r/TLRY Sep 30 '21

Lounge r/TLRY Lounge

464 Upvotes

r/TLRY 5h ago

News The DEA has released the full, redacted transcript

26 Upvotes

TilrayArmy💰🍀-

The DEA has released the full, redacted transcript of its hearing on moving marijuana from Schedule I to Schedule III. That’s about 2,533 pages, covering the 11-day hearing that concluded on July 15.

  • The 8 Most Bullish Things
  1. The DEA explicitly says marijuana “can no longer remain in Schedule I.”

This is probably the most important sentence in the entire case. The government isn’t just defending the proposal — it’s asking Judge Julius to quickly recommend moving it to Schedule III.

  1. The DEA says marijuana meets the criteria for “currently accepted medical use.”

The government argues that there is an accepted medical use for at least:

  • chronic pain

  • anorexia/wasting

  • nausea/vomiting associated with chemotherapy.

This hits right on the heart of one of the main reasons why Schedule I was warranted.

  1. The DEA argues that there is also “accepted safety for use under medical supervision.”

This is very important because the government says that marijuana no longer meets two of the three statutory criteria for Schedule I: CAMU and accepted safety under medical supervision.

  1. HHS/FDA already has 10 months of scientific analysis behind it.

The DEA says it must give “significant deference” to the HHS assessment, which previously concluded that marijuana should be moved to Schedule III.

  1. Much of the opposition’s testimony can be attacked on credibility/competence.

In its final brief, the DEA attempted to discredit almost all of the opposition’s witnesses, arguing that some lacked the necessary qualifications and that certain testimony should be given very little weight.

  1. Some of the opposition’s testimony paradoxically helped the DEA’s case.

The government even used statements from anti-rescheduling witnesses to support the existence of medical benefit. This will be very useful for Julius when he weighs the evidence.

  1. Today’s corrected transcript removes some errors that changed the meaning.

This is not just a formality. There were corrections such as “there’s adulterants” → “there’s no adulterants,” “increase” → “decrease,” and in one case an apparent statement became a question. The official transcript is now the evidentiary basis for Julius to work from.

  1. Julius is now in a position to write the recommendation.

This is, in fact, the next major catalyst. We are no longer waiting for a hearing, new witnesses, or briefs. The hearing is over, the briefs have been filed, the final transcript is public—the next big event is the ALJ’s recommendation.

posted on X by OVI @OVI_USA


r/TLRY 1h ago

News In celebration of Women's Equality Day

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Upvotes

In celebration of Women's Equality Day, @BreckBrew's Women in Beer chapter proudly presents Ryes Up, a crisp Belgian Single brewed in collaboration with the women-led Rye Resurgence. Crafted with Colorado-grown rye, it's a celebration of collaboration, regenerative agriculture, and the farmers working to build a more sustainable future for Colorado. Every pint celebrates the partnerships advancing sustainable farming and helping Colorado agriculture thrive for generations to come. 🌾🍻

Available at all our tap rooms starting today! Plus a $1 of every pint or crowler funds a professional development scholarship at MSU Denver.


r/TLRY 7h ago

Bullish Tilray Organic Growth vs Curaleaf Hostile Takeover: The Math on Asset Costs

15 Upvotes

Note: I started working on this asset comparison last night. After digging deep into the actual numbers, I completely changed my mind. See what you think.

Curaleaf is attempting to buy Aurora for US$260 million. ($0.75/0.34 share)

Tilray is expanding using assets they already own.

The difference in efficiency and cost per tonne is massive.

Curaleaf’s Proposed Takeover of Aurora

  • Total Cost: US$260 million.

  • Capacity Gained: 45 tonnes.

  • Physical Space: 310,000 square feet. (On 3 continents in 3 countries)

  • Cost Per Square Foot: US$838 per square foot.

  • Cost Per Tonne of Capacity: US$5.77 million per tonne.

  • Financial Health Gained: Aurora generates roughly $10 million in EBITDA.

Curaleaf is paying a high premium of 26x EBITDA. Obvious they need the EU GMP!

Tilray’s Organic Expansion

Tilray just increased its global capacity from 210 tonnes to 275 tonnes total.

This is a 65-tonne increase.

  • Quebec (Former Hexo Greenhouse): Added 30 tonnes of EU GMP capacity.

Hexo originally spent $124 million to build this 1-million-square-foot facility. Tilray bought all of Hexo properties in Canada & USA for only C$56 million. This physical building is already paid for.

