CrispIdea | RESEARCH Tilray, Inc.

EQUITY RESEARCH Healthcare | Drug Manufacturer | July 09, 2021

Company Name Tilray Inc
Ticker TLRY.O

Stock Rating BUY

Tilray, Inc. Initiating Coverage

Industry View Overweight

Planning to be a global cannabis leader Unchanged

We are initiating coverage for Tilray, Inc. We recommend a “Buy”

12-Mo Price Target 23.00
rating with the TP of $23 for FY22. This provides an upside potential of
Initiating Coverage
28% over the CMP of $17.91. We are estimating the TP based on the
EV/Revenue FY22E of ~10.7 times. CMP (July 2, 2021) 17.91
Potential Upside 28%
Our estimates are based on the following factors: 1) Access to new
international markets 2) Growing demand for cannabis products and
3) New product launch Market Cap (USD bn) 8.1
Shares O/S (Mn) 449.2
Access to new international markets - TLRY signed a deal to import 52 Week High 67
and distribute medical cannabis in the UK. It struck a deal with Grow 52 Week Low 4.4
Pharma to import and distribute its medical cannabis products in the Avg Volume (3M) 249,62,557
United Kingdom. Avg Volume (10 days) 191,47,944
P/E (ttm) -
As part of the deal, Tilray will be able to provide these products to U.K. P/S (ttm) 39.3
patients with prescriptions obtained through the country’s National P/B (mrq) 15.0
Forward P/E -
Health Service or a private-practice doctor. This will help Tilray to
IBES EPS (ttm) NULL
expand its market share in the cannabis space.

Growing demand for cannabis products - Tilray shares have been

Profit Margin (TTM) -220.44%
surging as demand for cannabis products grows in the U.S. and around Operating Margin (TTM) -74.09%
the world. The stock increased 130% in past one year. Revenue (TTM in Mn) 206
Revenue per Share (TTM) 1.7
On December 2020, Tilray announced its merger with Aphria in an all- Qtrly Rev Growth (yoy) -8%
stock deal to create the largest cannabis company in the world. The Gross Profit (TTM in Mn) 27
deal was completed in May 2021. This merger has created a cannabis EBITDA (TTM in Mn) -92
powerhouse that’s both the largest medical marijuana company in Net Income (TTM Mn) -428
Europe and a major player in Canada’s recreational market. Qtrly Earnings YoY -16.32%

The company provides GMP-certified, high-quality medical cannabis Healthcare Sector Research Team
products. In Canada, the company already have a 17% to 18% market
share. It’s objective is to get to a 30% share of the overall adult use Rimi Murarka, Healthcare & Life Science
market. Research Analyst
rimi@crispidea.com
New product launch - TLRY has launched a new product collaboration
with Canada’s leading craft cannabis brand, Broken Coast, a brand
Shejal Ajmera, Head of Research
under the Tilray portfolio based in British Columbia and geared toward
shejalajmera@crispidea.com
the premium cannabis market. It is the first cross-brand product
developed in partnership with leading craft brands, SweetWater and www.crispidea.com
Broken Coast, and Tilray’s first Canadian cannabis brand introduction
into the U.S.

Please see important disclosures on last page of report 1

CrispIdea | RESEARCH Tilray, Inc.

Highlights

Financial Summary Mar '20F Mar '20LTM Dec '19A Dec '20A Dec '21E Dec'22E Dec '23E 3-yr CAGR
Revenue 48 206 167 210 505 581 639 45%
Growth(%) -15.1 5.3 287.2 26.1 140.0 15.0 10.0
Gross Income 14 27 -23 25 76 87 121 70%
Margin(%) 28.1 13.0 -14.1 11.7 15.0 15.0 19.0
EBITDA -21 -92 -197 -115 -240 -276 -246 29%
Margin(%) -43.3 -45.7 -118.2 -51.3 -47.5 -47.5 -38.5
EBIT -26 -116 -217 -132 -250 -288 -259 25%
Margin(%) -53.5 -57.3 -129.7 -62.6 -49.5 -49.5 -40.5
Net Income -341 -428 -321 -271 -267 -301 -270 0%
Margin(%) -710.0 -220.4 -192.3 -128.8 -52.9 -51.9 -42.2
Capex 2 29 79 45 115 131 127 42%
% of Sales 5.1 14.0 47.1 21.2 22.7 22.5 19.9

Our Estimates - We estimate the revenue growth of 140% for FY21 Estimates (Currency: Native)
due to the revenue from the merger with Aphria which was
completed in May 2021. Aphria experienced net revenue of $436mn Period Sales (MIL) EBITDA (MIL) EPS
in FY20 and similar revenue growth rate is expected in FY21. The FY0 (Actual) 210 -115 -2.15
total revenue for the merged company is expected to reach ~$505 in FY1 (Current Year) 505 -240 -2.12
FY2 (Next Year) 581 -276 -2.39
FY21.

We expect the revenue growth of 15% and 10% in FY22 and FY23, Valuation Ratios
respectively. The revenue growth rate will normalise as the merged Period P/E P/SALES EV/REVS EV/EBITDA
entity continue to operate in their present markets. However as LTM 39.3x 38.8x
FY1 (Current Yr) 14.4x 14.2x 267.7x
TLRY is expanding to markets in United Kingdom through the deal FY2 (Next Yr) 9.4x 9.2x 84.8x
with Grow Pharma, the revenue is expected to grow.

Stock Performance - The YTD stock performance of the company FY0 Per Share Metrics (Currency: Native)
shows a return of 85.7%.The stock surged to $63.9 in Feb 21 as the Cash&STInv: 1.20 Sales: 1.67
company was undergoing merger with Aphira to operate as a global Total Debt: 1.94 Cash Flow: -1.96
cannabis leader. The stock is currently trading at $16.72. WorkingCap: 1.05 Free CF: -1.38
Book Value: 2.97 Dividends:
Tilray and Aphira transaction structure - The transaction is stock-
for-stock combination, which takes the form of a reverse acquisition $90 2,50,000

$80

executed by way of Plan of Arrangement under the Business $70

2,00,000

Corporations Act (Ontario). The Pro forma ownership is ~62% for $60

$50
1,50,000

Aphria shareholders and 38% for Tilray stockholders, on a fully $40

1,00,000

diluted basis. In this transaction, Aphria shareholders received $30

$20
50,000

0.8381 shares of Tilray for each Aphria share they own, Tilray $10

$0 0

stockholders to continue to hold their shares. 05-06-2019 05-09-2019 05-12-2019 05-03-2020 05-06-2020 05-09-2020 05-12-2020 05-03-2021 05-06-2021

Volume ('000) Closing Price 50 Day MA 200 Day MA

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CrispIdea | RESEARCH Tilray, Inc.

Highlights

Brief about the company - Tilray, Inc., a Delaware corporation, and

its wholly owned subsidiaries is a global medical cannabis research,
cultivation, processing and distribution organization, and is one of
the leading suppliers of adult-use cannabis in Canada.

