Tilray Brands (TLRY) has acquired HelloMD Corporation’s Canadian medical cannabis assets through a court-supervised insolvency sale, with court approval granted on 29 June 2026.
The transaction, the terms of which were not disclosed, adds HelloMD’s digital patient engagement platform to Tilray’s existing Canadian medical operations and completes what the company describes as a fully vertically integrated medical cannabis framework in its home market.
HelloMD was established as a telehealth platform connecting patients with healthcare practitioners authorised to certify medical cannabis use, routing certified patients toward licensed producers. The platform has supported hundreds of thousands of patients across Canada through consultations, educational resources, and personalised guidance.
Blair MacNeil, President of Tilray Canada, said the combined model creates ‘a more connected pathway for patients and healthcare practitioners in Canada,’ linking HelloMD’s practitioner network with Tilray’s licensed producer relationships, clinical expertise, and national fulfilment capabilities.
That integration logic is familiar territory for Tilray. The company has built comparable vertical structures across more than 20 countries over the past several years, combining EU-GMP certified cultivation facilities, pharmaceutical distribution through CC Pharma, medical cannabis clinics, and digital pharmacy platforms.
Its German network of medical clinics and digital pharmacies is among the more developed examples of this model in European cannabis. HelloMD’s acquisition will now expand this skillset to its home market.
Canada’s medical cannabis channel has contracted steadily since adult-use legalisation, as recreational sales absorbed consumer demand and licensed producers faced competitive pressure on pricing and margins.
As the M&A wave continues across the global cannabis industry, driven by Canadian LPs and US MSOs with deep pockets, distressed cannabis operators with established networks offer an increasingly attractive proposition.
Tilray has been one of the most active participants in this recent M&A rush, purchasing the UK’s Lyphe Clinic, and craft brewery giant Brewdog this year. Both companies were in similar financial distress when acquired.
Tilray Medical integrated Lyphe Group in April, and last week brought its Lyphe for Veterans programme to Armed Forces Weekend in Aldershot on 27–28 June, engaging with veterans, service members and families at one of the UK’s largest annual military community events.
Separately, Irwin Simon, Chief Executive Officer of Tilray Brands, confirmed to The Times that the company has invested approximately £50m into BrewDog since acquiring the Scottish brewer from administrators for £33m in March 2026, funding cash flow, supply chain restoration, staff rehiring, and maintenance across its bar estate.
Simon described the brand as ‘phenomenal assets, phenomenal opportunities,’ adding that the bar estate now provides a ready distribution platform for Tilray’s US craft beer portfolio, with 24 American brands already introduced across BrewDog’s UK sites.
The directly operated UK estate stands at 17 sites following the reopening of the Inverurie bar on 28 June. Tilray is reportedly in discussions with potential partners in China, Japan, India, and the Middle East about international expansion, and is considering a revival of BrewDog’s distilling operation, with approximately 1,700 barrels of whisky currently maturing.f patient-facing platforms seems probable. Track all cannabis M&A activity on the BoC M&A Tracker.