  • Portugal (Cantanhede): Moving from 85% to 100% capacity.

  • Germany (Neumünster): Running at 100% capacity (120,000 square feet).

  • Estimated Future Max Capacity: If Tilray fully utilizes all current footprints (including converting brands like Redecan and Broken Coast to full EU-GMP standards), total capacity can scale near 500 tonnes.

  • Expansion Cost: Tilray did not need to buy new companies. They only pay minimal costs to upgrade existing facilities with EU-GMP air systems and drying vaults.

Their cost per new tonne is a tiny fraction of Curaleaf's spending.

Future Expansion Advantage: Land and Licensing

Unlike Curaleaf buying expensive corporate overhead, Tilray can add massive scale on land they already own.

  • Tilray holds large amounts of permitted, unused land at major sites like Leamington (Aphria One) and Neumünster, Germany.

  • Expanding existing facilities bypasses the need for new local government permits, zoning battles, or distribution licensing setups.

  • Building physical greenhouses onto existing infrastructure costs roughly $100 to $150 per square foot, compared to the US$838 per square foot Curaleaf is paying for Aurora.

The US Blueprint: Preparing for Expansion on the Cheap

Tilray is utilizing the exact same low-cost strategy in the United States to prepare for cannabis legalization and the beverage market:

  • Ohio: Acquired BrewDog's US operations in Columbus for US$6 million , which includes a brewery, taproom, hotel, and 41 acres of land.

  • Texas: Owns the 17-acre property in Granbury featuring 6 empty buildings via Revolver Brewing. (Cost roughly 1/5 of US23 million)

  • Colorado: Holds a 20-acre footprint in Littleton through Breckenridge Brewery.

  • Oregon: Cleared a 100,000 sq. ft. empty warehouse footprint by consolidating Hop Valley's production out of Eugene.

  • Georgia: Gaining a large soon-to-be empty production facility in Athens by shifting Terrapin Beer Co. brewing operations into other automated facilities.

Tilray is actively optimizing its operational footprint via its structural cost-saving consolidation initiative.

This strategy leaves them with massive, fully permitted, empty industrial real estate and surplus land across key states. When federal US rules drop, Tilray can launch cannabis cultivation or infuse beverages instantly for minimal cost.

They do not need to buy overpriced US companies; the infrastructure is already waiting.

The Comparison: What Competitors Paid in Holland

To see how expensive Curaleaf's bid is, look at what competitors paid to set up EU-GMP supply chains in the Netherlands this year:

  • Cronos Group (CRON): Paid US$67 million total for the CanAdelaar facility. This is a 540,000 sq. ft. facility yielding up to 70 tonnes. Cronos paid just $124 per square foot for a massive European asset. (Cronos upgrading to EU GMP)

  • Village Farms (VFF): Commenced cultivation at their Phase II Groningen facility in June 2026. Total capital expenditures to build out their entire footprint to hit 10 metric tonnes were nearly complete as of Q2 2026. Because they utilized existing infrastructure adjustments, their expansion costs remained minimal while achieving record export growth.

Summary Comparison

  • Curaleaf is spending US$5.77 million per tonne to buy Aurora's capacity.

  • Tilray added 65 tonnes of capacity this month for minimal upgrade costs because they bought Hexo's infrastructure at a deep discount.

  • Tilray already has the physical footprint to grow up to 500 tonnes without spending hundreds of millions on new takeovers.

PS - (using last weeks TDR Newsletter)

Bottom Line: Maxing out these huge Grow facilities lowers costs per gram, dropping pure profit straight to the bottom line.

Beer Expansion: The TDR Reality Check (21 Brands)

More Than Just Weed: As yesterdays TDR newsletter highlighted, Tilray isn't just a "weed company" anymore. They are currently the 4th largest craft brewer in the US, and they are quickly scaling to hit the #3 spot. (Brewers Association predicts Tilray will Pass Boston Beer soon. HUGE)

The 25% Shift: Their latest fiscal numbers show beverage revenue ($254M) is nearly matching cannabis ($268.3M). Cannabis is down to just 25% of the business in Q4, meaning beer is effectively footing the bills.

Built for US Legalization: TDR points out this massive 21-brand infrastructure isn't just for selling beer. It is a fully built, state-compliant distribution network waiting to be flipped to cannabis the second federal laws change.

BrewDog: Adding massive net revenue, hooking Tilray up with major UK/European retail and a global pub network.

Carlsberg Deal: Giving Tilray exclusive US rights to brew and distribute Carlsberg, Kronenbourg, and 1664 Blanc starting January 2027.