The Company also markets and distributes food products from hemp
seed and offers a broad range of natural and organic hemp based
food products and ingredients that are sold through retailers and
websites globally.

TLRY vision is to build the world’s most trusted and valuable

cannabis and hemp company. The company is pioneering the future
of medical, wellness and adult-use cannabis and hemp research,
cultivation, processing and distribution, globally. They are one of the
leading suppliers of adult-use cannabis in Canada, medicinal
cannabis in Germany, and a leading supplier of hemp products in
North America.

Revenue Performance - TLRY revenue decreased by 8% to $48mn

for Q1FY21 compared to revenue of $52.1mn for Q1FY20. The
reduction was primarily driven by reduced revenue from the hemp
category as a result of delays in the switch from branded product to
private label product with certain customers during the quarter and
reduced promotional activity in 2021 versus 2020.

Source: Company Website, Crispidea Analysis

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CrispIdea | RESEARCH Tilray, Inc.

Contents

• Highlights….……………………………………………………………...….…....1
• Valuation
– Enterprise Value………………………………..……………………….…………………..5
– CrispIdea Forecast.…………………………………………………..…..……..……..….6
– Peer Valuation..…..…………………………………………………………………..……..7
– CrispIdea Forecast Relative to Consensus………………………………..….….8
– Consensus Momentum……………………………………………………………….….9
• Actual & Historical Performance
– Income Statement………………………………………………………………………….10
– Balance Sheet…………………………………………………………………………………11
– Cash Flow……………………………………………………………………………………....12
– 10 Year Historical Performance…………………………………….…………………13
– Ratio Analysis…………………………………………………..………………....…………14
– Segment Performance…………………………………………………………………...16
• Peer Performance
– Summary………………………………………………………………………………………..17
– Profitability…………………………………………………………………………………….18
– Price Performance………………………………………………………………………….19
• Ownership…………………………………………………………………..........20
• Stock Price Performance………………………………………….………....22

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CrispIdea | RESEARCH Tilray, Inc.

Valuation

Enterprise Value
Last fiscal year Current
as of 31 Dec' 20 as of 30 Jun '21
Price in Native 8.26 18.08
TLRY’s EV increased to
$8.01bn as of 30 Jun ‘21 x Shares Outstanding: 134 449
from $1.21bn as of 31 Equity Value: 1,103 8,121
Dec ‘20 due to increase - Cash and ST Investments 190 416
in the stock price of the
- Equity Investments 9 8
company
+ Total Debt 308 309
+ Preferred Equity
+ Minority Interest
+ Pension Obligations
+ Other Adjustments
= Total Enterprise Value (TEV) 1,212 8,005
Source: Refinitiv; Native millions

• TLRY’s EV increased to $8bn as of 30 Jun ‘21 from $1.21bn as of 31 Dec ‘20 due to increase in the stock price of
the company. The stock price has increased to $18.08 as of 30 Jun ‘21 from $8.26 as of 31 Dec’ 20. Cash and ST
Investments increased to $416mn from $190mn

• EV/Sales was 38.8x on LTM basis and is expected to be 14.2x, 9.2x and 8.2x for FY21, FY22 and FY23, respectively

• EV/EBITDA is -86.7x on LTM basis and is expected to be 267.5x, 84.7x and 43.3x for FY21, FY22 and FY23,
respectively. EV/EBIT is -68.7x on LTM basis and is expected to be 78.9x, -162.8x and 274.2x for FY21, FY22 and
FY23, respectively

Financial Valuation Ratios

12/2020A 03/2021LTM 05/2021E 05/2022E 05/2023E

TEV/Sales 5.8x 38.8x 14.2x 9.2x 8.2x
TEV/EBITDA -11.2x -86.7x 267.5x 84.7x 43.3x
TEV/EBIT -9.2x -68.7x -78.9x -162.8x 274.2x
EBITDA/Interest Expense -2.7x -2.5x 0.9x
EBIT/Interest Expense -3.2x -3.1x -3.0x -0.5x 0.3x
EBITDA-Capex/Interest Expense -3.8x -3.0x -3.3x -1.2x -0.5x
Total Debt/EBITDA -2.9x -3.3x - - -
Total Debt/EV 3.8x 3.9x - - -
PE
TEV and Price as of Latest Available in Native ; Source: Refinitiv, IBES

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CrispIdea | RESEARCH Tilray, Inc.

CrispIdea Forecast
Actuals (Annual) Forecasts (Annual)
Period End Date Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Fiscal Period FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Revenue 43.13 166.98 210.48 505.16 580.93 639.02
Y/Y Rev Growth 110% 287% 26% 140.0% 15.0% 10.0%
Cost of Revenue, Total 28.86 190.48 186 429.38 493.79 517.61
Gross Profit 14.28 (23.50) 25 75.77 87.14 121.41
Selling/General/Admin. Expenses, Total 66.06 173.11 136 303.09 348.56 351.46
Research & Development 4.26 6.56 4 12.63 14.52 15.98
Gross Margin 33% -14% 12% 15% 15% 19%
EBITDA (56.05) (203.17) (115.33) (239.95) (275.94) (246.02)
Y/Y EBITDA Growth 657% 262% -43% 108.1% 15.0% -10.8%
EBITDA Margin -130% -122% -55% -47.5% -47.5% -38.5%
Depreciation/Amortization 1.60 13.39 16 10.10 11.62 12.78
EBIT (57.65) (216.56) (131.77) (250.05) (287.56) (258.80)
Interest Expense(Income) - Net Operating -
Unusual Expense (Income) - 80.64 2
Other Operating Expenses, Total -
Operating Income (57.65) (301.70) (140.01) (250.05) (287.56) (258.80)
Y/Y Op Income Growth -81% 423% -54% 79% 15% -10%
Op Margin -134% -181% -67% -49.5% -49.5% -40.5%
Interest Expense (Income), Net Non-Operating 16.34 27.98 26 25.26 23.24 19.17
Gain (Loss) on Sale of Assets - (2.44) -
Other, Net 1.82 2.50 -111
Income Before Tax (72.17) (329.62) (276.68) (275.31) (310.80) (277.98)
Tax (4.45) (8.45) (5.60) (8.26) (9.32) (8.34)
Income After Tax (67.72) (321.17) (271.07) (267.05) (301.47) (269.64)
Minority Interest -
Equity In Affiliates (9.11) (34.69) (39.22)
Net Income Before Extra. Items (67.72) (321.17) (271.07) (267.05) (301.47) (269.64)
Accounting Change -
Discontinued Operations -
Extraordinary Item -
Net Income Incl Extra Before Distribution (67.72) (321.17) (271.07) (267.05) (301.47) (269.64)
Y/Y Net Income Growth 767% 374% -16% -1.5% 12.9% -10.6%
Net Margin -157% -192% -129% -52.9% -51.9% -42.2%

