# EDGAR Filing Document

**Accession Number:** 0001860546
**File Stem:** 0001171843-25-003684
**Filing Date:** 2025-6
**Character Count:** 6621
**Document Hash:** b1be56921f852de45b1850102189a3a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-003684.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001171843-25-003684

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250602

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**REPORTING-OWNER**: 

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

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38594
- **FILM NUMBER:** 251023951

**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]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Merton Carl A<br><sub>(Last) (First) (Middle)</sub><br>C/O TILRAY BRANDS, INC.<br>265 TALBOT STREET WEST<br><sub>(Street)</sub><br>LEAMINGTON, A6 N8H 4H3<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-02 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Financial Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Tilray Brands, Inc. [ TLRY ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock (RSUs) | 2025-06-02 |  | M |  | 174477<sup>(1)</sup> | A | $0.41 | 860532<sup>(2)</sup> | D |  |
| Common Stock (RSUs) | 2025-06-02 |  | F |  | 95963<sup>(3)</sup> | D | $0.41 | 764569<sup>(2)</sup> | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units ("LTIP RSUs") | <sup>(4)</sup> | 2025-06-02 |  | D |  |  | 174477 | <sup>(4)</sup> | <sup>(4)</sup> | Common Stock | 174477 | $0 | 0<sup>(5)</sup> | D |  |

---

### Footnotes:

(1) On June 2, 2025, a total of 174,477 LTIP RSUs vested. Each LTIP RSU represents a contingent right to receive one (1) share of Tilray Common Stock.

(2) Amount includes shares of Common Stock beneficially owned by the reporting person but excludes other unvested RSUs. Amount also includes 46,000 shares of Common Stock held by the spouse of the reporting person.

(3) Represents shares withheld by the Company to satisfy the tax withholding obligation associated with the vesting of 174,477 LTIP RSUs previously granted on July 26, 2023.

(4) Each RSU represents a contingent right to receive one (1) share of Tilray Common Stock.

(5) Amount represents the total amount of unvested RSUs.

**Signature:** /s/ Carl A. Merton  
**Date:** 2025-06-04

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**