0001437749-26-000902 | 10-Q | XBRL Viewer

Long-Term Debt [Text Block]

Note 11. Long-term debt

The following table sets forth the net carrying amount of long-term debt instruments:

	*November 30,*			*May 31,*
	*2025*			*2025*
Term loan - C$53,000 - Canadian prime plus an applicable margin, 3-year term, with a 10-year amortization, repayable in equal quarterly payments due in February 2028	$	36,720		$	38,690
Term loan - C$25,000 - Canadian prime plus 1.00%, compounded monthly, 5-year term, with a 15-year amortization, repayable in equal monthly installments of C$181 including interest, due in July 2033		10,788			11,501
Term loan - C$25,000 - Canadian prime plus 1.00%, compounded monthly, 5-year term, with a 15-year amortization, repayable in equal monthly installments of C$196 including interest, due in July 2033		8,772			9,354
Term loan - C$1,250 - Canadian prime plus 1.50%, 5-year term, with a 10-year amortization, repayable in equal monthly installments of C$12 including interest, due in August 2026		90			157
Mortgage payable - C$3,750 - Canadian prime plus 1.50%, 5-year term, with a 20-year amortization, repayable in equal monthly installments of C$23 including interest, due in August 2026		1,930			2,020
Term loan ‐ €3,500 ‐ at 4.59%, 5‐year term, repayable in monthly installments of €52 plus interest, due in August 2028		2,216			2,546
Mortgage payable - $22,635 - EURIBOR rate plus 1.5%, 10-year term, repayable in monthly installments of $57 to $69, due in October 2030		19,047			19,418
Term loan - $90,000 - SOFR plus an applicable margin, 5-year term, repayable in quarterly installments of $875 to $2,250 due in June 2028		77,063			80,438
Carrying amount of long-term debt		156,626			164,124
Unamortized financing fees		(998	)		(864	)
Net carrying amount		155,628			163,260
Less principal portion included in current liabilities		(16,889	)		(14,767	)
Total non-current portion of long-term debt	$	138,739		$	148,493

Note 5 - Intangible Assets

6 Months Ended

Nov. 30, 2025

Intangible Assets Disclosure [Text Block]

Note 5. Intangible Assets

Intangible assets consisted of the following items:

	*Customer relationships & distribution channel*			*Licenses, permits & applications*			*Intellectual property, trademarks, knowhow & brands*			*November 30,*
										*2025*
Cost	$	2,376		$	15,101		$	15,466		$	32,943
Accumulated amortization		(100	)		(7,245	)		(3,863	)		(11,208	)
Total	$	2,276		$	7,856		$	11,603		$	21,735

As of November 30, 2025, the Company also has the following intangible assets which have been fully impaired; $444,208 of customer relationships and distribution channels, $367,022 of licenses, permits and applications, and $452,530 of intellectual property, trademarks, know-how and brands.

	Customer relationships & distribution channel			Licenses, permits & applications			Non-compete agreements			Intellectual property, trademarks, knowhow & brands			May 31,
													2025
Cost	$	610,240		$	387,238		$	12,449		$	618,514		$	1,628,441
Accumulated amortization		(166,032	)		(9,693	)		(12,449	)		(155,084	)		(343,258	)
Accumulated impairment losses		(444,208	)		(367,022	)		—			(452,530	)		(1,263,760	)
Total	$	—		$	10,523		$	—		$	10,900		$	21,423

Licenses, permits & applications are predominantly comprised of multi-period sponsorship rights.

Expected future amortization expense for intangible assets as of November 30, 2025 is as follows:

	*Amortization*
2026 (remaining six months)	$	3,238
2027		6,476
2028		4,512
2029		2,548
2030		2,548
Thereafter		2,413
Total	$	21,735

Note 24 - Financial Risk Management and Financial Instruments - Summary of Digital Asset Holdings (Details) $ in Thousands	Nov. 30, 2025 USD ($)
Crypto Asset, Number of Units, Fractional	9.16
Digital assets, cost	$ 1,000
Digital assets, fair value	828
Digital assets, cumulative unrealized gain (loss)	$ (172)
Bitcoin [Member]
Crypto Asset, Number of Units, Fractional	9.16
Digital assets, cost	$ 1,000
Digital assets, fair value	828
Digital assets, cumulative unrealized gain (loss)	$ (172)

Note 21 - General and Administrative Expenses - Components of General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2025	Nov. 30, 2024
Salaries and wages	$ 24,764	$ 22,726	$ 46,500	$ 44,293
Office and general	8,284	9,458	16,981	18,718
Share-Based Payment Arrangement, Expense	12,283	7,237	17,335	14,154
Insurance	2,456	3,155	4,849	5,610
Professional fees	1,034	1,126	2,252	2,304
Gain on sale of capital assets	(134)	(505)	(375)	(531)
Travel and accommodation	1,292	1,754	2,604	3,247
Rent	1,196	1,046	2,082	2,315
Total	$ 51,175	$ 45,997	$ 92,228	$ 90,110

Note 16 - Non-controlling Interests

6 Months Ended

Nov. 30, 2025

Noncontrolling Interest Disclosure [Text Block]

Note 16. Non-controlling interests

The following are majority-owned subsidiaries of the Company and the percentage of ownership interest maintained by the Company is set forth in the parenthetical: Enroot (75%), Aphria Diamond (51%), and Colcanna S.A.S. (90%).

The following table provides a summary of certain balance sheet information before intercompany eliminations relating to the above-referenced majority-owned subsidiaries of the Company in which there was a non-controlling interest as of November 30, 2025:

				*Aphria*			*ColCanna*			*November 30,*
	*Enroot*			*Diamond*			*S.A.S.*			*2025*
Current assets	$	203		$	69,005		$	3		$	69,211
Non-current assets		—			108,486			3,761			112,247
Current liabilities		(4	)		(124,948	)		(7,030	)		(131,982	)
Non-current liabilities		—			(31,529	)		(1,440	)		(32,969	)
Net assets	$	199		$	21,014		$	(4,706	)	$	16,507

	SH		CC Pharma		Aphria			ColCanna			May 31,
	Acquisition		Nordic ApS		Diamond			S.A.S.			2025
Current assets	$	—	$	—	$	83,390		$	20		$	83,410
Non-current assets		—		—		114,677			3,348			118,025
Current liabilities		—		—		(126,986	)		(6,953	)		(133,939	)
Non-current liabilities		—		—		(31,720	)		(1,442	)		(33,162	)
Net assets	$	—	$	—	$	39,361		$	(5,027	)	$	34,334

The following table provides a summary of certain income statement information before intercompany eliminations relating to the above referenced majority-owned subsidiaries of the Company in which there was a non-controlling interest for the six months ended November 30, 2025:

				*Aphria*			*ColCanna*			*November 30,*
	*Enroot*			*Diamond*			*S.A.S.*			*2025*
Revenue	$	4		$	31,258		$	—		$	31,262
Total expenses		7			24,762			(736	)		24,033
Net (loss) income		(3	)		6,496			736			7,229
Other comprehensive (loss) income		—			1,120			(415	)		705
Net comprehensive (loss) income	$	(3	)	$	7,616		$	321		$	7,934
Non-controlling interest %		25	%		49	%		10	%	NA
Comprehensive (loss) income attributable to NCI		(1	)		3,732			32			3,763
Net comprehensive (loss) income attributable to NCI	$	(1	)	$	3,732		$	32		$	3,763

	SH			*CC Pharma*			*Aphria*			*ColCanna*			*November 30,*
	*Acquisition*			*Nordic ApS*			*Diamond*			*S.A.S.*			*2024*
Revenue	$	—		$	—		$	36,429		$	—		$	36,429
Total expenses		—			5			26,919			793			27,717
Net (loss) income		—			(5	)		9,510			(793	)		8,712
Other comprehensive (loss) income		—			(1	)		(796	)		434			(363	)
Net comprehensive (loss) income	$	—		$	(6	)	$	8,714		$	(359	)	$	8,349
Non-controlling interest %		32	%		25	%		49	%		10	%	NA
Comprehensive (loss) income attributable to NCI		—			(2	)		4,270			(36	)		4,232
Net comprehensive (loss) income attributable to NCI	$	—		$	(2	)	$	4,270		$	(36	)	$	4,232

Note 4 - Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2025	May 31, 2025
Finance lease, right-of-use assets	$ 39,406	$ 40,308
Operating lease, right-of-use assets	19,802	22,279
Total right-of-use assets	59,208	62,587
Current portion of finance lease liabilities	1,628	1,560
Current portion of operating lease liabilities	5,809	5,381
Finance lease liabilities	43,597	44,295
Operating lease liabilities	18,145	20,630
Total lease liabilities	$ 69,179	$ 71,866

Note 23 - Non-operating Income (Expense) - Components of Non-operating Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2025	Nov. 30, 2024
Change in fair value of warrant liability	$ 175	$ 862	$ (3,495)	$ 1,558
Foreign exchange gain (loss)	(10,327)	(33,797)	(3,399)	(21,916)
(Loss) gain on long-term investments	(345)	(27)	(306)	(66)
Unrealized loss on digital assets	(164)	0	(172)	(0)
Other non-operating (losses) gains, net	(1,649)	(293)	(1,106)	(185)
Total	$ (12,310)	$ (33,255)	$ (8,478)	$ (20,609)