Basic Weighted Average Shares 83 100 126 203 280 280

Basic EPS Including Extraordinary Items (0.82) (3.20) (2.15) (1.32) (1.08) (0.96)
Y/Y Basic EPS Including Extraordinary Items Growth 859% 292% -33% 39% 18% 11%
Diluted Weighted Average Shares 83 100 126 203 280 280
Diluted EPS Including Extraordinary Items (0.82) (3.20) (2.15) (1.32) (1.08) (0.96)
Y/Y Diluted EPS Including Extraordinary Items Growth 859% 292% -33% 39% 18% 11%
Dividends per Share - Common Stock Primary Issue $0.00 - -
Normalized Income After Taxes (67.72) (267.17) (269.61) (267.05) (301.47) (269.64)
Basic Normalized EPS (0.82) (2.66) (2.14) (1.32) (1.08) (0.96)
Diluted Normalized EPS (0.82) (2.66) (2.14) (1.36) (1.12) (1.00)
Diluted Normalised EPS Y/Y 226% -20% -36.6% -18% -10%

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CrispIdea | RESEARCH Tilray, Inc.

Peer Comparison - Valuation

Peer Valuation Company Name EV (Mn) EV/Sales FY1 EV/EBITDA FY1 P/E (FY0) P/E (FY1) P/E (FY2) PEG
TLRY.O Tilray Inc 8,005 14x 267x
CURA.CD Curaleaf Holdings Inc 12,572 10x 33x 392x 46x 1x
WEED.TO Canopy Growth Corp 11,113 15x -68x
GTII.CD Green Thumb Industries Inc 8,792 10x 27x 345x 87x 47x 0x
CL.CD Cresco Labs Inc 6,152 7x 29x 235x 29x 1x
TRUL.CD Trulieve Cannabis Corp 5,837 7x 15x 59x 32x 22x 0x
CRON.TO Cronos Group Inc 2,708 38x -23x
SNDL.OQ Sundial Growers Inc 983 17x 272x
ACB.TO Aurora Cannabis Inc 2,227 9x -20x
CCHWF.PK Columbia Care Inc 1,488 3x 15x 100x
HARV.CD Harvest Health & Recreation Inc 1,389 3x 12x 88x 21x 1x
TER.CD Terrascend Corp 1,080 4x 8x 159x 42x 1x
HEXO.TO Hexo Corp 967 8x -70x
OGI.TO OrganiGram Holdings Inc 1,042 14x -40x
CWEB.TO Charlotte's Web Holdings Inc 616 5x -262x 179x
INCR.TA InterCure Ltd 973 5x 16x 25x 12x 0x
ACRDF.PK Acreage Holdings Inc 450 2x 20x 21x
LABS.TO Medipharm Labs Corp 80 2x -5x
CVSI.PK CV Sciences Inc 39 2x -5x
0 Samaratransneft'-Terminal OOO Unable to resolve- and collect data for all requested identifiers and fields.
0 Samaratransneft'-Terminal OOO Unable to resolve- and collect data for all requested identifiers and fields.
Peer Median 1,061 7x 10x 202x 88x 36x 1x

• TLRY’s EV/Sales is expected to be 14x but its peer ACB is expected to have EV/Sales of 9x for FY21

• TLRY’s EV/EBITDA is expected to be 267x whereas ACB’s EV/EBITDA is expected to be -20x for FY21

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CrispIdea | RESEARCH Tilray, Inc.

CrispIdea Forecast Relative to Consensus

Growth Rates and Valuation Ratios

Growth Rates EPS Sales CI EPS CI Sales

FY1/FY0 39% 140.0%

FY2/FY1 86.8% 53.7% 18% 15.0%
We estimate revenue to FY3/FY2 98.2% 12.6% 11% 10.0%
increase by 140% for FY21.
We expect revenues to Ratios P/E Price/Sales CI P/E CI Price/Sales
grow by 15% and 10% for FY1 14.41 8.00
FY22 and FY23, respectively
FY2 9.37 11.00
FY3 8.32 11.00

• We estimate revenue to increase by 140% for FY21. We expect

revenues to grow by 15% and 10% for FY22 and FY23, respectively

• We expect EPS to increase by 39% for FY21. We expect EPS to grow by

18% and 11% for FY22 and FY23, respectively

• Our TP is based on EV/Sales of 10.7x and P/S of 11x for FY22.

Consensus estimates forward P/S of 14.41, 9.37 and 8.32 for FY21,
FY22 and FY23, respectively

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CrispIdea | RESEARCH Tilray, Inc.

Consensus Momentum

Current Year(FY1)
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00
Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
-0.11 Apr-21
-0.11 May-21
-0.11 Jun-21 Jul-21
-0.50

EPS -1.00 -0.78

-1.50

-2.00 -1.69

For FY21, Consensus

EPS estimate was
-$0.14 in Mar-21. It 0.00 0.00 0.00 0.00
Next Year(FY2)
0.00 0.00 0.00
declined to -$1.69 in 0.00
-0.05 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21
Jul-21
EPS

-0.10
-0.15
-0.20
-0.19 -0.19 -0.19 -0.19
-0.25 -0.22

• For FY21, Consensus EPS estimate was -$0.14 in Mar-21. It declined to -$1.69 in
Jul-21

• For FY22, consensus EPS estimates were -$0.19 in Mar-21. It declined to -$0.22
in Jul-21

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CrispIdea | RESEARCH Tilray, Inc.

Income Statement
All figures (except per share item) in Million Actuals (Annual) Actuals (Quarterly)
Period End Date Dec-20 Dec-19 Dec-18 Dec-17 Dec-16 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20
Fiscal Period FY2020 FY2019 FY2018 FY2017 FY2016 FY2021Q1 FY2020Q4 FY2020Q3 FY2020Q2 FY2020Q1
Revenue 210.48 166.98 43.13 20.54 12.64 48.02 56.56 51.41 50.41 52.10
Y/Y Rev Growth 26% 287% 110% 62% -8% 10% 2% -3%
Cost of Revenue, Total 186 190 29 9 10 35 41 48 56 41
Gross Profit 25 -23 14 11 3 14 15 4 -5 11
Selling/General/Admin. Expenses, Total 136 173 66 16 8 35 26 30 35 43
Research & Development 4 7 4 3 1 1 2 1 1 1
Gross Margin 12% -14% 33% 55% 21% 28% 27% 7% -11% 21%
EBITDA -115 -203 -56 -7 -7 -22 -12 -27 -41 -33
Y/Y EBITDA Growth -43% 262% 657% 6% 79% -55% -33% 23%
EBITDA Margin -55% -122% -130% -36% -55% -46% -22% -53% -81% -64%
Depreciation/Amortization 16 13 2 0 0 3 3 3 3 4
EBIT -132 -217 -58 -7 -7 -26 -16 -31 -44 -37
Interest Expense(Income) - Net Operating - -
Unusual Expense (Income) 2 81 - - - 46 -57 0 30 33
Other Operating Expenses, Total - -
Operating Income -140 -302 -58 -7 -7 -73 40 -33 -76 -71
Y/Y Op Income Growth -54% 423% -81% -87% -6% -284.03% -154% -182% 131% -6%
Op Margin -67% -181% -134% -37% -56% -153% 70% -64% -150% -137%
Interest Expense (Income), Net Non-Operating 26 28 16 0 1 6 -10 1 -3 37
Gain (Loss) on Sale of Assets - -2 - - - -
Other, Net -111 3 2 0 -0 -262 -54 32 -12 -77
Income Before Tax -277 -330 -72 -8 -8 -341 -5 -2 -85 -185
Tax -6 -8 -4 - - -0 -2 0 -3 -1
Income After Tax -271 -321 -68 -8 -8 -341 -3 -2 -82 -184
Minority Interest - -
Equity In Affiliates -39 -35 -9 -2 -1 -7 -9 -10 -11 -9
Net Income Before Extra. Items -271 -321 -68 -8 -8 -341 -3 -2 -82 -184
Accounting Change - -
Discontinued Operations - -
Extraordinary Item - -
Net Income Incl Extra Before Distribution -271 -321 -68 -8 -8 -341 -3 -2 -82 -184
Y/Y Net Income Growth -16% 374% 767% -1% 11462% 27% -97% -56%
Net Margin -129% -192% -157% -38% -62% -710% -5% -5% -162% -353%

