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    <periodOfReport>2026-08-26</periodOfReport>

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    <issuer>
        <issuerCik>0001731348</issuerCik>
        <issuerName>Tilray Brands, Inc.</issuerName>
        <issuerTradingSymbol>TLRY</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000922748</rptOwnerCik>
            <rptOwnerName>SIMON IRWIN D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O TILRAY BRANDS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>445 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CEO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>408605</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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        <derivativeTransaction>
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                    <value>803563</value>
                </transactionShares>
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                    <value>0.00</value>
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                    <value>D</value>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <underlyingSecurityShares>
                    <value>803563</value>
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    <footnotes>
        <footnote id="F1">Each performance based restricted stock unit (the &quot;2023 EBITDA PSU&quot;) represents the right to receive one (1) share of Tilray Common Stock.</footnote>
        <footnote id="F2">Amount includes shares of common stock beneficially owned by the reporting person but excludes other unvested restricted stock units (&quot;RSUs&quot;).</footnote>
        <footnote id="F3">The shares disposed were withheld by the Company to satisfy the applicable tax withholding obligation on vesting of the PSU Awards.</footnote>
        <footnote id="F4">The reporting person was granted 440,307 2023 EBITDA PSUs on July 26, 2023. The Compensation Committee has certified the achievement at 96.4% of the cumulative performance target for the 3-year performance period beginning June 1, 2023, and ending May 31, 2026, resulting in 92.8% payout of each 2023 EBITDA PSU award.</footnote>
        <footnote id="F5">The reporting person was granted 2023 EBITDA PSUs on July 26, 2023. The Compensation Committee has certified the achievement at 96.4% of the cumulative performance target for the 3-year performance period beginning June 1, 2023, and ending May 31, 2026, resulting in 92.8% payout of each 2023 EBITDA PSU award. Each PSU converts into one share of Issuer's common stock and the reporting person received the remainder cash value thereof in lieu of the delivery of stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Irwin D. Simon</signatureName>
        <signatureDate>2026-08-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