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Nov. 30, 2025
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of consolidation Subsidiaries are entities controlled by the Company. Control exists when the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. The financial statements of all subsidiaries are included in the Financial Statements from the date that control commences until the date that control ceases. All intercompany balances and transactions have been eliminated on consolidation. A complete list of our subsidiaries that existed as of our most recent fiscal year end is included in the Annual Report.
Reverse Stock Split [Policy Text Block]	Reverse Stock Split Effective December 2, 2025, the Company implemented a reverse stock split of its outstanding shares of Common Stock, at a ratio of one-for-ten (the “Reverse Stock Split”). No fractional shares were issued in connection with the Reverse Stock Split. Fractional shares resulting from the Reverse Stock Split were rounded down to the nearest whole share and stockholders received cash in lieu of any fractional shares that were created by the Reverse Stock Split. Each stockholder's percentage ownership interest in the Company and proportional voting power remained unchanged as a result of the Reverse Stock Split, except for adjustments that resulted from rounding fractional shares down to whole shares. All issued and outstanding Common Stock, per share amounts, and outstanding equity instruments and awards exercisable into Common Stock contained in the condensed interim consolidated financial statements of the Company and notes thereto have been retroactively adjusted to reflect the Reverse Stock Split for all prior periods presented.
Earnings Per Share, Policy [Policy Text Block]	Earnings (loss) per share Basic earnings (loss) per share is computed by dividing reported net loss attributable to stockholders of Tilray Brands, Inc. by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing reported net loss attributable to stockholders of Tilray Brands, Inc. by the sum of the weighted average number of common shares and the number of dilutive potential common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of vested share options, warrants, and RSUs and the incremental shares issuable upon conversion of the convertible debentures and similar instruments. Shares of Common Stock outstanding under the share lending arrangement entered into in conjunction with the TLRY 27 Notes, see Note 12 (Convertible debentures payable) are excluded from the calculation of basic and diluted earnings per share because the borrower of the shares is required under the share lending arrangement to refund any dividends paid on the shares lent. In computing diluted earnings (loss) per share, common share equivalents are not considered in periods in which a net loss attributable to Tilray shareholders is reported, as the inclusion of the common share equivalents would be anti-dilutive. For the three months ended November 30, 2025 and November 30, 2024, the dilutive potential common share equivalents outstanding consisted of the following: 7,734,265.and 2,336,535 common shares from RSUs, 303,203 and 306,032 common shares from share options, nil and 620,900 common shares for warrants and 3,766,478 and 5,875,706 common shares for convertible debentures, respectively. Current and prior year share amounts have been retrospectively adjusted to reflect the Reverse Stock Split, which became effective on December 2, 2025.
New Accounting Pronouncements, Policy [Policy Text Block]	New accounting pronouncements not yet adopted In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, Business Combination - Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement (“ASU 2023-05”), which is intended to address the accounting for contributions made to a joint venture. ASU 2023-05 is effective for the Company beginning June 1, 2026. This update will be applied prospectively and the Company is currently evaluating the effect of adopting this ASU. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company is currently evaluating the effect of adopting this ASU. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis. ASU 2023-09 is effective for the Company beginning with its fiscal year ended May 31, 2026 and will be disclosed in the Financial Statements reported in our Annual Report on Form 10-K filed with the SEC for such period. The Company is in the process of evaluating the impact of the financial statement disclosure requirement. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 is effective for the Company beginning fiscal year ended May 31, 2028 and will be disclosed in the Annual Report on Form 10-K. The Company is currently evaluating the effect of adopting this ASU. New accounting pronouncements recently adopted In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The Company adopted ASU 2024-04 beginning June 1, 2025, however, it did not have any impact on our unaudited interim consolidated financial statements.
Platform Operator, Crypto Asset [Policy Text Block]	Digital Assets In December 2023, FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. ASU 2023-08 requires certain crypto assets to be measured at fair value separately on the balance sheet with gains and losses from changes in the fair value reported as unrealized gains or losses in the consolidated statement of income (loss) and comprehensive income (loss) each reporting period. ASU 2023-08 also enhances the other intangible asset disclosure requirements by requiring the name, cost basis, fair value, and number of units for each significant crypto asset holding. In conjunction with the acquisition of digital assets during the fiscal quarter ended August 31, 2025, the Company adopted and applied ASU-2023-08 henceforth. The Company's digital assets are initially recorded at cost, and are subsequently measured at fair value as of each reporting period. The Company determines the fair value of its digital assets in accordance with ASC 820, Fair Value Measurement, based on quoted prices in its principal market for Bitcoin (Level 1). Changes in fair value are recognized as incurred in the Company's consolidated statement of income (loss) and comprehensive income (loss), as “Unrealized (gain) loss on digital assets,” within non-operating (income) and expenses, net.

Note 4 - Leases (Tables)

6 Months Ended

Nov. 30, 2025

Lessee, Operating and Finance Lease, Liabilities, to be Paid, Maturity [Table Text Block]

		*November 30,*		*May 31,*
	*Classification on Balance Sheet*	*2025*		*2025*
Assets
Finance lease, right-of-use assets	Capital assets	$	39,406	$	40,308
Operating lease, right-of-use assets	Operating lease, right-of-use assets		19,802		22,279
Total right-of-use assets		$	59,208	$	62,587
Liabilities
Current:
Current portion of finance lease liabilities	Current portion of lease liabilities	$	1,628	$	1,560
Current portion of operating lease liabilities	Current portion of lease liabilities		5,809		5,381
Non-current:
Finance lease liabilities	Lease liabilities		43,597		44,295
Operating lease liabilities	Lease liabilities		18,145		20,630
Total lease liabilities		$	69,179	$	71,866

	*Operating*			*Finance*
	*leases*			*leases*
2026 (remaining six months)	$	3,711		$	2,260
2027		6,938			4,521
2028		5,920			4,521
2029		2,939			4,373
Thereafter		11,004			66,816
Total minimum lease payments	$	30,512		$	82,491
Imputed interest		(6,558	)		(37,266	)
Obligations recognized	$	23,954		$	45,225

Note 19 - Net Revenue - Components of Net Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2025	Nov. 30, 2024
Net revenue	$ 217,507	$ 210,950	$ 427,008	$ 410,994
Beverage Alcohol Business [Member]
Revenue	53,552	66,861	112,064	126,024
Excise taxes	(3,469)	(3,780)	(6,242)	(6,971)
Net revenue	50,083	63,081	105,822	119,053
Cannabis Segment [Member]
Revenue	90,208	87,208	177,943	168,402
Excise taxes	(22,676)	(21,556)	(45,900)	(41,501)
Net revenue	67,532	65,652	132,043	126,901
Distribution Business [Member]
Net revenue	85,316	67,611	159,323	135,682
Wellness Business [Member]
Net revenue	$ 14,576	$ 14,606	$ 29,820	$ 29,358

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

Note 2 - Inventory

6 Months Ended

Nov. 30, 2025

Inventory Disclosure [Text Block]

Note 2. Inventory

Inventory consisted of the following:

	*November 30,*		*May 31,*
	*2025*		*2025*
Beverage inventory	$	67,363	$	63,965
Cannabis plants		29,117		24,045
Dried cannabis		106,114		103,507
Cannabis derivatives		3,798		7,877
Cannabis vapes		1,639		1,860
Packaging and other inventory items		13,532		15,366
Distribution inventory		48,104		38,735
Wellness inventory		13,531		15,527
Total	$	283,198	$	270,882

Note 7 - Business Acquisitions (Details Textual) $ in Thousands		3 Months Ended		6 Months Ended
	Sep. 01, 2024 USD ($)	Nov. 30, 2025 USD ($)	Nov. 30, 2024 USD ($)	Nov. 30, 2025 USD ($)	Nov. 30, 2024 USD ($)
Craft Beverage Business Acquisition II [Member]
Business Combination, Pro Forma Information, Pro Forma Revenue		$ 0	$ 0	$ 0	$ 13,700
Craft Beverage Business Acquisition II [Member]
Number of Brands Acquired	4
Payments to Acquire Businesses, Gross	$ 22,979
Business Combination, Pro Forma Information, Pro Forma Income (Loss), after Tax		$ 0	$ 0	$ 0	$ (4,000)

Consolidated Statements of Financial Position (Unaudited) (Parentheticals) - $ / shares	Nov. 30, 2025	May 31, 2025
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,416,000,000	1,416,000,000
Common stock, shares issued (in shares)	116,522,600	106,067,875
Common stock, shares outstanding (in shares)	116,522,600	106,067,875
Treasury stock (in shares)	321,391	200,422
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Consolidated Statements of Loss and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Nov. 30, 2025

Nov. 30, 2024

Nov. 30, 2025

Nov. 30, 2024

Net revenue

$ 217,507

$ 210,950

$ 427,008

$ 410,994

Cost of goods sold

160,010

149,730

312,042

290,068

Gross profit

57,497

61,220

114,966

120,926

Operating expenses:

General and administrative

51,175

45,997

92,228

90,110

Selling

11,781

16,162

24,704

27,852

Amortization

4,358

22,927

8,287

44,731

Marketing and promotion

9,981

9,720

20,136

21,286

Research and development

119

165

Change in fair value of contingent consideration

(15,000)

Litigation costs, net of recoveries

869

901

1,876

2,496

Restructuring costs

965

6,869

1,834

11,116

Transaction costs (income), net

569

802

969

1,958

Total operating expenses

79,776

103,438

135,153

199,714

Operating loss

(22,279)

(42,218)

(20,187)

(78,788)

Interest expense, net

(5,374)

(7,766)

(12,070)

(17,608)

Non-operating income (expense), net

(12,310)

(33,255)

(8,478)

(20,609)

Loss before income taxes

(39,963)

(83,239)

(40,735)

(117,005)

Income tax expense (recovery), net

3,546

2,036

1,261

2,922

Net loss

(43,509)

(85,275)

(41,996)

(119,927)

Total net income (loss) attributable to:

Stockholders of Tilray Brands, Inc.

(44,931)

(85,342)

(45,253)

(124,507)

Non-controlling interests

1,422

3,257

4,580

Other comprehensive gain (loss), net of tax

Foreign currency translation gain (loss)

4,464

(8,966)

4,276

(4,806)

Comprehensive loss

(39,045)

(94,241)

(37,720)

(124,733)

Total comprehensive income (loss) attributable to:

Stockholders of Tilray Brands, Inc.

(40,994)

(93,422)

(41,483)

(128,965)

Non-controlling interests

$ 1,949

$ (819)

$ 3,763

$ 4,232

Weighted average number of common shares - basic (in shares)

^[1]

110,343,368

86,497,456

108,173,486

83,740,894

Weighted average number of common shares - diluted (in shares)

^[1]

110,343,368

86,497,456

108,173,486

83,740,894

Net loss per share - basic1 (in dollars per share)

$ (0.41)

$ (0.99)

$ (0.42)

$ (1.49)

Net loss per share - diluted1 (in dollars per share)

$ (0.41)

$ (0.99)

$ (0.42)

$ (1.49)

[1]	Current and prior year share and amounts have been retrospectively adjusted to reflect the Reverse Stock Split, which became effective on December 2, 2025. See Note 1 for details.

Note 3 - Capital Assets

6 Months Ended

Nov. 30, 2025

Property, Plant and Equipment Disclosure [Text Block]

Note 3. Capital assets

Capital assets consisted of the following:

	*November 30,*			*May 31,*
	*2025*			*2025*
Land	$	45,188		$	44,529
Production facilities		415,110			407,650
Equipment		278,205			280,585
Leasehold improvements		22,060			20,415
Finance lease, right-of-use assets		39,406			40,308
Construction in progress		12,469			11,241
	$	812,438		$	804,728
Less: accumulated amortization		(262,337	)		(236,295	)
Total	$	550,101		$	568,433

Assets held for sale consisted of the following:

	*November 30,*		*May 31,*
	*2025*		*2025*
Production facilities	$	4,000	$	5,800
Total	$	4,000	$	5,800

As of November 30, 2025, the Company classified the Fort Collins, CO partially vacant warehouse facility from its Cannabis reporting segment as held for sale. During the three months ended November 30, 2025, the Company recorded a reduction in fair value of $1,800 for the Fort Collins, CO asset group in the consolidated statement of loss and comprehensive loss. Subsequent to the period ended November 30, 2025, the Company completed the sale of the Fort Collins asset group.