Basic Weighted Average Shares 126 100 83 92 92 169 144 129 125 106
Basic EPS Including Extraordinary Items -2.15 -3.20 -0.82 -0.09 -0.09 -2.01 -0.02 -0.02 -0.65 -1.73
Y/Y Basic EPS Including Extraordinary Items Growth -33% 292% 859% -1% 9708% 14% -97% -62%
Diluted Weighted Average Shares 126 100 83 92 92 169 144 129 125 106
Diluted EPS Including Extraordinary Items -2.15 -3.20 -0.82 -0.09 -0.09 -2.01 -0.02 -0.02 -0.65 -1.73
Y/Y Diluted EPS Including Extraordinary Items Growth -33% 292% 859% -1% 9708% 14% -97% -62%
Dividends per Share - Common Stock Primary Issue - - - - - - - - - -
Normalized Income After Taxes -269.61 -267.17 -67.72 -7.81 -7.88 -311.17 -40.08 -2.03 -61.92 -162.87
Basic Normalized EPS -2.14 -2.66 -0.82 -0.09 -0.09 -1.84 -0.28 -0.02 -0.50 -1.53
Diluted Normalized EPS -2.14 -2.66 -0.82 -0.09 -0.09 -1.84 -0.28 -0.02 -0.50 -1.53

• TLRY revenue decreased by 8% to $48mn for Q1FY21 compared to revenue of $52.1mn for Q1FY20. The
reduction was primarily driven by reduced revenue from the hemp category as a result of delays in the switch
from branded product to private label product with certain customers during the quarter and reduced
promotional activity in 2021 versus 2020. Adult-use sales and Canada medical sales were negatively impacted
by COVID related lockdowns throughout Canada during the quarter, while international medical sales increased
as the company expanded its customer base in existing and new markets

• Net loss increased to $341mn for Q1FY21 as compared to $184mn Q1FY20 primarily due to the impact of the
change in the fair value of warrant liability, the charge associated with litigation settlement, and reduced sales
and margin in Hemp segment

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CrispIdea | RESEARCH Tilray, Inc.

Balance Sheet
Period End Date Actuals (Annual) Actuals (Quarterly)
Dec-20 Dec-19 Dec-18 Dec-17 Dec-16 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20
Fiscal Period
FY2020 FY2019 FY2018 FY2017 FY2016 FY2021Q1 FY2020Q4 FY2020Q3 FY2020Q2 FY2020Q1
Cash and Short Term Investments 190 97 518 5 15 416 190 155 137 174
Total Receivables, Net 41 43 17 2 0 45 41 31 33 45
Total Inventory 94 88 16 7 4 97 94 90 93 96
Prepaid Expenses 7 6 3 1 0 5 7 7 5 4
Other Current Assets, Total 16 25 - - - 9 16 22 21 20
Total Current Assets 347 259 554 12 12 572 347 305 290 339
Property/Plant/Equipment, Total - Net 218 202 80 40 20 215 218 206 194 206
Goodwill, Net 167 163 - - - 169 167 160 156 151
Intangibles, Net 186 229 4 1 1 186 186 181 180 188
Long Term Investments 24 36 17 - - 20 24 32 31 30
Note Receivables LT - -
Other Long Term Assets, Total 4 8 1 1 0 6 4 4 5 2
Total Assets 946 896 657 54 33 1,168 946 887 856 916
Accounts Payable 18 39 11 6 1 48 18 26 22 24
Accrued Expenses 41 51 15 2 1 62 41 35 37 49
Notes Payable/Short Term Debt - - - 33 20 - - - - -
Current Port. of LT Debt/Capital Leases 2 - 0 10 - 50 2 1 1 5
Other Current liabilities, Total 121 2 - - - 124 121 72 104 94
Total Current Liabilities 181 92 26 50 22 284 181 134 164 171
Total Long Term Debt 306 444 429 9 9 259 306 484 480 472
Total Debt 308 444 429 51 29 309 308 485 481 477
Deferred Income Tax 49 53 4 - - 49 49 48 47 48
Minority Interest - -
Other Liabilities, Total 35 21 - - - 35 35 35 34 34
Total Liabilities 572 611 459 59 31 628 572 701 724 725
Redeemable Preferred Stock, Total - -
Preferred Stock - Non Redeemable, Net - -
Common Stock, Total 0 0 0 - - 0 0 0 0 0
Additional Paid-In Capital 1,096 706 302 32 32 1,600 1,096 911 856 840
Retained Earnings (Accumulated Deficit) -730 -430 -108 -40 -33 -1,071 -730 -727 -725 -643
Treasury Stock - Common - -
Other Equity, Total 8 10 4 4 4 12 8 3 0 -7
Total Equity 374 285 198 -5 3 541 374 187 131 190
Total Liabilities & Shareholders' Equity 946 896 657 54 33 1,168 946 887 856 916

• As of March 31, 2021, the company had cash and cash equivalents of $416.3mn which were held for
working capital and general corporate purposes. This represents an overall increase of $226.6mn since
December 31, 2020.

• Total assets of the company increased to $1.17bn in Q1FY21 as compared to $916mn in Q1FY20

• Total liabilities decreased to $628mn in Q1FY21 as compared to $725mn in Q1FY20

Source: Refinitiv 11
CrispIdea | RESEARCH Tilray, Inc.

