<SEC-DOCUMENT>0001171843-23-004790.txt : 20230728
<SEC-HEADER>0001171843-23-004790.hdr.sgml : 20230728
<ACCEPTANCE-DATETIME>20230728164327
ACCESSION NUMBER:		0001171843-23-004790
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230726
FILED AS OF DATE:		20230728
DATE AS OF CHANGE:		20230728

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Merton Carl A
		CENTRAL INDEX KEY:			0001860546

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38594
		FILM NUMBER:		231123707

	MAIL ADDRESS:	
		STREET 1:		C/O TILRAY, INC.
		STREET 2:		745 FIFTH AVENUE, SUITE 1602
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tilray Brands, Inc.
		CENTRAL INDEX KEY:			0001731348
		STANDARD INDUSTRIAL CLASSIFICATION:	MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
		IRS NUMBER:				824310622
		FISCAL YEAR END:			0531

	BUSINESS ADDRESS:	
		STREET 1:		655 MADISON AVENUE
		STREET 2:		19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065
		BUSINESS PHONE:		519.322.8800

	MAIL ADDRESS:	
		STREET 1:		655 MADISON AVENUE
		STREET 2:		19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tilray, Inc.
		DATE OF NAME CHANGE:	20180213
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
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    <periodOfReport>2023-07-26</periodOfReport>

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    <issuer>
        <issuerCik>0001731348</issuerCik>
        <issuerName>Tilray Brands, Inc.</issuerName>
        <issuerTradingSymbol>TLRY</issuerTradingSymbol>
    </issuer>

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        <reportingOwnerId>
            <rptOwnerCik>0001860546</rptOwnerCik>
            <rptOwnerName>Merton Carl A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TILRAY BRANDS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>265 TALBOT STREET WEST</rptOwnerStreet2>
            <rptOwnerCity>LEAMINGTON</rptOwnerCity>
            <rptOwnerState>A6</rptOwnerState>
            <rptOwnerZipCode>N8H 4H3</rptOwnerZipCode>
            <rptOwnerStateDescription>ONTARIO, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Financial Officer</officerTitle>
            <otherText></otherText>
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    <derivativeTable>
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    <footnotes>
        <footnote id="F1">On July 26, 2021, the reporting person was granted 32,694 of 2021 LTIP RSUs. The underlying vesting conditions were satisfied, and an amount equal to the remaining 50% vested on July 26, 2023.</footnote>
        <footnote id="F2">Amount includes shares of Common Stock beneficially owned by the reporting person but excludes other unvested RSUs.</footnote>
        <footnote id="F3">Represents shares withheld by the Company to satisfy the tax withholding obligation associated with the vesting of 2021 LTIP RSUs.</footnote>
        <footnote id="F4">July 26, 2021, the reporting person was granted 48,662 of Synergy PSUs, with vesting subject to the achievement of certain pre-established performance parameters relating to the achievement of Tilray's synergy goals resulting from the integration of Aphria, Inc. The underlying vesting condition was satisfied, and an amount equal to 25% of these 2021.</footnote>
        <footnote id="F5">Represents shares withheld by the Company to satisfy the tax withholding obligation associated with the vesting of 2021 Synergy PSUs.</footnote>
        <footnote id="F6">Each unit represents a contingent right to receive one (1) share of Tilray Common Stock.</footnote>
        <footnote id="F7">Each performance-based restricted stock unit (&quot;2023 EBITDA PSU&quot;) represents a contingent right to receive one (1) share of Tilray Common Stock. Grant was effective as of close of trading on July 26, 2023.</footnote>
        <footnote id="F8">On July 26, 2023, the reporting person was granted 618,311 2023 EBITDA PSUs. Subject to the reporting person's continuous employment through the vesting date, each 2023 EBITDA PSU represents the right to receive, following vesting, one (1) share of Tilray Common Stock. The 2023 EBITDA PSUs will vest based on the achievement of a cumulative performance target for Adjusted EBITDA generated by Tilray over the 3-year performance period beginning June 1, 2023, and ending May 31, 2026.</footnote>
        <footnote id="F9">Each restricted stock unit (&quot;LTIP RSU&quot;) represents a contingent right to receive one (1) share of Common Stock. Grant was effective as of close of trading on July 26, 2023.</footnote>
        <footnote id="F10">Subject to the reporting person's continuous employment through the vesting date, the LTIP RSUs shall vest in two (2) equal annual installments, commencing on July 26, 2024, and July 26, 2025, except in the case of the reporting person's earlier voluntary resignation, death or disability. In the event of a voluntary termination by the reporting person prior to the vesting date, all LTIP RSUs will be forfeited.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Carl A. Merton</signatureName>
        <signatureDate>2023-07-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