Note 20 - Cost of Goods Sold

6 Months Ended

Nov. 30, 2025

Cost of Goods Sold [Text Block]

Note 20. Cost of goods sold

The Company reports Cost of goods sold in four reporting segments: beverage, cannabis, distribution, and wellness. Cost of goods sold for the three and six months ended November 30, 2025 and three and six months ended November 30, 2024 were as follows:

	*For the three months ended*				*For the six months ended*
	*November 30,*		*November 30,*		*November 30,*		*November 30,*
	*2025*		*2024*		*2025*		*2024*
Beverage costs		34,351		37,925		68,764	$	70,975
Cannabis costs		41,398		42,475		82,639		79,529
Distribution costs		74,334		59,207		140,342		119,345
Wellness costs		9,927		10,123		20,297		20,219
Total	$	160,010	$	149,730	$	312,042	$	290,068

Note 23 - Non-operating Income (Expense), Net (Tables)

6 Months Ended

Nov. 30, 2025

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

	*For the three months ended*						*For the six months ended*
	*November 30,*			*November 30,*			*November 30,*			*November 30,*
	*2025*			*2024*			*2025*			*2024*
Change in fair value of warrant liability	$	175		$	862		$	(3,495	)	$	1,558
Foreign exchange gain (loss)		(10,327	)		(33,797	)		(3,399	)		(21,916	)
(Loss) gain on long-term investments		(345	)		(27	)		(306	)		(66	)
Unrealized loss on digital assets		(164	)		—			(172	)		—
Other non-operating (losses) gains, net		(1,649	)		(293	)		(1,106	)		(185	)
Total	$	(12,310	)	$	(33,255	)	$	(8,478	)	$	(20,609	)

Note 4 - Leases - Schedule of Maturity (Details) $ in Thousands	Nov. 30, 2025 USD ($)
2025 (remaining three months), operating	$ 3,711
2025 (remaining three months), finance	2,260
2027, operating	6,938
2027, finance	4,521
2028, operating	5,920
2028, finance	4,521
2029, operating	2,939
2029, finance	4,373
Thereafter, operating	11,004
Thereafter, finance	66,816
Total minimum lease payments, operating	30,512
Total minimum lease payments, finance	82,491
Imputed interest, operating	(6,558)
Imputed interest, finance	(37,266)
Obligations recognized, operating	23,954
Obligations recognized, finance	$ 45,225

Note 7 - Business Acquisitions (Tables)

6 Months Ended

Nov. 30, 2025

Business Combination, Recognized Asset Acquired and Liability Assumed [Table Text Block]

	*Amount*
Consideration
Cash consideration	$	22,979
Net assets acquired
Current assets
Cash and cash equivalents		4,869
Accounts receivable		1,993
Inventory		6,844
Prepaids and other current assets		185
Long-term assets
Capital assets		20,916
Finance lease, right-of-use assets		1,869
Operating lease, right-of-use assets		1,884
Total assets		38,560
Current liabilities
Accounts payable and accrued liabilities		11,828
Current portion of finance lease liabilities		354
Current portion of operating lease liabilities		564
Long - term liabilities
Finance lease liabilities		1,515
Operating lease liabilities		1,320
Total liabilities		15,581
Total net assets acquired		22,979

Note 24 - Financial Risk Management and Financial Instruments (Tables)

6 Months Ended

Nov. 30, 2025

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

							*November 30,*
	*Level 1*		*Level 2*		*Level 3*		*2025*
Financial assets
Cash and cash equivalents	$	246,703	$	—	$	—	$	246,703
Marketable securities		44,848		—		—		44,848
Equity investments measured at fair value		4,229		1,004		8,160		13,393
Digital assets		828		—		—		828
Total recurring fair value measurements	$	296,608	$	1,004	$	8,160	$	305,772

								*May 31,*
	*Level 1*		*Level 2*		*Level 3*			*2025*
Financial assets
Cash and cash equivalents	$	221,666	$	—	$	—		$	221,666
Marketable securities		34,697		—		—			34,697
Equity investments measured at fair value		909		1,063		8,160			10,132
Financial liabilities
Warrant liability		—		—		(1,092	)		(1,092	)
Contingent consideration		—		—		(15,000	)		(15,000	)
Total recurring fair value measurements	$	257,272	$	1,063	$	(7,932	)	$	250,403

Crypto Asset, Holding [Table Text Block]

	*Quantity*		*Cost Basis*		*Fair Value*		*Cumulative Unrealized Gain (Loss)*
Bitcoin		9.16	$	1,000	$	828	$	(172	)
Total digital assets		9.16	$	1,000	$	828	$	(172	)

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	*Equity*		*Warrant*			*Contingent*
	*Investments*		*Liability*			*Consideration*
Balance, May 31, 2025	$	8,160	$	(1,092	)	$	(15,000	)
Unrealized gain (loss) on fair value		—		(3,495	)		15,000
Instruments exercised		—		4,587			—
Balance, November 30, 2025	$	8,160	$	—		$	—

											*APHA 24*
	*Convertible*		*Equity*		*Warrant*			*Contingent*			*Convertible*
	*notes receivable*		*Investments*		*Liability*			*Consideration*			*Debt*
Balance, May 31, 2024	$	32,000	$	5,500	$	(3,253	)	$	(15,000	)	$	(330	)
Additions/(Repayments)		—		—		—			—			330
Unrealized gain (loss) on fair value		—		—		1,558			—			—
Balance, November 30, 2024	$	32,000	$	5,500	$	(1,695	)	$	(15,000	)	$	—

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

		*Significant*
	*Valuation*	*unobservable*
Financial asset / financial liability	*technique*	*input*	*Inputs*
Contingent consideration	Discounted cash flows	Probability of achievement	0%
Equity investments	Discounted cash flows	Probability of achievement	70%

Note 11 - Long-term Debt - Net Carrying Amount of Long-term Debt Instruments (Details) (Parentheticals) € in Thousands, $ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Nov. 30, 2025 USD ($)	Nov. 30, 2025 CAD ($)	Nov. 30, 2025 EUR (€)	May 31, 2025 USD ($)	May 31, 2025 CAD ($)	May 31, 2025 EUR (€)	Nov. 30, 2025 CAD ($)	Nov. 30, 2025 EUR (€)	May 31, 2025 CAD ($)	May 31, 2025 EUR (€)
Term Loan Due in February 2028 [Member]
Face amount							$ 53,000		$ 53,000
Term (Year)	3 years	3 years	3 years	3 years	3 years	3 years
Amortization period (Year)	10 years	10 years	10 years	10 years	10 years	10 years
Maturity	Feb. 29, 2028	Feb. 29, 2028	Feb. 29, 2028	Feb. 29, 2028	Feb. 29, 2028	Feb. 29, 2028
Term Loan Due in July 2033 [Member]
Face amount							25,000		25,000
Term (Year)	5 years	5 years	5 years	5 years	5 years	5 years
Amortization period (Year)	15 years	15 years	15 years	15 years	15 years	15 years
Maturity	Jul. 31, 2033	Jul. 31, 2033	Jul. 31, 2033	Jul. 31, 2033	Jul. 31, 2033	Jul. 31, 2033
Periodic payment		$ 181			$ 181
Term Loan Due in July 2033 [Member] \| Prime Rate [Member]
Variable rate	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Term Loan Due in July 2033 Two [Member]
Face amount							25,000		25,000
Term (Year)	5 years	5 years	5 years	5 years	5 years	5 years
Amortization period (Year)	15 years	15 years	15 years	15 years	15 years	15 years
Maturity	Jul. 31, 2033	Jul. 31, 2033	Jul. 31, 2033	Jul. 31, 2033	Jul. 31, 2033	Jul. 31, 2033
Variable rate	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Periodic payment		$ 196			$ 196
Term Loan Due in August 2026 [Member]
Face amount							1,250		1,250
Term (Year)	5 years	5 years	5 years	5 years	5 years	5 years
Amortization period (Year)	10 years	10 years	10 years	10 years	10 years	10 years
Maturity	Aug. 31, 2026	Aug. 31, 2026	Aug. 31, 2026	Aug. 31, 2026	Aug. 31, 2026	Aug. 31, 2026
Periodic payment		$ 12			$ 12
Term Loan Due in August 2026 [Member] \| Prime Rate [Member]
Variable rate	1.50%	1.50%	1.50%	1.50%	1.50%	1.50%
Mortgage Payable Due in August 2026 [Member]
Face amount							$ 3,750		$ 3,750
Term (Year)	5 years	5 years	5 years	5 years	5 years	5 years
Amortization period (Year)	20 years	20 years	20 years	20 years	20 years	20 years
Maturity	Aug. 31, 2026	Aug. 31, 2026	Aug. 31, 2026	Aug. 31, 2026	Aug. 31, 2026	Aug. 31, 2026
Periodic payment		$ 23			$ 23
Mortgage Payable Due in August 2026 [Member] \| Prime Rate [Member]
Variable rate	1.50%	1.50%	1.50%	1.50%	1.50%	1.50%
Term Loan Due in August 2028 [Member]
Face amount \| €								€ 3,500		€ 3,500
Term (Year)	5 years	5 years	5 years	5 years	5 years	5 years
Maturity	Aug. 31, 2028	Aug. 31, 2028	Aug. 31, 2028	Aug. 31, 2028	Aug. 31, 2028	Aug. 31, 2028
Periodic payment \| €			€ 52			€ 52
Rate	4.59%			4.59%			4.59%	4.59%	4.59%	4.59%
Mortgage Payable Due in October 2030 [Member]
Face amount	$ 22,635			$ 22,635
Term (Year)	10 years	10 years	10 years	10 years	10 years	10 years
Maturity	Oct. 31, 2030	Oct. 31, 2030	Oct. 31, 2030	Oct. 31, 2030	Oct. 31, 2030	Oct. 31, 2030
Mortgage Payable Due in October 2030 [Member] \| Minimum [Member]
Periodic payment	$ 57			$ 57
Mortgage Payable Due in October 2030 [Member] \| Maximum [Member]
Periodic payment	$ 69			$ 69
Mortgage Payable Due in October 2030 [Member] \| Euro Interbank Offered Rate [Member]
Variable rate	1.50%	1.50%	1.50%	1.50%	1.50%	1.50%
Term Loan Due in June 2028 [Member]
Face amount	$ 90,000			$ 90,000
Term (Year)	5 years	5 years	5 years	5 years	5 years	5 years
Maturity	Jun. 30, 2028	Jun. 30, 2028	Jun. 30, 2028	Jun. 30, 2028	Jun. 30, 2028	Jun. 30, 2028
Term Loan Due in June 2028 [Member] \| Minimum [Member]
Periodic payment	$ 875			$ 875
Term Loan Due in June 2028 [Member] \| Maximum [Member]
Periodic payment	$ 2,250			$ 2,250

