acquisition of Breckenridge and the Green Flash and Alpine beer brands in December 2021, coupled with our more recent acquisition of Montauk in November 2022. We remain bullish on expanding this segment over time, as we leverage our increased distribution, regain brand acceptance with Green Flash and Alpine, Foster brand acceptance with SweetWater in California, build out an extensive innovation pipeline and, of course, potentially pursue other acquisitions”. Irwin David Simon, President, Chief Executive Officer & Chairman said, “ We're now also focused on that wellness business.

We've been very successful with Manitoba Harvest. And we think with that, from an acquisition standpoint, the whole wellness area is an area we're going to focus on and look at acquisitions there. And upon legalization, there will be foods that will be infused with hemp.

There'll be foods that will be infused with THC. And that's why the name of the company is Tilray Brands. We're a diversified company focusing on adult-use cannabis, medical cannabis, beer, spirits and wellness products.

And we, as a team, have a lot of experience in that. So there's a major focus on additional acquisitions to diversify this company, because we don't know when legalization is going to happen in the U.S. and we want to grow this business as we've always said out there”. Irwin David Simon added, “So right now, in the U.S., we're going to focus our acquisitions on buying adjacencies to the cannabis business.

And if it's '24, '25 or '26, we're not depending and sitting here waiting for Congress and the Senate to make decisions, and that is ultimately the results of -- going to affect the results of our business because I don't want the effects of the results for our shareholders and our business be affected by politicians in Washington”.