Cash Flow

Cash Flow Actuals (Annual) Actuals (Quarterly)

Dec-20 Dec-19 Dec-18 Dec-17 Dec-16 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20
Fiscal Period
FY2020 FY2019 FY2018 FY2017 FY2016 FY2021Q1 FY2020Q4 FY2020Q3 FY2020Q2 FY2020Q1
Net Income/Starting Line -271 -321 -68 -8 -8 -341 -271 -268 -266 -184
Depreciation/Depletion 19 16 4 2 2 5 19 14 9 5
Amortization - -
Deferred Taxes -5 -9 -4 - - -1 -5 -4 -4 -1
Non-Cash Items 188 177 36 -0 1 276 188 194 209 152
Changes in Working Capital -60 -121 -14 -0 2 48 -60 -41 -38 -25
Cash from Operating Activities -129 -258 -46 -6 -3 -13 -129 -104 -91 -54
Capital Expenditure -45 -79 -54 -11 -1 -2 -45 -39 -27 -18
Acquisition of business - -164 - - - - - - - -
Other Investing Cash Flow Items. Total 3 -11 - - - - 3 -3 -2 0
Cash from Investing Activities -42 -253 -99 -11 -1 -0 -42 -42 -29 -18
Total Cash Dividends Paid - -
Issuance (retirement) of stock, net 220 112 229 - - 236 220 166 120 114
Issurance (retirement) of debt, net 45 -1 418 12 11 -1 45 44 45 46
Other Financing -0 4 -15 - - -0 -0 -0 0 0
Cash from Financing Activity 265 115 631 12 11 234 265 210 165 160
FX -1 6 -1 0 0 6 -1 -5 -5 -10
Net Change in Cash 93 -390 485 -5 7 227 93 58 40 77

• Net cash used in operating activities was $13.01mn in Q1FY21 as compared to $54.03mn in Q1FY20

• Net cash used in investing activities was $0.07mn in Q1FY21 as compared to $18.12mn in Q1FY20

• Net cash provided by financing activities was $234.08mn in Q1FY21 as compared to $159.79mn in Q1FY20

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CrispIdea | RESEARCH Tilray, Inc.

Common Size Ratio Analysis

Dec-16 Dec-17 Dec-18 Dec-19 Dec-20

Ratio Analysis TTM
FY2016 FY2017 FY2018 FY2019 FY2020
or MRQ
Margins and Profitability
COGS (% of Sales) 78.9% 44.6% 66.9% 114.1% 88.3% 86.8%
Gross Profit Margin 21.1% 55.4% 33.1% -14.1% 11.7% 13.2%
SG&A (% of Sales) 67.2% 76.0% 153.2% 103.7% 64.4% 61.0%
R&D (% of Sales) 9.0% 15.4% 9.9% 3.9% 2.1% 2.1%
Tax Rate -
Gross Profit Margin 91.0% 84.6% 90.1% 96.1% 97.9% 97.9%
EBIT Margin -55.7% -36.5% -133.7% -129.7% -62.6% -56.4%
EBITDA Margin -55.0% -36.0% -130.0% -121.7% -54.8% -49.8%
Operating Margin -55.7% -36.5% -133.7% -180.7% -66.5% -74.1%
Net Profit Margin -62.3% -38.0% -157.0% -192.3% -128.8% -220.4%

Turnover Ratio
ROIC -
Return on Assets -
Financial Leverage (Average) 13.09 -11.12 3.32 3.14 2.53 3.13
Return on Equity -

Capital Structure & Coverage

Cap Ex as a % of Sales -8.2% -55.7% -126.3% -47.1% -21.2% -14.0%
Free Cash Flow/Sales -55.1% -84.7% -275.0% -228.0% -138.7% -209.6%
Free Cash Flow/Net Income 88.3% 222.8% 175.2% 118.5% 107.7% 101.1%
Net Debt / EBITDA -
Net Debt / Total Equity 837% -1008% -45% 122% 32% 55.6%
Net Debt / EV - - - 15.17 23.03 -
EBIT / Net Interest -6.9 -4.4 -6.3 -6.2 -3.4 -3.1

Growth in %
Revenue Growth 62.4 110.0 287.2 26.1 5.3
EBIT Growth -6.4 -668.9 -275.6 39.2 49.5
EPS Growth 0.9 -859.0 -226.0 19.6 30.8
Op Cash Flow Growth -93.2 -622.6 -458.0 49.9 54.8
FCF Growth -176.6 9411.3 -180.5 123.8 340.3

Enterprise Value
Marketcap (USD Mn) 6,572 1,761 1,103 8,121
Net Debt (cash) (USD Mn) 21 49 (88) 348 118 171
Total Enterprise Value 6,472 2,076 1,433 8,014

Valuation
P/E (diluted) -
EV/Revenue 197.8 15.3 7.1 38.8
EV/EBITDA -
EV/EBIT -
P/BV 34.9 4.1 5.9 15.0

Source: Refinitiv 13
CrispIdea | RESEARCH Tilray, Inc.

Historical Ratios – Profitability Historical Ratios – Cost Drivers

Gross Margin COGS (as % of Sales)

114.1%
55.4%
88.3% 86.8%
78.9%
33.1% 66.9%

21.1% 44.6%
11.7% 13.2%

FY2016 FY2017 FY2018 FY2019 FY2020 TTM

FY2016 FY2017 FY2018 FY2019 FY2020 TTM
or MRQ
-14.1% or MRQ

Operating Margin SG&A as % of Sales

153.2%
FY2016 FY2017 FY2018 FY2019 FY2020 TTM
or MRQ
-36.5% 103.7%
-55.7%
-66.5% -74.1% 76.0%
67.2% 64.4% 61.0%
-133.7%

-180.7%

FY2016 FY2017 FY2018 FY2019 FY2020 TTM

or MRQ

Net Margin R&D as % of Sales

15.4%
FY2016 FY2017 FY2018 FY2019 FY2020 TTM
-38.0% or MRQ
9.9%
-62.3% 9.0%

3.9%
-128.8% 2.1% 2.1%
-157.0%
-192.3%
FY2016 FY2017 FY2018 FY2019 FY2020 TTM
-220.4% or MRQ

• Gross margin decreased to 55.4% and 33.1% in FY17 and FY18, respectively. It declined to -14.1% in FY19 but
increased to 11.7% in FY20. It increased to 13.2% on TTM basis. COGS increased to 66.9% and 114.1% in FY18 and
FY19, respectively. It decreased to 88.3% and 86.8% in FY20 and TTM basis, respectively

• Operating margin was -133.7% and -180.7% in FY18 and FY19, respectively. It was -66.5% and 74.1% in FY20 and
TTM basis, respectively. SG&A expense decreased to 64.4% and 61% in FY20 and TTM basis. R&D expense was stable
at 2.1% in FY20 and TTM basis

• Net margin of the company was -192.3% and 128.8% in FY19 and FY20, respectively. It was -220.4% on TTM basis

Source: Refinitiv 14
CrispIdea | RESEARCH Tilray, Inc.