Note 19 - Net Revenue

6 Months Ended

Nov. 30, 2025

Revenue from Contract with Customer [Text Block]

Note 19. Net revenue

The Company reports Net revenue in four reporting segments: beverage, cannabis, distribution, and wellness. Net revenue for the three and six months ended November 30, 2025 and three and six months ended November 30, 2024 were as follows:

	*For the three months ended*						*For the six months ended*
	*November 30,*			*November 30,*			*November 30,*			*November 30,*
	*2025*			*2024*			*2025*			*2024*
Beverage revenue	$	53,552		$	66,861		$	112,064		$	126,024
Beverage excise taxes		(3,469	)		(3,780	)		(6,242	)		(6,971	)
Net beverage revenue		50,083			63,081			105,822			119,053
Cannabis revenue		90,208			87,208			177,943			168,402
Cannabis excise taxes		(22,676	)		(21,556	)		(45,900	)		(41,501	)
Net cannabis revenue		67,532			65,652			132,043			126,901
Distribution revenue		85,316			67,611			159,323			135,682
Wellness revenue		14,576			14,606			29,820			29,358
Total	$	217,507		$	210,950		$	427,008		$	410,994

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Note 7 - Business Acquisitions - Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Sep. 01, 2024 USD ($)
Finance lease, right-of-use assets	$ 1,869
Craft Beverage Business Acquisition [Member]
Cash consideration	22,979
Cash and cash equivalents	4,869
Accounts receivable	1,993
Inventory	6,844
Prepaids and other current assets	185
Capital assets	20,916
Operating lease, right-of-use assets	1,884
Total assets	38,560
Accounts payable and accrued liabilities	11,828
Current portion of finance lease liabilities	354
Current portion of operating lease liabilities	564
Finance lease liabilities	1,515
Operating lease liabilities	1,320
Total liabilities	15,581
Total net assets acquired	$ 22,979

Note 15 - Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Nov. 30, 2025

Comprehensive Income (Loss) Note [Text Block]

Note 15. Accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss) is comprised of foreign currency translation gain (loss) as follows:

	*Total*
	*Foreign*
	*currency*
	*translation*
	*gain (loss)*
Balance May 31, 2024	$	(43,499	)
Other comprehensive income (loss)		3,622
Balance August 31, 2024	$	(39,877	)
Other comprehensive income (loss)		(8,080	)
Balance November 30, 2024	$	(47,957	)

Balance May 31, 2025	$	(43,063	)
Other comprehensive income (loss)		(167	)
Balance August 31, 2025	$	(43,230	)
Other comprehensive income (loss)		3,937
Balance November 30, 2025	$	(39,293	)

Note 6 - Goodwill

6 Months Ended

Nov. 30, 2025

Goodwill Disclosure [Text Block]

Note 6. Goodwill

The following table shows the carrying amount of goodwill by reporting units:

	*November 30,*
	*2025*
Cannabis Goodwill	$	2,640,669
Accumulated impairment losses		(1,888,319	)
Total	$	752,350

	*Reporting Unit*												*May 31,*
	*Beverage*			*Cannabis*			*Wellness*			*Distribution*			*2025*
Goodwill	$	120,802		$	2,640,669		$	77,470		$	4,458		$	2,843,399
Accumulated impairment losses		(120,802	)		(1,888,319	)		(68,186	)		(4,235	)		(2,090,654	)
Effect of foreign exchange		—			—			(9,284	)		(223	)		(395	)
Total	$	—		$	752,350		$	—		$	—		$	752,350

The entire disclosure for goodwill.

+ References + Details

Note 16 - Non-controlling Interests (Tables)

6 Months Ended

Nov. 30, 2025

Condensed Balance Sheet [Table Text Block]

				*Aphria*			*ColCanna*			*November 30,*
	*Enroot*			*Diamond*			*S.A.S.*			*2025*
Current assets	$	203		$	69,005		$	3		$	69,211
Non-current assets		—			108,486			3,761			112,247
Current liabilities		(4	)		(124,948	)		(7,030	)		(131,982	)
Non-current liabilities		—			(31,529	)		(1,440	)		(32,969	)
Net assets	$	199		$	21,014		$	(4,706	)	$	16,507

	SH		CC Pharma		Aphria			ColCanna			May 31,
	Acquisition		Nordic ApS		Diamond			S.A.S.			2025
Current assets	$	—	$	—	$	83,390		$	20		$	83,410
Non-current assets		—		—		114,677			3,348			118,025
Current liabilities		—		—		(126,986	)		(6,953	)		(133,939	)
Non-current liabilities		—		—		(31,720	)		(1,442	)		(33,162	)
Net assets	$	—	$	—	$	39,361		$	(5,027	)	$	34,334

Condensed Income Statement [Table Text Block]

				*Aphria*			*ColCanna*			*November 30,*
	*Enroot*			*Diamond*			*S.A.S.*			*2025*
Revenue	$	4		$	31,258		$	—		$	31,262
Total expenses		7			24,762			(736	)		24,033
Net (loss) income		(3	)		6,496			736			7,229
Other comprehensive (loss) income		—			1,120			(415	)		705
Net comprehensive (loss) income	$	(3	)	$	7,616		$	321		$	7,934
Non-controlling interest %		25	%		49	%		10	%	NA
Comprehensive (loss) income attributable to NCI		(1	)		3,732			32			3,763
Net comprehensive (loss) income attributable to NCI	$	(1	)	$	3,732		$	32		$	3,763

	SH			*CC Pharma*			*Aphria*			*ColCanna*			*November 30,*
	*Acquisition*			*Nordic ApS*			*Diamond*			*S.A.S.*			*2024*
Revenue	$	—		$	—		$	36,429		$	—		$	36,429
Total expenses		—			5			26,919			793			27,717
Net (loss) income		—			(5	)		9,510			(793	)		8,712
Other comprehensive (loss) income		—			(1	)		(796	)		434			(363	)
Net comprehensive (loss) income	$	—		$	(6	)	$	8,714		$	(359	)	$	8,349
Non-controlling interest %		32	%		25	%		49	%		10	%	NA
Comprehensive (loss) income attributable to NCI		—			(2	)		4,270			(36	)		4,232
Net comprehensive (loss) income attributable to NCI	$	—		$	(2	)	$	4,270		$	(36	)	$	4,232

Note 18 - Commitments and Contingencies

6 Months Ended

Nov. 30, 2025

Commitments and Contingencies Disclosure [Text Block]

Note 18. Commitments and contingencies

Purchase and other commitments

The Company has financial commitments on long-term debt, refer to Note 11 (Long-term debt), convertible notes, refer to Note 12 (Convertible debentures payable), material purchase commitments inclusive of multi-period sponsorship rights and construction commitments as follows:

	*Total*		*2026*		*2027*		*2028*		*2029*		*Thereafter*
Long-term debt repayment	$	156,626	$	16,889	$	13,624	$	94,715	$	3,619	$	27,779
Convertible debentures payable		100,000		—		—		100,000		—		—
Material purchase obligations		63,319		33,363		28,261		615		530		550
Construction commitments		1,209		1,209		—		—		—		—
Total	$	321,154	$	51,461	$	41,885	$	195,330	$	4,149	$	28,329

Legal proceedings

In the ordinary course of business, we are at times subject to various legal proceedings and disputes, including the proceedings specifically discussed below. We assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of loss is not estimable, we do not accrue legal reserves. While the outcome of legal proceedings is inherently uncertain, based on information currently available and available insurance coverage, our management believes that it has established appropriate legal reserves. Any incremental liabilities arising from pending legal proceedings are not expected to have a material adverse effect on our consolidated financial position, consolidated results of operations, or consolidated cash flows. However, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to our consolidated financial position, consolidated results of operations, or consolidated cash flows.

There have been no material changes in the legal proceedings since our Annual Report on Form 10-K for the fiscal year ended May 31, 2025.

Summary of litigation accruals

As described in Note 10 (Accounts payable and accrued liabilities), the total estimated litigation expense accrual included in accrued liabilities as of November 30, 2025 and May 31, 2025 was $12,013 and $12,431, respectively. This estimated accrual is intended to cover various ongoing litigation matters with probable losses that can be reasonably estimated.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Nov. 30, 2025	Jan. 06, 2026
Document Information [Line Items]
Entity Central Index Key	0001731348
Entity Registrant Name	Tilray Brands, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--05-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2025
Document Transition Report	false
Entity File Number	001-38594
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4310622
Entity Address, Address Line One	265 Talbot Street West
Entity Address, City or Town	Leamington
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	N8H 5L4
City Area Code	844
Local Phone Number	845-7291
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TLRY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		116,506,916

Note 14 - Stockholders' Equity

6 Months Ended

Nov. 30, 2025

Equity [Text Block]

Note 14. Stockholders' equity

Issued and outstanding

Pursuant to its Fifth Amended and Restated Certificate of Incorporation, the total number of shares that the Company is authorized to issue is 1,426,000,000 shares, of which 1,416,000,000 shares are Common Stock, and 10,000,000 shares of which are Preferred Stock (the “Preferred Stock”). As of November 30, 2025, the Company had issued and outstanding 116,522,600 shares of Common Stock, 321,391 shares of Treasury Stock (the “Treasury Stock”) and no Preferred Stock. Historically, the Company has issued shares of its Common Stock in consideration for acquisitions and other strategic transactions, settlement of convertible notes, settlement of litigation claims, in connection with public offerings and as payment of dividends to non-controlling interests for profit distributions.

During the six months ended November 30, 2025, the Company issued the following shares of Common Stock:

6,777,224 shares of Common Stock pursuant to its At-the-Market (“ATM”) program, which generated gross proceeds of $76,643 and net proceeds of $73,056, after deducting $3,587 in commissions and other fees associated with these issuances.

1,259,182 shares of Common Stock in the amount of $4,800 to exchange the aggregate principal of $5,000 of its TLRY 27 Notes for cancellation. Upon exchanging the TLRY 27 Notes, a portion of the settlement consideration was allocated to the equity component of the instrument and was recognized as a $1,158 reduction of additional paid-in capital. Following consummation of the exchange, the number of outstanding Borrowed Shares of Common Stock was reduced by approximately 120,969 shares which were then returned as Treasury Stock, see Note 12 (Convertible debentures payable).

	c)	620,900 shares of Common Stock to settle exercised warrants.
	d)	861,707 shares of Common Stock to settle dividends payable to the non-controlling shareholders of Aphria Diamond in the amount of $14,821.
	e)	935,712 shares of Common Stock in connection with the exercise of previously awarded stock-based compensation awards, net of cancellations.

During the six months ended November 30, 2025, the Company granted 4,551,621 time-based Restricted Stock Units (“RSUs”).

