Tilray Brands company (NASDAQ and TSX: TLRY), trading near 52 week lows, on Monday announced completion of Phase I in its "accelerated growth plan" for its cannabis supply chain, which began with increased planting in late 2024.

According to a statement, Phase II of the growth plan includes planting the outdoor cultivation site in Cayuga this spring. It noted Tilray's primary Canadian production facilities, Aphria One and Aphria Diamond, are now fully planted and "positioned to capture the growing demand" from Canadian and International cannabis markets. Certain sections of Aphria One, which were previously idled during the COVID-19 pandemic, are now back online, it also noted.

Monday's statement said these sites are projected to produce an additional 60 metric tonnes of cannabis annually, increasing Tilray's current Canadian cannabis cultivation capacity to 210 metric tonnes per year and supplying both Canadian and International markets, including Europe, to meet rising global demand. Tilray expects the first sales of the Phase I harvests to occur late in the second half of its fourth quarter and the Phase II harvest to begin in October 2025.