Growth Ratios Return Ratios

Revenue Growth YoY

287%

110%
62%
26%
0% 5%

FY2016 FY2017 FY2018 FY2019 FY2020 TTM

or MRQ

Operating Income Growth YoY Financial Leverage

39% 50% 13.1
0%

FY2016 -6%
FY2017 FY2018 FY2019 FY2020 TTM
or MRQ 3.3 3.1 3.1
2.5

-276%
FY2016 FY2017 FY2018 FY2019 FY2020 TTM
or MRQ

-669% -11.1

EPS Growth YoY

0% 1% 20% 31%

FY2016 FY2017 FY2018 FY2019 FY2020 TTM

or MRQ
-226%

-859%

• Growth Ratios - The revenue growth rate was 110% and 287% in FY18 and FY19, respectively. The revenue
growth rate decreased drastically to 26% and 5% in FY20 and TTM basis, respectively. The operating income
of the company declined by 669% and 276% in FY18 and FY19, respectively. The operating income increased
by 39% and 50% in FY20 and TTM basis, respectively. The EPS of the company declined by 859% and 226% in
FY18 and FY19. The EPS increased by 20% and 31% in FY20 and TTM basis, respectively.

• Financial leverage - The financial leverage of the company was 3.3x and 3.1x in FY18 and FY19, respectively. It
decreased to 2.5x in FY20 but increased to 3.1x on TTM basis

Source: Refinitiv 15
CrispIdea | RESEARCH Tilray, Inc.

Segment Performance - Business

Revenue by product channel

Three months ended

(in thousands)
Mar-21 Mar-20 % Change
Cannabis 31,386 30,776 1.98%
Cannabis segment
Hemp 16,635 21,326 -22.00%
revenue increased 2% to
$31.4mn for Q1FY21
compared to $30.8mn Cannabis - Cannabis segment revenue increased 2% to $31.4mn for Q1FY21 compared
for Q1FY20 to $30.8mn for Q1FY20. The increase was primarily driven by increased sales in
international medical markets which was partially offset by reduction in the adult-use
and Canada medical categories.

Hemp - Hemp segment revenue decreased 22% to $16.6mn for Q1FY21 compared to
$21.3mn for Q1FY20. The decrease was primarily due to delays in the switch from
branded product to private label product with certain customers during the quarter.

Revenue by product category

Three months ended

(in thousands)
Mar-21 Mar-20 % Change
Dried cannabis 21,086 19,696 7.06%
Cannabis extracts 10,270 10,545 -2.61%
Hemp products 16,635 21,326 -22.00%
Accessories and other 30 535 -94.39%
Hemp segment revenue
decreased 22% to TLRY also analyzes sales mix by dried cannabis, extracts, hemp and accessories.
$16.6mn for Q1FY21 Cannabis as a whole represented 65% of total revenue for Q1FY21 versus 59% for
compared to $21.3mn Q1FY20. Dried cannabis increased by 7.06% to $21.09mn for Q1FY21 compared to
for Q1FY20 Q1FY20.

Cannabis extracts revenue decreased by 2.61% to $10.27mn for Q1FY21 compared to

Q1FY20. Hemp products revenue decreased by 22% to $16.64mn for Q1FY21
compared to Q1FY20. In the future, the company expect cannabis products to grow at a
faster rate and make up a larger portion of sales than Hemp products as the company
generally see higher growth rate opportunities in international medical cannabis
markets.

Source: Company Website, Crispidea Analysis

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CrispIdea | RESEARCH Tilray, Inc.

Peer Comparison - Summary

Peer Median 1,325 131 230 339 9

Peer Size Metrics Company Name FY Ending Price Market Cap Revenue (FY0) Revenue (FY1) Revenue (FY2) EBITDA Margin (FY1)
TLRY.O Tilray Inc 31-12-2020 18.08 8,120.91 210.48 563.66 866.54 5.31
CURA.CD Curaleaf Holdings Inc 31-12-2020 17.47 12,273.61 626.64 1,308.77 1,913.62 28.70
WEED.TO Canopy Growth Corp 31-03-2021 29.98 11,748.35 546.65 762.67 1,019.12 (21.38)
GTII.CD Green Thumb Industries Inc 31-12-2020 40.92 8,977.75 556.57 874.95 1,167.08 36.80
CL.CD Cresco Labs Inc 31-12-2020 14.15 5,931.44 476.25 843.56 1,202.75 25.52
TRUL.CD Trulieve Cannabis Corp 31-12-2020 46.47 5,854.58 521.53 880.49 1,250.35 44.41
CRON.TO Cronos Group Inc 31-12-2020 10.68 3,967.05 46.72 72.19 132.57 (160.34)
SNDL.OQ Sundial Growers Inc 31-12-2020 0.95 1,889.15 60.92 56.21 87.42 6.42
ACB.TO Aurora Cannabis Inc 30-06-2020 11.23 2,223.75 278.91 257.99 326.89 (43.62)
CCHWF.PK Columbia Care Inc 31-12-2020 4.65 1,383.85 179.50 513.33 739.24 19.31
HARV.CD Harvest Health & Recreation Inc 31-12-2020 5.10 1,266.22 231.46 405.06 539.05 27.70
TER.CD Terrascend Corp 31-12-2020 14.25 1,096.69 147.90 303.62 461.20 43.59
HEXO.TO Hexo Corp 31-07-2020 7.20 1,059.32 80.78 126.68 248.41 (10.97)
OGI.TO OrganiGram Holdings Inc 31-08-2020 3.55 1,058.73 86.80 72.22 113.43 (36.29)
CWEB.TO Charlotte's Web Holdings Inc 31-12-2020 4.43 620.35 95.23 120.90 156.28 (1.94)
INCR.TA InterCure Ltd 31-12-2020 2,324.00 992.96 65.04 202.88 351.12 29.26
ACRDF.PK Acreage Holdings Inc 31-12-2020 2.13 275.60 114.55 189.39 254.40 12.10
LABS.TO Medipharm Labs Corp 31-12-2020 0.45 118.60 36.01 42.15 83.03 (34.90)
CVSI.PK CV Sciences Inc 31-12-2020 0.38 41.19 24.43 21.81 30.94 (35.65)

• TLRY’s market cap is $8.12bn and revenues were $210mn in FY20. Revenues are expected to increase by
167.79% and 53.74% in FY21 and FY22, respectively

• TLRY’s peer - ACB’s revenue is expected to declined by 7.5% in FY21 and increase by 26.7% in FY22

• EBITDA Margin for TLRY is expected to be 5.31% as compared to its peer ACB -43.62%

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CrispIdea | RESEARCH Tilray, Inc.