During the fiscal year ended May 31, 2024, the Company issued 756,615 performance-based RSUs. These RSUs were not considered granted for accounting purposes at the time of issuance, as the performance conditions had not yet been established or approved and no amounts have been recorded within the Consolidated Statement of Income (Loss). During the intervening period, from their initial issuance to the current quarter, the total number of performance-based RSUs was reduced to 744,117 due to attrition. During the three months ended November 30, 2025, the Company established and approved the relevant performance targets for the performance-based RSUs and consequently considered them granted for accounting purposes. In conjunction with this award, an additional component of these performance based grants are payable in cash or its equivalent in shares of Common Stock at the discretion of Company’s Compensation Committee. Given the expected settlement in Common Stock, the fair value of these awards has also been recorded as stock-based compensation, with the corresponding liability reflected on the Statement of Financial Position. As a result, during the three months ended November 30, 2025, the Company began accruing the fair value of these awards over the remaining requisite service period.

The Company's total stock-based compensation expense incurred for the three and six months ended November 30, 2025 was $12,283 and $17,335 compared to $7,237 and $14,154 for the three and six months ended November 30, 2024, respectively.

All current and prior year share amounts have been retrospectively adjusted to reflect the Reverse Stock Split, which became effective on December 2, 2025.

The entire disclosure for equity.

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Note 20 - Cost of Goods Sold (Tables)

6 Months Ended

Nov. 30, 2025

Schedule of Cost of Goods Sold [Table Text Block]

	*For the three months ended*				*For the six months ended*
	*November 30,*		*November 30,*		*November 30,*		*November 30,*
	*2025*		*2024*		*2025*		*2024*
Beverage costs		34,351		37,925		68,764	$	70,975
Cannabis costs		41,398		42,475		82,639		79,529
Distribution costs		74,334		59,207		140,342		119,345
Wellness costs		9,927		10,123		20,297		20,219
Total	$	160,010	$	149,730	$	312,042	$	290,068

Note 25 - Segment Reporting - Geographic Net Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2025	Nov. 30, 2024
Net revenue	$ 217,507	$ 210,950	$ 427,008	$ 410,994
UNITED STATES
Net revenue	57,838	71,753	121,799	135,633
CANADA
Net revenue	54,173	56,720	112,340	112,625
EMEA [Member]
Net revenue	103,155	79,254	188,408	156,926
Rest of World [Member]
Net revenue	$ 2,341	$ 3,223	$ 4,461	$ 5,810

Note 4 - Leases

6 Months Ended

Nov. 30, 2025

Leases Disclosure [Text Block]

Note 4. Leases

The table below presents the lease-related assets and liabilities recorded on the balance sheet.

		*November 30,*		*May 31,*
	*Classification on Balance Sheet*	*2025*		*2025*
Assets
Finance lease, right-of-use assets	Capital assets	$	39,406	$	40,308
Operating lease, right-of-use assets	Operating lease, right-of-use assets		19,802		22,279
Total right-of-use assets		$	59,208	$	62,587
Liabilities
Current:
Current portion of finance lease liabilities	Current portion of lease liabilities	$	1,628	$	1,560
Current portion of operating lease liabilities	Current portion of lease liabilities		5,809		5,381
Non-current:
Finance lease liabilities	Lease liabilities		43,597		44,295
Operating lease liabilities	Lease liabilities		18,145		20,630
Total lease liabilities		$	69,179	$	71,866

The following table presents the future undiscounted payments associated with lease liabilities as of November 30, 2025:

	*Operating*			*Finance*
	*leases*			*leases*
2026 (remaining six months)	$	3,711		$	2,260
2027		6,938			4,521
2028		5,920			4,521
2029		2,939			4,373
Thereafter		11,004			66,816
Total minimum lease payments	$	30,512		$	82,491
Imputed interest		(6,558	)		(37,266	)
Obligations recognized	$	23,954		$	45,225

Note 8 - Long Term Investments (Tables)

6 Months Ended

Nov. 30, 2025

Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]

	*November 30,*		*May 31,*
	*2025*		*2025*
Equity investments measured at fair value	$	5,233	$	1,972
Equity investments under measurement alternative		8,160		8,160
Total	$	13,393	$	10,132

Note 22 - Restructuring Charges

6 Months Ended

Nov. 30, 2025

Restructuring and Related Activities Disclosure [Text Block]

Note 22. Restructuring charges

In connection with the integration of certain acquisitions and strategic transactions, the Company has incurred restructuring and exit costs in the amount of $965 and $1,834 for the three and six months ended November 30, 2025, compared to $6,869 and $11,116 for the three and six months ended November 30, 2024. All restructuring plans are approved at the executive level, and their associated expenses are recognized in the period in which the plan is committed or otherwise incurred.

Within the Cannabis segment, during the six months ended November 30, 2025, the Company incurred restructuring-related expenses totaling $1,834. These charges included $670 associated with the restructuring of the Quebec facility to transition from vegetable cultivation to cannabis cultivation in response to increased global cannabis demand, $843 related to employee termination severance and benefits associated with the reorganization of the Canadian cannabis commercial function, and $177 related to the wind-down of certain non-operating entities. Additionally, the Company recognized $144 related to its Fort Collins, CO partially vacant warehouse recorded under assets held of sale. See Note 3 (capital assets).

During the fiscal year ended May 31, 2025, the Company accrued $8,500 of restructuring charges related to the closure of Hop Valley and other Project 420 initiatives within the Beverage segment, of which $4,570 was recognized in the six months ended November 30, 2025 thereby, reducing the accrual to $3,930.

Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended		12 Months Ended
	Sep. 15, 2025	Nov. 30, 2025	Aug. 31, 2025	Nov. 30, 2024	Nov. 30, 2025	Nov. 30, 2024	May 31, 2024	May 31, 2025
Shares Authorized, Total (in shares)		1,426,000,000			1,426,000,000
Common Stock, Shares Authorized (in shares)		1,416,000,000			1,416,000,000			1,416,000,000
Preferred Stock, Shares Authorized (in shares)		10,000,000			10,000,000			10,000,000
Common Stock, Shares, Issued (in shares)		116,522,600			116,522,600			106,067,875
Treasury Stock, Common, Shares (in shares)		321,391			321,391			200,422
Preferred Stock, Shares Issued (in shares)		0			0			0
Proceeds from Issuance of Common Stock					$ 73,058	$ 111,517
Stock Issued During Period, Shares, Warrants Exercised (in shares)	620,900				620,900
Stock Issued During Period, Shares, Settlement of Financing Liability (in shares)					861,707
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)					935,712
Share-Based Payment Arrangement, Expense		$ 12,283		$ 7,237	$ 17,335	$ 14,154
Common Stock, Shares, Outstanding (in shares)		116,522,600			116,522,600			106,067,875
Preferred Stock, Shares Outstanding (in shares)		0			0			0
Time-based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					4,551,621
Performance-based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)							756,615
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in shares)		744,117			744,117
Additional Paid-in Capital [Member]
Stock Issued During Period, Shares, Settlement of Financing Liability (in shares)					14,821
TLRY 27 [Member]
Stock Issued During Period, Value, Repurchase of Convertible Securities			$ 4,800	17,085
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature					$ 1,158
Shares Returned From Share Lending Agreement, Treasury Stock (in shares)					120,969
TLRY 27 [Member] \| Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Repurchase of Convertible Securities			$ 4,799	$ 17,084
Conversion of TLRY 27 Notes to Shares [Member]
Stock Issued During Period, Shares, Repurchase of Convertible Securities (in shares)					1,259,182
Stock Issued During Period, Value, Repurchase of Convertible Securities					$ 4,800
Debt Instrument, Amount Repurchased					$ 5,000
At-the-Market Program [Member]
Stock Issued During Period, Shares, New Issues (in shares)					6,777,224
Proceeds from Issuance of Common Stock					$ 76,643
Net Proceeds from Issuance of Common Stock					73,056
Payments of Stock Issuance Costs					$ 3,587

Note 5 - Intangible Assets (Tables)

6 Months Ended

Nov. 30, 2025

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	*Customer relationships & distribution channel*			*Licenses, permits & applications*			*Intellectual property, trademarks, knowhow & brands*			*November 30,*
										*2025*
Cost	$	2,376		$	15,101		$	15,466		$	32,943
Accumulated amortization		(100	)		(7,245	)		(3,863	)		(11,208	)
Total	$	2,276		$	7,856		$	11,603		$	21,735

	Customer relationships & distribution channel			Licenses, permits & applications			Non-compete agreements			Intellectual property, trademarks, knowhow & brands			May 31,
													2025
Cost	$	610,240		$	387,238		$	12,449		$	618,514		$	1,628,441
Accumulated amortization		(166,032	)		(9,693	)		(12,449	)		(155,084	)		(343,258	)
Accumulated impairment losses		(444,208	)		(367,022	)		—			(452,530	)		(1,263,760	)
Total	$	—		$	10,523		$	—		$	10,900		$	21,423

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	*Amortization*
2026 (remaining six months)	$	3,238
2027		6,476
2028		4,512
2029		2,548
2030		2,548
Thereafter		2,413
Total	$	21,735

Note 25 - Segment Reporting (Details Textual)	3 Months Ended		6 Months Ended
Note 25 - Segment Reporting (Details Textual)	Aug. 31, 2025	Aug. 31, 2024	Nov. 30, 2025	Nov. 30, 2024
Number of Reportable Segments			4
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Major Customers [Member]
Number Of Major Customers	0	0	0	0

Note 23 - Non-operating Income (Expense), Net

6 Months Ended

Nov. 30, 2025

Other Nonoperating Income and Expense [Text Block]

Note 23. Non-operating income (expense), net

Non-operating income (expense), net for the three and six months ended November 30, 2025 and three and six months ended November 30, 2024 were as follows:

	*For the three months ended*						*For the six months ended*
	*November 30,*			*November 30,*			*November 30,*			*November 30,*
	*2025*			*2024*			*2025*			*2024*
Change in fair value of warrant liability	$	175		$	862		$	(3,495	)	$	1,558
Foreign exchange gain (loss)		(10,327	)		(33,797	)		(3,399	)		(21,916	)
(Loss) gain on long-term investments		(345	)		(27	)		(306	)		(66	)
Unrealized loss on digital assets		(164	)		—			(172	)		—
Other non-operating (losses) gains, net		(1,649	)		(293	)		(1,106	)		(185	)
Total	$	(12,310	)	$	(33,255	)	$	(8,478	)	$	(20,609	)

The other non-operating losses (gains), net for the three and six months ended November 30, 2025, were losses of $1,649 and $1,106 which was mainly comprised of a loss of $1,800 on the change in fair value of assets held for sale related to the Fort Collins, CO partially vacant warehouse, as described in Note 3 (capital assets), offset by a gain of $495 resulting from the exchange transaction of the TLRY 27 Note, as described in Note 12 (Convertible debentures payable).