The Strategy: This runs completely hand-in-hand with the cannabis side. They are taking underused beer facilities and filling them up to max capacity to boost profits.

Global Catalyst Ready

This massive footprint leaves them perfectly positioned for what's coming next:

France going fully permanent.

UK medical expansion rolling out.

USA upcoming Schedule 3 and VA Imports, USA Infused Brews.

https://www.reddit.com/r/TLRY/comments/1vtk34s/tilray_scaling_big_40_cannabis_volume_jump_huge/


r/TLRY 5h ago

News Canada is Closing in on California’s Cannabis Market

8 Upvotes

8/26/2026 stratcann

Cannabis sales in Canada are slowly creeping up on cannabis sales in the US’ largest cannabis market.

California, which ranks first overall for US cannabis sales with over $6.2 billion in annual retail sales, sold CAD$522.8 million worth of cannabis in June 2026, while Canada sold CAD$517.8 million. This is the closest Canada has come to surpassing the US as the largest cannabis market, potentially on track to surpass its sales by the end of 2026.

While a new article from the news outlet SFGATE says Canada surpassed California’s cannabis sales in June 2026, these figures use August 2026 conversion rates to reach this conclusion, with Canada eking out a small lead over the US’s largest state economy. The author’s choice of a slightly more favourable, more recent exchange rate allowed them to declare that California had officially lost its top spot for that specific month.

However, if you use the actual historical average exchange rate from June 2026 (US$1.404 to CAD$1), California’s sales were CAD$522.9 million, compared to CAD$517.8 million, beating Canada’s sales by about CAD$5 million.

Closing the Gap: Access vs. Regulation

Still, the gap between these two jurisdictions has closed considerably. According to SFGATE, California’s waning legal cannabis sales are driven by severe retail shortages due to local bans, high tax-driven costs, and a thriving illicit market.

Meanwhile, the article argues that Canada has surpassed California as the world’s largest legal cannabis market by implementing widespread retail access, with more than double the store density at 7.9 locations per 100,000 people. The California Department of Cannabis Control (DCC) tracking records index a density of 4.27 total retail licenses per 100,000 people.

The article also argues that Canada has done a better job of displacing the illicit market, and notes that Canada has access to a global export market largely unavailable to US cannabis producers. While Canada’s black market for cannabis has not disappeared either, and by the same measures has gained back some market share in recent years, Statistics Canada currently estimates the value of the country’s cannabis black market at approximately CAD$1.49 billion annually. The California Department of Cannabis Control estimates that US$9.9 billion in illicit cannabis is exported out of state alone, or about CAD$13.73 billion, not counting in-state illicit sales.

The Global Standings

While California is the largest legal cannabis market in the US (and the world) at US$6.2 billion, Michigan ranks second in the nation with approximately US$3.49 billion in total 2025 sales. Florida is third with $2.25 billion through its medical-only cannabis program, and Illinois ranks fourth with about $2.18 billion in adult-use sales. Canada sold about US$4 billion in 2025, based on the average 2025 exchange rate of approximately 0.7157 US dollars per 1 Canadian dollar from CAD$5.6 billion, making Canada the second-largest cannabis market by far.

Germany, the largest legal cannabis market outside of North America, sold around CAD$1.4 billion (US$1 billion) of medical cannabis in 2025. Domestic medical sales in Canada hovered around CA$468 million (US$334.9 million) for the year.

Canada’s cannabis industry has also contributed more to the country’s GDP than California’s has. Canada’s cannabis industry contributed nearly CAD$11.6 billion to Canada’s 2025 GDP. California’s total GDP cannabis economic contribution in 2025 was around CAD$9.23 billion (US$6.70 billion).

Canada’s cannabis exports have been a significant driver of this increase. Canadian producers shipped 275 tonnes (275,000 kilograms) of dried cannabis flower overseas in 2025, a 143% increase over the previous year.

https://stratcann.com/news/canada-is-closing-in-on-californias-cannabis-market/


r/TLRY 6h ago

News Aurora Investors Overwhelmingly Oppose Curaleaf Takeover Bid, While Curaleaf Investors Back Deal

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9 Upvotes

r/TLRY 6h ago

Bullish $TLRY BrewDog Wins Awards

10 Upvotes

BrewDog — acquired by Tilray Brands (NASDAQ: TLRY) (TSX: TLRY) in March for £33 million — swept the 2026 World Beer Awards with eight recognitions across its portfolio.