Peer Comparison - Profitability

Peer Median 41 -71 -22 -34 -57

Peer Profitability (%) Company Name GM LTM Op M LTM ROA LTM ROE LTM Op M 5 yr Avg
TLRY.O Tilray Inc 13.22 (68.83) (41.07) (117.08)
CURA.CD Curaleaf Holdings Inc 24.56 11.69 (3.17) (5.61) (4.26)
WEED.TO Canopy Growth Corp 12.25 (227.35) (24.43) (40.91) (278.25)
GTII.CD Green Thumb Industries Inc 55.84 23.15 2.47 3.03
CL.CD Cresco Labs Inc 46.33 17.25 (1.97) (13.87) 4.25
TRUL.CD Trulieve Cannabis Corp 72.32 40.11 10.36 21.60 44.55
CRON.TO Cronos Group Inc (43.91) (431.23) (16.38) (18.85) (418.99)
SNDL.OQ Sundial Growers Inc 12.54 (279.14) (36.79) (48.78)
ACB.TO Aurora Cannabis Inc (32.32) (1,233.54) (64.63) (79.87) (659.32)
CCHWF.PK Columbia Care Inc 38.76 (24.08) (18.95) (29.08)
HARV.CD Harvest Health & Recreation Inc 43.89 (15.03) (7.34) (17.56)
TER.CD Terrascend Corp 72.99 32.35 (23.08) (89.36) (41.72)
HEXO.TO Hexo Corp (33.60) (165.03) (31.73) (39.89) (460.34)
OGI.TO OrganiGram Holdings Inc (67.97) (262.21) (51.21) (71.03) (57.30)
CWEB.TO Charlotte's Web Holdings Inc 52.84 (56.13) (20.42) (26.82)
INCR.TA InterCure Ltd 46.57 15.03 4.94 5.11 (76.07)
ACRDF.PK Acreage Holdings Inc 46.48 (86.80) (26.52) (46.20)
LABS.TO Medipharm Labs Corp (111.05) (192.50) (45.26) (53.18)
CVSI.PK CV Sciences Inc 44.56 (97.06) (51.81) (108.40) (30.05)

• TLRY’s gross margin is 13.22% on LTM basis as compared to ACB’s -32.32%. Operating margin was -68.83% on
LTM basis for TLRY which is lesser than -1233.54% for ACB

• TLRY’s ROA and ROE is -41.07% and -117.08%, respectively. ACB’s ROA and ROE is -64.63% and -79.87%,
respectively

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Peer Comparison – Price Performance

430

389.32
380

330

280
260.28

TLRY stock 230

212.44
increased by 180
192.49

66.76% in past
141.77
1-year, 130

outperforming S&P 80 81.42

which gave 16.41%
37.91
30
Feb 19 Apr 19 Jun 19 Aug 19 Oct 19 Dec 19 Feb 20 Apr 20 Jun 20 Aug 20 Oct 20 Dec 20 Feb 21

Tilray Inc Curaleaf Holdings Inc Canopy Growth Corp Green Thumb Industries Inc Cresco Labs Inc Trulieve Cannabis Corp Standard & Poor's Corp

• TLRY stock increased by 66.76% in past 1-year, outperforming S&P which gave
16.41%

• TLRY stock increased by -62.09% in past 2-year, underperforming S&P which gave
41.77%

• Other peers like CURA, WEED and CL gave 155.08%, 70.58% and 172.11% returns in
past 1-year

Company Name Price in Native Performance Comparison over months

Ric Code As of February 15, 2021 1 month 3 month 6 month 1 year 2 year 3 year 5 year
TLRY.O Tilray Inc 29.00 47.21% 279.08% 300.00% 66.76% (62.09)% NaN NaN
CURA.CD Curaleaf Holdings Inc 21.35 7.83% 51.31% 78.51% 155.08% 112.44% 64.17% 2.61%
WEED.TO Canopy Growth Corp 51.14 20.36% 59.51% 124.10% 70.58% (18.58)% 82.71% 1780.15%
GTII.CD Green Thumb Industries Inc 46.33 29.05% 73.33% 118.02% 287.37% 160.28% 403.59% NaN
CL.CD Cresco Labs Inc 20.00 19.98% 77.30% 108.99% 172.11% 92.49% NaN NaN
TRUL.CD Trulieve Cannabis Corp 60.50 10.00% 68.76% 82.17% 327.86% 289.32% NaN NaN
.SPX Standard & Poor's Corp 3,934.83 4.42% 9.75% 16.66% 16.41% 41.77% 44.07% 111.01%

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Ownership

Investor Full Name Holdings Pct Of Traded Shares Held Investor Shares Held Holdings Change in Holdings Value Holdings Value Held Holdings Filing Date
Kennedy (Brendan) 2.08% 93,49,750 -1,47,95,965 17,41,85,843 22-Jun-21
ETF Managers Group, LLC 1.14% 51,41,701 -69,21,171 11,68,70,864 31-Mar-21
Blue (Michael) 1.02% 45,98,454 -1,43,31,792 11,20,18,339 16-Feb-21
Groh (Christian) 0.88% 39,30,804 1,17,97,743 9,57,54,385 16-Feb-21
Susquehanna International Group, LLP 0.85% 38,20,485 6,94,09,124 8,68,39,624 31-Mar-21
D. E. Shaw & Co., L.P. 0.64% 28,64,727 6,31,98,310 6,51,15,245 31-Mar-21
Pentwater Capital Management LP 0.58% 25,97,928 5,90,50,903 5,90,50,903 31-Mar-21
Mirae Asset Global Investments (USA) LLC 0.56% 24,98,866 68,34,911 5,67,99,224 31-Mar-21
Auerbach (Michael) 0.40% 18,12,491 10,05,215 3,32,41,085 30-Apr-21
Horizons ETFs Management (Canada) Inc. 0.38% 17,27,075 -12,67,441 3,16,74,556 30-Apr-21
Millennium Management LLC 0.21% 9,55,056 -85,25,046 2,17,08,423 31-Mar-21
Graham Capital Management, L.P. 0.21% 9,26,165 1,66,60,522 2,10,51,730 31-Mar-21
Citadel Advisors LLC 0.20% 8,85,865 49,59,959 2,01,35,711 31-Mar-21
Merlin Asset Management 0.19% 8,61,629 14,70,794 1,43,63,355 31-May-21
Marshall Wace LLP 0.14% 6,18,605 1,40,60,892 1,40,60,892 31-Mar-21
The Vanguard Group, Inc. 0.12% 5,20,032 78,32,917 1,18,20,327 31-Mar-21
TIG Advisors, L.L.C. 0.11% 5,07,114 1,15,26,701 1,15,26,701 31-Mar-21
Two Sigma Investments, LP 0.09% 4,00,130 90,94,955 90,94,955 31-Mar-21
Creative Planning, Inc. 0.08% 3,77,307 -43,45,249 85,76,188 31-Mar-21
Simon (Irwin D) 0.08% 3,70,208 29,41,453 68,96,975 22-Jun-21

