Although Tilray is clear that it is one of the most powerful in the cannabis industry, it is aware that the competition is not lagging behind, and little by little, is beginning to nip at its heels. That is why Tilray has immediately decided to give special priority to the growth of the brand, and thus continue to position itself at the top of the top.
There are still few recognizable product names, which is why the shift to a branded approach comes just as the cannabis industry continues to grow from strength to strength. Tilray has already done what it takes to overcome market saturation in Canada, which makes it clear how branding strategies are finally paying off for some companies in the crowded cannabis space.
Kicking off the week, the company that leads Canada in cannabis market share shared fiscal second-quarter interest, taxes, depreciation, and amortization of $13.8 million, beating analysts’ average estimate of $11.3 million. Although growth is evident and steady, Tilray does not want to get into a comfort zone and therefore seeks to further capitalize on the strength of its brand by launching a new parent name Tilray Brands Inc.
According to the company, this name change is a clear reflection of an “evolution from a Canadian LP to a global consumer packaged goods company powerhouse with a market-leading portfolio of cannabis and lifestyle CPG brands.” On the other hand, the company made it clear that its pricing, brand strength and marketing expertise have allowed it to continue to have an incredible share of the Canadian market.
On the earnings call, Blair MacNeil, president of Tilray Canada, said, “We don’t believe this is a sustainable environment. Only the strong will survive.” He further added that the company plans to give special focus to a much more aggressive marketing strategy and intends for the new product portfolio to be able to leave the competition behind.