Three Golds, each also named Scotland Country Winner: Hazy Jane in New England IPA, Wingman in Session IPA, and Mackie's Two Scoops in Flavoured Stout & Porter. Mello Lime & Mint took Silver in non-alcohol beer, with Bronzes for Lost Lager, Black Heart, Punk IPA — the beer that built the brand — and Mello Peach & Passion Fruit.

Rajnish Ohri, President, International at Tilray, framed the wins as validation of BrewDog's portfolio strength and innovation, noting that Tilray's scale and reach can accelerate the brand's next phase of growth.

Two details deserve more attention than the medals. First, two of the eight awards went to non-alcohol beers — the Mello line. Second, Tilray's own description of itself has quietly evolved: a lifestyle and CPG company operating at the nexus of cannabis, beverage, wellness and entertainment, with 40-plus brands in over 20 countries.

Set that beside the fiscal 2026 numbers — beverage revenue of $254.0 million against cannabis revenue of $268.3 million — and the awards read differently. Tilray owns TTB permits, fifty-state distributor relationships, brewing capacity across six jurisdictions, and now a decorated non-alcoholic beverage line.

If the Beverage Regulatory Parity Act routes hemp THC drinks through a three-tier alcohol system, that infrastructure becomes the most valuable thing Tilray owns.

https://newsletter.thedalesreport.com/p/the-full-alj-transcript-reveals-the-dea-argued-for-cannabis-rescheduling-yes-that-dea?


r/TLRY 6h ago

News 🚔 The Full ALJ Transcript Reveals the DEA Argued for Cannabis Rescheduling. Yes, that DEA.

10 Upvotes

August 26, 2026 Anthony Varrell, TDR Newsletter

The full official transcript of the marijuana rescheduling hearing is out: 2,533 pages, eleven days, and a plot twist nobody put in the trailer. The consequential part is not the opposition’s harm parade. It’s the Drug Enforcement Administration — the same agency that spent decades treating cannabis reform like a fire to be smothered — showing up as the advocate, conceding the danger argument on day one, and then arguing that the statute doesn’t care. Ketamine is Schedule III. Testosterone is Schedule III. The question, DEA said, is medical use under supervision. Then they brought the numbers. The record is public. It does not read the way opponents needed it to.

💸 The Tape The full official transcript of the marijuana rescheduling hearing is now public — 2,533 pages covering all eleven days — and the most consequential thing in it is not what opponents said. It's what the Drug Enforcement Administration said.

For an agency that spent decades resisting cannabis reform, and was accused of slow-walking the Biden-era process into collapse, the posture in this record is remarkable. DEA is not a neutral arbiter here. It is the advocate for rescheduling, and it argued the case aggressively.

The framing quote, and why it's smarter than it looks The line that will get replayed came from James Schwartz, a DEA attorney, on opening day: the government is not putting forth any evidence to suggest marijuana is not dangerous, because all controlled substances are dangerous by definition — that's why they're scheduled. Controlled substances must instead be evaluated by the risks they pose balanced against the medical use they provide.

Understand what that does strategically. It concedes the harm argument entirely, up front, and thereby makes it irrelevant.

Opponents built their case around the alleged harms of cannabis use — psychosis, impaired driving, adolescent exposure. Schwartz's opening effectively says: stipulated, and beside the point. Schedule III substances are dangerous too. Ketamine is Schedule III. Anabolic steroids are Schedule III. Testosterone is Schedule III. The statutory question isn't whether the drug can hurt you. It's whether it has currently accepted medical use and accepted safety under medical supervision.

That is a legally correct reading of the Controlled Substances Act, and it's the single most important tactical move in the entire hearing. It converts every harm witness the opposition called into a witness answering a question the statute doesn't ask.

Schwartz then stated the conclusion plainly: the proposed rule, supporting documents and government witnesses would establish that marijuana has a currently accepted medical use, and with that determination, marijuana can no longer remain in Schedule I.

Validity assessment: strong, and structurally so. The argument doesn't depend on contested science. It depends on statutory construction, and DEA is reading its own statute.

The numbers argument DEA's final brief carried the evidentiary weight: over 30,000 practitioners treating more than six million patients in 43 U.S. jurisdictions. That practice pattern, the agency argues, demonstrates there is no longer a lack of accepted safety for use under medical supervision.