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Ownership Momentum

Top Buyers Top Buyers

Investment Equity Assets Current
Rank Share ∆ Name Style (M) Address City Shares
1 47,53,417 Kennedy (Brendan) 187.24 93,49,750
2 37,61,700 Susquehanna International Group, LLP Broker-Dealer 74,656.37 Bala Cynwyd 38,20,485
3 27,75,262 D. E. Shaw & Co., L.P. Hedge Fund 73,855.03 New York 28,64,727
4 25,97,928 Pentwater Capital Management LP Hedge Fund 9,097.30 Evanston 25,97,928
5 20,67,812 ETF Managers Group, LLC Index 7,024.65 Summit 51,41,701
6 9,26,165 Graham Capital Management, L.P. Hedge Fund 970.88 Rowayton 9,26,165
7 9,19,970 Millennium Management LLC Hedge Fund 70,589.20 New York 9,55,056
8 8,38,315 Mirae Asset Global Investments (USA) LLC Aggres. Gr. 38,972.76 New York 24,98,866
9 7,69,010 Merlin Asset Management 196.94 Boston 8,61,629
10 7,56,561 Citadel Advisors LLC Hedge Fund 85,751.52 Chicago 8,85,865

Top Sellers TopSellers

Investment Equity Assets Current
Rank Share ∆ Name Style (M) Address City Shares
1 -25,00,000 Heights Capital Management, Inc. 2,054.80 San Francisco 0
2 -16,71,663 Auerbach (Michael) 95.24 18,12,491
3 -9,64,264 Anson Funds Management LP. Hedge Fund 775.92 Dallas 65,314
4 -9,39,943 J.P. Morgan Securities LLC Broker-Dealer 62,062.98 New York 2,938
5 -5,88,333 Blue (Michael) 112.02 45,98,454
6 -3,60,695 Jane Street Capital, L.L.C. Broker-Dealer 35,481.62 New York 1,01,252
7 -2,26,000 Think Investments LP Hedge Fund 587.33 San Francisco 0
8 -2,01,009 CIBC World Markets Inc. Broker-Dealer 32,624.49 Toronto 0
9 -1,85,000 HBK Investments, L.P. Hedge Fund 1,988.29 Dallas 0
10 -1,79,539 Pastorius (Edward Wood JR) 1.18 0

Top 5 Buyers (solid lines) and Top 5 Sellers (dotted lines)

1,20,00,000 25.0000
Kennedy
(Brendan)

Susquehanna
1,00,00,000
20.0000 International
Group, LLP
D. E. Shaw &
Co., L.P.
80,00,000
Pentwater
15.0000 Capital
Management LP
ETF Managers
60,00,000 Group, LLC

Heights Capital
10.0000 Management,
40,00,000 Inc.
Capital
Research Global
Investors
5.0000 Anson Funds
20,00,000 Management
LP.
J.P. Morgan
Securities LLC

0 0.0000 Blue (Michael)

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Stock Price Movement – 3 Months

Quarterly Price Movement

35.00 21.50

21.00
30.00
20.50

25.00
20.00

19.50
20.00

19.00
15.00
18.50

10.00 18.00

Price Close Price Target - Mean

• The stock price of the company was trading between $30.47 and $13.68 in the period of last three months

• The stock of the company declined by 30.19% in the period of last three months

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Stock Price Movement – 12 Months

Annual Price Movement

70.00 23.00

21.00
60.00
19.00
50.00
17.00

40.00 15.00

30.00 13.00

11.00
20.00
9.00
10.00
7.00

0.00 5.00
6-Jul-20 6-Aug-20 6-Sep-20 6-Oct-20 6-Nov-20 6-Dec-20 6-Jan-21 6-Feb-21 6-Mar-21 6-Apr-21 6-May-21 6-Jun-21

Price Close Price Target - Mean

• The stock of the company surged in Feb-21 as the company struck a deal that will give it access to new international
markets

• The stock gave a return of 130% in the period of last twelve months

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Stock Price Movement – 3 Year Price Movement

3-Year Price Movement

250.00 170.00

150.00
200.00 130.00

110.00
150.00
90.00

70.00
100.00
50.00

50.00 30.00

10.00

0.00 -10.00

Price Close Price Target - Mean

• The stock of the company surged to $214 in FY18 as the company announced that the Drug Enforcement
Administration approved it to import marijuana to the U.S. for medical research

• The stock of the company declined by 28.7% in the period of last three years

Date Coverage Rating CMP ($) Target Price ($) Horizon Achievement

2-July-20 Fundamental Buy 17.91 23 12-Months TBD

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CrispIdea | RESEARCH Tilray, Inc.

About CrispIdea

• CrispIdea is a financial and information services firm focused on providing equity research, portfolio management,
personal wealth management and brokerage services. On the information services side, it provides communications
consulting and research services to a host of clients.
• CrispIdea tracks a limited number of companies and sectors but strives to provide quality insights through straight
forward analysis with an objective of creating long-term wealth with moderate to low risk. CrispIdea leverages a
large number of in-house and external experts operating within the industry who have strong financial, operational
and strategic background.
• For more details visit www.crispidea.com or contact

Shejal Ajmera
CrispIdea
+91-991 644 4778
shejalajmera@crispidea.com

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• The information contained in this report has been obtained from public sources believed to be reliable and the
opinions contained herein are expressions of belief based on such information. No representation or warranty,
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own independent verification or taken in substitution for the exercise of judgment by the recipient. All opinions
contained herein constitute the views of the analyst(s) named in this report; they are subject to change without
notice and are not intended to provide the sole basis of any evaluation of the subject securities and companies
mentioned in this report. Any reference to past performance should not be taken as an indication of future
performance. No member company of the Group accepts any liability whatsoever for any direct or consequential
loss arising from any use of the materials contained in this report.

• The analyst(s) named in this report certifies that (i) all views expressed in this report accurately reflect the personal
views of the analyst(s) with regard to any and all of the subject securities and companies mentioned in this report
and (ii) no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, related to the specific
recommendation or views expressed herein.

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CrispIdea | RESEARCH Tilray, Inc.

Recommendation Structure

• Stock recommendations are based on absolute upside (downside), which we define as (target price* - current price)
/ current price. If the upside is 10% or more, the recommendation is BUY. If the downside is 10% or more, the
recommendation is UNDERPERFORM or SELL. For stocks where the upside or downside is less than 10%, the
recommendation is HOLD. In addition, we have key buy and key sell lists in each market, which are our most
commercial and/or actionable BUY and UNDERPERFORM calls.

• Unless otherwise specified, these recommendations are set with a 12-month horizon. Thus, it is possible that future
price volatility may cause a temporary mismatch between upside/downside for a stock based on market price and
the formal recommendation.

• *In most cases, the target price will equal the analyst's assessment of the current fair value of the stock. However, if
the analyst doesn't think the market will reassess the stock over the specified time horizon due to a lack of events or
catalysts, then the target price may differ from fair value. In most cases, therefore, our recommendation is an
assessment of the mismatch between current market price and our assessment of current fair value.

© 2021 CRISPIDEA

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