Note 21 - General and Administrative Expenses (Tables)

6 Months Ended

Nov. 30, 2025

Schedule of General and Administrative Expenses [Table Text Block]

	*For the three months ended*						*For the six months ended*
	*November 30,*			*November 30,*			*November 30,*			*November 30,*
	*2025*			*2024*			*2025*			*2024*
Salaries and wages	$	24,764			22,726		$	46,500		$	44,293
Office and general		8,284			9,458			16,981			18,718
Stock-based compensation		12,283			7,237			17,335			14,154
Insurance		2,456			3,155			4,849			5,610
Professional fees		1,034			1,126			2,252			2,304
Gain on sale of capital assets		(134	)		(505	)		(375	)		(531	)
Travel and accommodation		1,292			1,754			2,604			3,247
Rent		1,196			1,046			2,082			2,315
Total	$	51,175		$	45,997		$	92,228		$	90,110

Note 5 - Intangible Assets (Details Textual) - USD ($) $ in Thousands	Nov. 30, 2025	May 31, 2025
Intangible Assets, Net (Excluding Goodwill), Accumulated Impairment		$ 1,263,760
Customer Relationships and Distribution Channel [Member]
Intangible Assets, Net (Excluding Goodwill), Accumulated Impairment	$ 444,208	444,208
Licenses, Permits and Applications [Member]
Intangible Assets, Net (Excluding Goodwill), Accumulated Impairment	367,022	367,022
Intellectual Property, Trademarks, Know How and Brands [Member]
Intangible Assets, Net (Excluding Goodwill), Accumulated Impairment	$ 452,530	$ 452,530

Note 23 - Non-operating Income (Expense), Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2025	Nov. 30, 2024
Other Nonoperating Gains (Losses)	$ (1,649)	$ (293)	$ (1,106)	$ (185)
TLRY 27 [Member]
Other Nonoperating Gains (Losses)			495
Gain (Loss) on Extinguishment of Debt			495
Fort Collins Facility [Member]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings			$ (1,800)

Note 12 - Convertible Debentures Payable (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	May 30, 2023 USD ($) $ / shares shares	Nov. 30, 2025 USD ($) shares	Nov. 30, 2024 USD ($)	Nov. 30, 2025 USD ($) shares	Nov. 30, 2024 USD ($)	May 31, 2025 USD ($) shares
Other Nonoperating Gains (Losses)		$ (1,649)	$ (293)	$ (1,106)	$ (185)
Accretion Expense				3,964	5,985
Conversion of TLRY 27 Notes to Shares [Member]
Debt Principal, Settlement or Exchange, Amount				$ 5,000
Shares Exchanged for Debt Settlement (in shares) \| shares				1,259,182
TLRY 27 [Member]
Debt Instrument, Face Amount	$ 172,500	$ 172,500		$ 172,500		$ 172,500
Debt Instrument, Interest Rate, Stated Percentage	5.20%	5.20%		5.20%		5.20%
Debt Instrument, Convertible, Conversion Ratio	37.66
Debt Instrument, Convertible, Multiples of Principal Amount	$ 1,000
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares	$ 26.55
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	130.00%
Own-share Lending Arrangement, Shares, Issued (in shares) \| shares	3,850,000
Repayments of Debt				$ 6
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature				1,158
Other Nonoperating Gains (Losses)				$ 495
Shares Returned From Share Lending Agreement, Treasury Stock (in shares) \| shares				120,969
Own-share Lending Arrangement, Shares, Outstanding (in shares) \| shares		2,231,884		2,231,884		2,343,478
Interest Expense, Debt		$ 1,256	2,133	$ 2,623	4,375
Accretion Expense		1,988	$ 2,919	3,964	$ 5,985
Debt Instrument, Principal Outstanding		$ 100,000		$ 100,000		$ 105,000

Note 7 - Business Acquisitions

6 Months Ended

Nov. 30, 2025

Business Combination [Text Block]

Note 7. Business acquisitions

Acquisition of Craft Beverage Business Portfolio II

Effective September 1, 2024, the Company acquired four craft beer brands and breweries from Molson Coors Beverage Company (“Molson”) including Atwater Brewery, Hop Valley Brewing Company, Terrapin Beer Co., and Revolver Brewing (the “Craft Acquisition II”). The purpose of the acquisition was to continue broadening Tilray's beverage brand strategy. In consideration for the acquisition, the Company paid a total purchase price of $22,979 in cash, which was subject to certain customary post-closing working capital adjustments.

The table below summarizes the fair value of the assets acquired and the liabilities assumed for the Craft Acquisition II at the effective acquisition date as follows:

	*Amount*
Consideration
Cash consideration	$	22,979
Net assets acquired
Current assets
Cash and cash equivalents		4,869
Accounts receivable		1,993
Inventory		6,844
Prepaids and other current assets		185
Long-term assets
Capital assets		20,916
Finance lease, right-of-use assets		1,869
Operating lease, right-of-use assets		1,884
Total assets		38,560
Current liabilities
Accounts payable and accrued liabilities		11,828
Current portion of finance lease liabilities		354
Current portion of operating lease liabilities		564
Long - term liabilities
Finance lease liabilities		1,515
Operating lease liabilities		1,320
Total liabilities		15,581
Total net assets acquired		22,979

In the event that the Craft Acquisition II had occurred on June 1, 2024, the Company would have had, on an unaudited proforma basis, additional net revenue of approximately $nil and $nil for the three and six months ended November 30, 2025 and approximately $nil and $13,700 for the three and six months ended November 30, 2024, respectively, and its consolidated net loss and comprehensive net loss would have increased by approximately $nil and $nil for the three and six months ended November 30, 2025 and approximately $nil and $4,000 for the three and six months ended November 30, 2024, respectively. This unaudited pro forma financial information does not reflect the realization of any expected ongoing synergies relating to the integration of the Craft Acquisition II.

The entire disclosure for business combination.

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Note 12 - Convertible Debentures Payable

6 Months Ended

Nov. 30, 2025

Convertible Debentures [Text Block]

Note 12. Convertible debentures payable

The following table sets forth the net carrying amount of the convertible debentures payable:

	*November 30,*		*May 31,*
	*2025*		*2025*
5.20% Convertible Notes ("TLRY 27")	$	86,255	$	86,428
Deduct - current portion		—		—
Total convertible debentures payable, non current portion	$	86,255	$	86,428

TLRY 27 Notes

	*November 30,*			*May 31,*
	*2025*			*2025*
5.20% Contractual debenture	$	172,500		$	172,500
Debt settlement		(72,500	)		(67,500	)
Unamortized discount		(13,745	)		(18,572	)
Net carrying amount	$	86,255		$	86,428

The TLRY 27 convertible debentures were issued on May 30, 2023 and on June 9, 2023 by way of overallotment, in the principal amount of $172,500 (the “TLRY 27 Notes”). The TLRY 27 Notes bear interest at a rate of 5.20% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, and mature on June 15, 2027, unless earlier converted. The TLRY 27 Notes are Tilray’s general unsecured obligations and rank senior in right of payment to all of Tilray’s indebtedness that is expressly subordinated in right of payment to the notes; equal in right of payment with any of Tilray’s unsecured indebtedness that is not so subordinated, effectively junior in right of payment to any of Tilray’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables but excluding intercompany obligations) of Tilray’s current or future subsidiaries. Noteholders have the right to convert their TLRY 27 Notes into shares of Tilray’s Common Stock at their option, at any time, until the close of business on the second scheduled trading day immediately before June 15, 2027. The initial conversion rate is approximately 37.66 shares per $1,000 principal amount of TLRY 27 Notes, which represents a conversion price of approximately $26.55 per share. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The TLRY 27 Notes are now redeemable, in whole and not in part, at Tilray’s option at any time on or after June 20, 2025 at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price of Tilray’s Common Stock exceeds 130% of the conversion price for a specified period of time. If certain corporate events that constitute a fundamental change occur, then, subject to a limited exception, noteholders may require Tilray to repurchase their TLRY 27 Notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. In connection with the Company’s offering of the TLRY 27 Notes, the Company entered into a share lending agreement with an affiliate of Jefferies LLC (the “Share Borrower”), pursuant to which it lent to the Share Borrower 3,850,000 shares of the Company’s Common Stock (the “Borrowed Shares”). The Borrowed Shares were newly-issued shares, will be held as treasury shares until the expiration or early termination of the share lending agreement and may be used by purchasers of the TLRY 27 Notes to sell up to 3,850,000 shares of the Company’s Common Stock. The fair value of the share lending agreement has been recorded as part of the unamortized discount on the debenture. The Company expects that the selling stockholders will use their position created by such sales to establish their initial hedge with respect to their investments in the TLRY 27 Notes. The Company did not receive any proceeds from the sale of the Borrowed Shares.

During the six months ended November 30, 2025, the Company exchanged an aggregate $5,000 of its TLRY 27 Notes for cancellation, by issuing 1,259,182 shares of Common Stock and paying $6 in cash to settle accrued interest. Upon exchanging the TLRY 27 Notes, a portion of the settlement consideration was allocated to the equity component of the instrument and was recognized as a $1,158 reduction of additional paid-in capital in the Consolidated Statements of Stockholders’ Equity. Additionally, this repurchase resulted in a gain of $495 which was recorded in other non-operating (losses) gains, net as shown in Note 23 (Non-operating income (expense)). Following consummation of the exchange, the number of outstanding Borrowed Shares of Common Stock was reduced by 120,969 shares which were then returned as Treasury Stock. As of November 30, 2025 and May 31, 2025, a total of 2,231,884 and 2,343,478 shares remained outstanding under the share lending arrangement, respectively. Current and prior year share amounts have been retrospectively adjusted to reflect the Reverse Stock Split, which became effective on December 2, 2025.

During the three and six months ended November 30, 2025, the Company recognized interest expense of $1,256 and $2,623 and accretion of amortized discount interest of $1,988 and $3,964 respectively. During the three and six months ended November 30, 2024, the Company recognized interest expense of $2,133 and $4,375 and accretion of amortized discount interest of $2,919 and $5,985 respectively.

As of November 30, 2025, there was $100,000 principal outstanding compared to $105,000 principal outstanding as of May 31, 2025 under the TLRY 27 Notes.

Note 3 - Capital Assets - Schedule of Capital Assets (Details) - USD ($) $ in Thousands	Nov. 30, 2025	May 31, 2025
Capital assets, gross	$ 812,438	$ 804,728
Less: accumulated amortization	(262,337)	(236,295)
Total	550,101	568,433
Land [Member]
Capital assets, gross	45,188	44,529
Manufacturing Facility [Member]
Capital assets, gross	415,110	407,650
Equipment [Member]
Capital assets, gross	278,205	280,585
Leasehold Improvements [Member]
Capital assets, gross	22,060	20,415
Right of Use Assets [Member]
Capital assets, gross	39,406	40,308
Construction in Progress [Member]
Capital assets, gross	$ 12,469	$ 11,241

Note 17 - Income Taxes

6 Months Ended

Nov. 30, 2025

Income Tax Disclosure [Text Block]

Note 17. Income taxes

The determination of the Company’s overall effective tax rate requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. The effective tax rate reflects the income earned and taxed in various United States federal, state, and foreign jurisdictions. Tax law changes, increases, and decreases in temporary and permanent differences between book and tax items, valuation allowances against the deferred tax assets, stock compensation, and the Company’s change in income in each jurisdiction all affect the overall effective tax rate. It is the Company’s practice to recognize interest and penalties related to uncertain tax positions in income tax expense.

