A court signed off on 29 June 2026 on the sale of HelloMD Corporation’s Canadian medical cannabis assets to Tilray Brands. HelloMD was insolvent, and the sale went through under court supervision. Neither side disclosed the price.
HelloMD built its business as a telehealth service. Patients used it to reach healthcare practitioners who are authorised to certify medical cannabis use, and certified patients were then steered to licensed producers. Hundreds of thousands of Canadians have used the platform for consultations, educational material and personalised guidance.
Tilray says the purchase completes a fully vertically integrated medical cannabis framework in Canada. Blair MacNeil, President of Tilray Canada, said the combined model creates “a more connected pathway for patients and healthcare practitioners in Canada.” He described it as joining HelloMD’s practitioner network to Tilray’s licensed producer relationships, clinical expertise and national fulfilment capabilities.
A model Tilray has used before
None of this is new for the company. Tilray has put together similar structures in more than 20 countries over several years. The pieces vary by market but include EU-GMP certified cultivation sites, pharmaceutical distribution through CC Pharma, medical cannabis clinics and digital pharmacies. Its German network of clinics and online pharmacies is one of the most developed European examples.
The Canadian medical channel has been shrinking since adult-use legalisation. Recreational sales took over consumer demand, and licensed producers found prices and margins under pressure. Distressed operators with established patient networks are becoming attractive buys as cannabis M&A continues, driven by Canadian licensed producers and US multi-state operators with deep pockets.
A busy year of deals
Tilray has been among the most active buyers. This year it bought the UK’s Lyphe Clinic and the craft brewer BrewDog, and both were in financial trouble when it moved. Tilray Medical folded Lyphe Group into its operations in April. Last week it took its Lyphe for Veterans programme to Armed Forces Weekend in Aldershot on 27-28 June, where it met veterans, service members and their families.
Chief Executive Irwin Simon told The Times that Tilray has put about £50m into BrewDog. The company bought the Scottish brewer from administrators for £33m in March 2026, and the money since has paid for cash flow, restoring the supply chain, rehiring staff and maintaining the bars. Simon called the brand “phenomenal assets, phenomenal opportunities.”
The bars double as a sales channel for Tilray’s US craft beer, with 24 American brands already on tap at BrewDog’s UK sites. Its directly operated UK estate stands at 17 sites after the Inverurie bar reopened on 28 June.
Tilray is reportedly talking to potential partners in China, Japan, India and the Middle East about expanding abroad. It is also weighing a revival of BrewDog’s distilling operation, where about 1,700 barrels of whisky are maturing.