The Company reported income tax expense of $3,546 and $1,261 for the three and six months ended November 30, 2025, and $2,036 and $2,922 for the three and six months ended November 30, 2024. The income tax expense in the current period varies from the US statutory income tax rate and prior year period primarily due to the geographical mix of earnings and losses with no tax benefit resulting from valuation allowances in certain jurisdictions.

The entire disclosure for income tax.

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Note 10 - Accounts Payable and Accrued Liabilities (Tables)

6 Months Ended

Nov. 30, 2025

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	*November 30,*		*May 31,*
	*2025*		*2025*
Trade payables	$	114,496	$	107,348
Accrued liabilities		82,519		103,260
Litigation accruals		12,013		12,431
Accrued payroll and employment related taxes		5,151		1,436
Income taxes payable		1,905		58
Accrued interest		3,873		4,193
Sales taxes payable		6,465		6,596
Total	$	226,422	$	235,322

Note 24 - Financial Risk Management and Financial Instruments - Assets and Liabilities Measured on a Recurring Basis - Inputs Used to Recognize Unrealized Gain (Loss) on Fair Value (Details)	Nov. 30, 2025
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Probability of Achievement [Member]
Equity investments	0.70
Minimum [Member] \| Valuation Technique, Option Pricing Model [Member] \| Measurement Input, Conversion Rate [Member]
Contingent consideration	0
Minimum [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member]
Contingent consideration	0

Note 8 - Long Term Investments (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Nov. 30, 2025	May 31, 2025	May 31, 2024
Equity Securities without Readily Determinable Fair Value, Amount	$ 8,160	$ 8,160
Superhero Acquisition LP [Member]
Equity Securities without Readily Determinable Fair Value, Amount	$ 8,160		$ 8,160
Superhero Acquisition LP [Member] \| Upon U.S. Federal Cannabis Legalization [Member]
Subsidiary, Ownership Percentage, Parent	68.00%		68.00%
Equity Investment, Strike Price (in dollars per share)	$ 1		$ 1

Note 24 - Financial Risk Management and Financial Instruments

6 Months Ended

Nov. 30, 2025

Financial Instruments Disclosure [Text Block]

Note 24. Financial risk management and financial instruments

Financial instruments

The Company's classification of its financial instruments is described in Note 3 (Significant accounting policies) in the Notes to our Annual Financial Statements.

The carrying values of marketable securities, accounts receivable, bank indebtedness and accounts payable and accrued liabilities approximate their fair values due to their short periods to maturity.

On November 30, 2025 and May 31, 2025, the Company had long-term debt of $2,216 and $2,546, respectively, and the principal portion of convertible debentures payable of $100,000 and $105,000, respectively, subject to fixed interest rates. The Company’s long-term debt is valued based on discounting the future cash outflows associated with the long-term debt. The discount rate is based on the incremental premium above market rates for the U.S. Department of the Treasury securities of similar duration. In each period thereafter, the incremental premium is held constant while the U.S. Department of the Treasury security is based on the then current market value to derive the discount rate.

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of November 30, 2025 and May 31, 2025 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:

							*November 30,*
	*Level 1*		*Level 2*		*Level 3*		*2025*
Financial assets
Cash and cash equivalents	$	246,703	$	—	$	—	$	246,703
Marketable securities		44,848		—		—		44,848
Equity investments measured at fair value		4,229		1,004		8,160		13,393
Digital assets		828		—		—		828
Total recurring fair value measurements	$	296,608	$	1,004	$	8,160	$	305,772

								*May 31,*
	*Level 1*		*Level 2*		*Level 3*			*2025*
Financial assets
Cash and cash equivalents	$	221,666	$	—	$	—		$	221,666
Marketable securities		34,697		—		—			34,697
Equity investments measured at fair value		909		1,063		8,160			10,132
Financial liabilities
Warrant liability		—		—		(1,092	)		(1,092	)
Contingent consideration		—		—		(15,000	)		(15,000	)
Total recurring fair value measurements	$	257,272	$	1,063	$	(7,932	)	$	250,403

The Company’s financial assets and liabilities required to be measured on a recurring basis are its equity investments measured at fair value, digital assets, acquisition-related contingent consideration, and warrant liability.

During the six months ended November 30, 2025, the Company purchased 9.16 units of Bitcoin. Digital assets recorded at fair value have quoted prices in active markets for identical assets and are classified as Level 1. The following table presents the Company’s digital asset holdings as of November 30, 2025:

	*Quantity*		*Cost Basis*		*Fair Value*		*Cumulative Unrealized Gain (Loss)*
Bitcoin		9.16	$	1,000	$	828	$	(172	)
Total digital assets		9.16	$	1,000	$	828	$	(172	)

Certain equity investments recorded at fair value have quoted prices in active markets for identical assets and are classified as Level 1. The Company classified securities with observable inputs as Level 2 and without a quoted market price as Level 3.

A portion of the consideration to be paid in connection with the Company’s acquisition of Montauk Brewing Company (“Montauk”) is contingent upon the achievement of certain financial measures as of December 31, 2025. If achieved, such contingent consideration is payable in cash. During the six months ended November 30, 2025, the contingent consideration amount was reassessed and was estimated by applying a probability of achievement of 0% on the $15,000 sales earn-out component and 0% on the remaining criteria. The Montauk contingent earn-out is no longer expected to be achieved based on Montauk's current operating results, and as such resulted in a corresponding change in fair value of $15,000 for the contingent consideration liability recognized. The unobservable inputs into the future expected cash outflows result in a fair value measurement classified as Level 3.

The balances of assets and liabilities categorized within Level 3 of the fair value hierarchy measured at fair value on a recurring basis are reconciled, as follows for the period ended November 30, 2025:

	*Equity*		*Warrant*			*Contingent*
	*Investments*		*Liability*			*Consideration*
Balance, May 31, 2025	$	8,160	$	(1,092	)	$	(15,000	)
Unrealized gain (loss) on fair value		—		(3,495	)		15,000
Instruments exercised		—		4,587			—
Balance, November 30, 2025	$	8,160	$	—		$	—

											*APHA 24*
	*Convertible*		*Equity*		*Warrant*			*Contingent*			*Convertible*
	*notes receivable*		*Investments*		*Liability*			*Consideration*			*Debt*
Balance, May 31, 2024	$	32,000	$	5,500	$	(3,253	)	$	(15,000	)	$	(330	)
Additions/(Repayments)		—		—		—			—			330
Unrealized gain (loss) on fair value		—		—		1,558			—			—
Balance, November 30, 2024	$	32,000	$	5,500	$	(1,695	)	$	(15,000	)	$	—

The unrealized gain (loss) on fair value for the convertible debenture, the warrant liability, contingent consideration, and debt securities classified under available-for-sale method is recognized in the consolidated statements of loss and comprehensive loss using the following inputs:

		*Significant*
	*Valuation*	*unobservable*
Financial asset / financial liability	*technique*	*input*	*Inputs*
Contingent consideration	Discounted cash flows	Probability of achievement	0%
Equity investments	Discounted cash flows	Probability of achievement	70%

Items measured at fair value on a non-recurring basis

The Company's prepaids and other current assets, long lived assets, including property and equipment, goodwill and intangible assets are measured at fair value when there is an indicator of impairment and are recorded at fair value only when an impairment charge is recognized.

Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There have been no changes to the Company’s capital management approach in the period. The Company considers its cash and cash equivalents and marketable securities as capital.

Note 24 - Financial Risk Management and Financial Instruments - Assets and Liabilities Measured on a Recurring Basis - Reconciliation of Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Aug. 31, 2024	Nov. 30, 2025
Notes Receivable [Member]
Balance	$ 32,000
Unrealized gain (loss) on fair value	0
Balance	32,000
Additions/(Repayments)	0
Equity Investments [Member]
Balance	5,500	$ 8,160
Unrealized gain (loss) on fair value	0	0
Instruments exercised		0
Balance	5,500	8,160
Additions/(Repayments)	0
Warrant Liability [Member]
Balance	(3,253)	(1,092)
Unrealized gain (loss) on fair value	1,558	(3,495)
Instruments exercised		4,587
Balance	(1,695)	0
Additions/(Repayments)	0
Contingent Consideration [Member]
Balance	(15,000)	(15,000)
Unrealized gain (loss) on fair value	0	15,000
Instruments exercised		0
Balance	(15,000)	$ 0
Additions/(Repayments)	0
Long-Term Debt [Member] \| APHA 24 [Member]
Balance	(330)
Unrealized gain (loss) on fair value	0
Balance	0
Additions/(Repayments)	$ 330

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Nov. 30, 2025	Nov. 30, 2024
Cash provided by (used in) operating activities:
Net (loss) income	$ (41,996)	$ (119,927)
Adjustments for:
Deferred income tax (recovery) expense, net	1,261	1,529
Unrealized foreign exchange gain	4,899	9,627
Amortization	31,519	65,864
Accretion of convertible debt discount	3,964	5,985
Unrealized loss on digital assets	172	0
Other non-cash items	1,767	3,281
Stock-based compensation	17,335	14,154
Gain on long-term investments	306	66
Loss (gain) on derivative instruments	3,495	(1,558)
Change in fair value of contingent consideration	(15,000)	0
Change in non-cash working capital:
Accounts receivable	12,418	(9,051)
Prepaids and other current assets	(7,394)	(13,046)
Inventory	(12,316)	(8,127)
Accounts payable and accrued liabilities	(10,308)	(24,828)
Net cash used in operating activities	(9,878)	(76,031)
Cash provided by (used in) investing activities:
Investment in capital and intangible assets	(19,219)	(12,172)
Proceeds from disposal of capital and intangible assets	427	631
Investment in digital assets	(1,000)	0
Purchase of marketable securities, net	(10,151)	(30,369)
Investment in long-term investments	(3,595)	0
Business acquisitions, net of cash acquired	0	(18,210)
Net cash used in investing activities	(33,538)	(60,120)
Cash provided by (used in) financing activities:
Share capital issued, net of cash issuance costs	73,058	111,517
Proceeds from warrants exercised	2,367	0
Repayment of long-term debt	(6,872)	(10,388)
Repayment of convertible debt	0	(330)
Repayment of lease liabilities	(1,991)	(1,724)
Net decrease in bank indebtedness	1,386	(282)
Net cash provided by financing activities	67,948	98,793
Net increase (decrease) in cash and cash equivalents	25,037	(38,642)
Cash and cash equivalents, beginning of period	221,666	228,340
Cash and cash equivalents, end of period	246,703	189,698
Effect of foreign exchange on cash and cash equivalents	$ 505	$ (1,284)

Note 6 - Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Nov. 30, 2025	May 31, 2025
Cannabis Goodwill		$ 2,843,399
Accumulated impairment losses		(2,090,654)
Total	$ 752,350	752,350
Effect of foreign exchange		(395)
Cannabis Segment [Member]
Cannabis Goodwill	2,640,669	2,640,669
Accumulated impairment losses	(1,888,319)	(1,888,319)
Total	$ 752,350	752,350
Effect of foreign exchange		0
Beverage Segment [Member]
Cannabis Goodwill		120,802
Accumulated impairment losses		(120,802)
Total		0
Effect of foreign exchange		0
Wellness Business [Member]
Cannabis Goodwill		77,470
Accumulated impairment losses		(68,186)
Total		0
Effect of foreign exchange		(9,284)
Distribution Business [Member]
Cannabis Goodwill		4,458
Accumulated impairment losses		(4,235)
Total		0
Effect of foreign exchange		$ (223)

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Note 5 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 30, 2025	May 31, 2025
Cost	$ 32,943	$ 1,628,441
Accumulated amortization	(11,208)	(343,258)
Total	21,735	21,423
Accumulated impairment losses		(1,263,760)
Customer Relationships and Distribution Channel [Member]
Cost	2,376	610,240
Accumulated amortization	(100)	(166,032)
Total	2,276	0
Accumulated impairment losses	(444,208)	(444,208)
Licenses, Permits and Applications [Member]
Cost	15,101	387,238
Accumulated amortization	(7,245)	(9,693)
Total	7,856	10,523
Accumulated impairment losses	(367,022)	(367,022)
Noncompete Agreements [Member]
Cost		12,449
Accumulated amortization		(12,449)
Total		0
Accumulated impairment losses		0
Intellectual Property, Trademarks, Know How and Brands [Member]
Cost	15,466	618,514
Accumulated amortization	(3,863)	(155,084)
Total	11,603	10,900
Accumulated impairment losses	$ (452,530)	$ (452,530)

Note 18 - Commitments and Contingencies (Tables)

6 Months Ended

Nov. 30, 2025

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

	*Total*		*2026*		*2027*		*2028*		*2029*		*Thereafter*
Long-term debt repayment	$	156,626	$	16,889	$	13,624	$	94,715	$	3,619	$	27,779
Convertible debentures payable		100,000		—		—		100,000		—		—
Material purchase obligations		63,319		33,363		28,261		615		530		550
Construction commitments		1,209		1,209		—		—		—		—
Total	$	321,154	$	51,461	$	41,885	$	195,330	$	4,149	$	28,329

Note 18 - Commitments and Contingencies - Schedule of Commitments (Details) - USD ($) $ in Thousands	Nov. 30, 2025	May 31, 2025
Total	$ 321,154
Total, 2026	51,461
Total, 2027	41,885
Total, 2028	195,330
Total, 2029	4,149
Total, thereafter	28,329
Material Purchase Obligations [Member]
Purchase obligations, total	63,319
Purchase obligations, 2026	33,363
Purchase obligations, 2027	28,261
Purchase obligations, 2028	615
Purchase obligations, 2029	530
Purchase obligations, thereafter	550
Capital Addition Purchase Commitments [Member]
Purchase obligations, total	1,209
Purchase obligations, 2026	1,209
Purchase obligations, 2027	0
Purchase obligations, 2028	0
Purchase obligations, 2029	0
Purchase obligations, thereafter	0
Long-term Debt, Excluding Convertible Debentures [Member]
Debt instrument	156,626	$ 164,124
Debt Instrument, 2026	16,889
Debt instrument, 2027	13,624
Debt instrument, 2028	94,715
Debt instrument, 2029	3,619
Debt instrument, thereafter	27,779
Convertible Debentures [Member]
Debt instrument	100,000
Debt Instrument, 2026	0
Debt instrument, 2027	0
Debt instrument, 2028	100,000
Debt instrument, 2029	0
Debt instrument, thereafter	$ 0

Note 12 - Convertible Debentures Payable - Net Carrying Amount of Convertible Debentures (Details) - USD ($) $ in Thousands	Nov. 30, 2025	May 31, 2025	May 30, 2023
Deduct - current portion	$ 0	$ 0
Total convertible debentures payable, non current portion	86,255	86,428
TLRY 27 [Member]
Carrying amount of long-term debt	86,255	86,428
Face amount	172,500	172,500	$ 172,500
Debt settlement	(72,500)	(67,500)
Unamortized discount	(13,745)	(18,572)
Convertible debentures	$ 86,255	$ 86,428

Note 2 - Inventory (Tables)

6 Months Ended

Nov. 30, 2025

Schedule of Inventory, Current [Table Text Block]

	*November 30,*		*May 31,*
	*2025*		*2025*
Beverage inventory	$	67,363	$	63,965
Cannabis plants		29,117		24,045
Dried cannabis		106,114		103,507
Cannabis derivatives		3,798		7,877
Cannabis vapes		1,639		1,860
Packaging and other inventory items		13,532		15,366
Distribution inventory		48,104		38,735
Wellness inventory		13,531		15,527
Total	$	283,198	$	270,882

Note 16 - Non-controlling Interests (Details Textual)	Nov. 30, 2025
Enroot [Member]
Subsidiary, Ownership Percentage, Parent	75.00%
Aphria Diamond [Member]
Subsidiary, Ownership Percentage, Parent	51.00%
ColCanna S.A.S. [Member]
Subsidiary, Ownership Percentage, Parent	90.00%

Note 3 - Capital Assets (Details Textual)	3 Months Ended
Note 3 - Capital Assets (Details Textual)	Nov. 30, 2025 USD ($)
Fort Collins Facility [Member] \| Broken Coast Cannabis Ltd. [Member]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	$ (1,800)

Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2025	Nov. 30, 2024	Nov. 30, 2025	Nov. 30, 2024
Income Tax Expense (Benefit)	$ 3,546	$ 2,036	$ 1,261	$ 2,922

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Note 15 - Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Nov. 30, 2025

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	*Total*
	*Foreign*
	*currency*
	*translation*
	*gain (loss)*
Balance May 31, 2024	$	(43,499	)
Other comprehensive income (loss)		3,622
Balance August 31, 2024	$	(39,877	)
Other comprehensive income (loss)		(8,080	)
Balance November 30, 2024	$	(47,957	)

Balance May 31, 2025	$	(43,063	)
Other comprehensive income (loss)		(167	)
Balance August 31, 2025	$	(43,230	)
Other comprehensive income (loss)		3,937
Balance November 30, 2025	$	(39,293	)

Note 9 - Bank Indebtedness (Details Textual) € in Thousands, $ in Thousands, $ in Thousands	6 Months Ended
	Nov. 30, 2025 USD ($)	Nov. 30, 2025 CAD ($)	Nov. 30, 2025 EUR (€)	Jul. 25, 2025 USD ($)
American Beverage Crafts Group Inc [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 25,000
Long-Term Line of Credit	$ 0
Line of Credit [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	75.00%
Line of Credit [Member] \| Aphria Inc [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000
Long-Term Line of Credit		$ 0
Line of Credit [Member] \| CC Pharma GmbH [Member]
Line of Credit Facility, Maximum Borrowing Capacity \| €			€ 7,500
Long-Term Line of Credit	$ 8,567		€ 7,386
Number of Debt Instruments	2	2	2
Line of Credit [Member] \| CC Pharma GmbH [Member] \| Euro Short-Term Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Line of Credit [Member] \| CC Pharma GmbH [Member] \| Euro Interbank Offered Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Operating Line of Credit One [Member] \| CC Pharma GmbH [Member]
Line of Credit Facility, Maximum Borrowing Capacity \| €			€ 7,000
Operating Line of Credit Two [Member] \| CC Pharma GmbH [Member]
Line of Credit Facility, Maximum Borrowing Capacity \| €			€ 500

Note 24 - Financial Risk Management and Financial Instruments (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2025 USD ($)	Nov. 30, 2024 USD ($)	Nov. 30, 2025 USD ($)	Nov. 30, 2024 USD ($)	Aug. 31, 2025 USD ($)	May 31, 2024 USD ($)
Crypto Asset, Number of Units, Fractional	9.16		9.16
Business Combination, Contingent Consideration, Change in Contingent Consideration, Liability, Increase (Decrease)	$ 0	$ 0	$ (15,000)	$ 0
Contingent Consideration [Member] \| Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Change in Contingent Consideration, Liability, Increase (Decrease)			$ 15,000
Minimum [Member] \| SweetWater, Montauk, and Truss [Member] \| Measurement Input, Probability of Achievement [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	0		0
Bitcoin [Member]
Crypto Asset, Number of Units, Fractional	9.16		9.16
Long-term Debt, Excluding Convertible Debentures [Member]
Long-Term Debt, Percentage Bearing Fixed Interest, Amount	$ 2,216		$ 2,216			$ 2,546
Convertible Debt [Member]
Convertible Debt					$ 100,000	$ 105,000

Note 10 - Accounts Payable and Accrued Liabilities

6 Months Ended

Nov. 30, 2025

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note 10. Accounts payable and accrued liabilities

Accounts payable and accrued liabilities are comprised of:

	*November 30,*		*May 31,*
	*2025*		*2025*
Trade payables	$	114,496	$	107,348
Accrued liabilities		82,519		103,260
Litigation accruals		12,013		12,431
Accrued payroll and employment related taxes		5,151		1,436
Income taxes payable		1,905		58
Accrued interest		3,873		4,193
Sales taxes payable		6,465		6,596
Total	$	226,422	$	235,322

Note 22 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Nov. 30, 2025	Aug. 31, 2025	Nov. 30, 2024	Nov. 30, 2025	Nov. 30, 2024	May 31, 2025
Restructuring Costs	$ 965		$ 1,834	$ 6,869	$ 11,116
Cannabis Segment [Member] \| Facility Closing [Member]
Restructuring Costs				1,834
Cannabis Segment [Member] \| Facility Closing [Member] \| Hop Valley [Member]
Restructuring Costs				4,570		$ 8,500
Restructuring Reserve, Accrual Adjustment				3,930
Cannabis Segment [Member] \| Facility Closing [Member] \| Fort Collins Facility [Member]
Restructuring Costs				144
Cannabis Segment [Member] \| Change of Operations [Member] \| QUEBEC
Restructuring Costs				670
Cannabis Segment [Member] \| Employee Severance [Member]
Restructuring Costs				$ 843
Cannabis Segment [Member] \| Other Restructuring [Member]
Restructuring Costs		$ 177

Note 12 - Convertible Debentures Payable (Tables)

6 Months Ended

Nov. 30, 2025