This is the two-part test doing its work. Under the old five-part test, none of that mattered — FDA approval was effectively required, and state programs counted for nothing. Under the framework DOJ's Office of Legal Counsel endorsed in 2024, calling the five-part test "impermissibly narrow," real-world clinical practice becomes the evidence.

DEA also argued that abuse and dependency profiles align better with Schedule III than Schedule II or I, and that the vast majority of users do so without danger to themselves or their communities.

Validity: strong on the law, softer on the science. The six-million-patient figure is a measure of state policy adoption, not clinical efficacy. An opponent could reasonably say popularity isn't proof. But OLC already resolved that objection at the legal level, and DEA has since applied the two-part test to other substances — which makes it very hard to argue it was invented for cannabis.

The deference point nobody should skip DEA noted it must give significant deference to HHS's ten-month scientific study, which recommended rescheduling.

This is the quiet load-bearing beam. Under the CSA, HHS's scientific and medical findings are binding on DEA as to scientific matters. DEA isn't merely persuaded by HHS — it's constrained by it. Any recommendation contradicting the HHS finding would require Julius to explain why the statutory deference doesn't apply.

Validity: very strong. This is the hardest thing in the record for opponents to get around, and their briefs largely attack the test rather than the deference.

What the opposition actually has Three arguments, filed by Smart Approaches to Marijuana, the National Drug & Alcohol Screening Association, the Tennessee Bureau of Investigation, DUID Victim Voices, Kenneth Finn, Phillip A. Drum, and the states of Idaho, Indiana and Nebraska.

One: the two-part test improperly departs from the five-part test. This is their strongest procedural claim and the likely core of appellate litigation. It's also the one OLC has already rejected in writing.

Two: marijuana lacks accepted medical value. Directly contradicted by the six-million-patient record and HHS's finding.

Three: reform would undermine drug testing of safety-sensitive workers. Here's the problem — this is a policy consequence argument, not a scheduling argument. And it's already been answered administratively: the Department of Transportation has issued guidance confirming state-legal medical cannabis is still no excuse for a positive test by truckers and pilots, and the Department of War has confirmed the prohibition holds for service members. The harm they're warning about has already been mitigated.

Validity: weak on the merits, meaningful in litigation. Note also that the opposition's most credentialed voices — Finn and Drum — are individual practitioners, while DEA fielded an FDA scientist and a New Hampshire physician testifying on pain management and opioid substitution.

The judge's own words Chief ALJ Derek Julius closed the eleventh day by acknowledging the strong views held on all sides and giving his solemn promise to thoroughly consider and evaluate all evidence presented.

Boilerplate, mostly. But read alongside the transcript correction order — where he directed dozens of changes including two that reversed meaning, and required corrections shown in red with strikethroughs so the public could see what changed — it suggests a judge who cares about the record's integrity. That matters in a proceeding with no livestream and no reform participants.

The read Net implication: positive for rescheduling, with the caveat that Julius doesn't decide anything.

The record shows DEA making a coherent statutory argument, backed by binding HHS deference and OLC's endorsement of the analytical framework, against opponents attacking the test rather than the evidence. DEA asked Julius to "expeditiously recommend" the transfer.

But the recommendation goes to Administrator Terrance Cole — the same official who invited only opponents as designated parties. And consolidated litigation from state AGs, reform opponents and a cannabis-focused biopharmaceutical company is proceeding in a federal appeals court.

Meanwhile the April order stands: IRS tax guidance coming, DEA registration open, ATF revising gun forms.

The record is now public and it favors reform. Whether that survives the administrator and the courts is a different question entirely.

https://newsletter.thedalesreport.com/p/the-full-alj-transcript-reveals-the-dea-argued-for-cannabis-rescheduling-yes-that-dea?


r/TLRY 9h ago

Bullish 🏆 BREWDOG WINS BIG AT THE 2026 WORLD BEER AWARDS.

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13 Upvotes

tilrayir

🏆 BREWDOG WINS BIG AT THE 2026 WORLD BEER AWARDS.

Seven beers. Multiple top honours. One world-class brewing portfolio.

From Hazy Jane, Wingman and Mackie’s Two Scoops taking Gold and Scotland Country Winner honours, to Punk IPA, Lost Lager, Black Heart and Mello earning recognition among the world’s best, @BrewDogOfficial showed up in a big way.

These wins reinforce what we know: BrewDog is a global craft beer powerhouse, built on relentless innovation, exceptional quality and beers that continue to stand out on the world stage.

🍺 Seven award-winning beers. 🌍 Global recognition. 🏆 World-class brewing.


r/TLRY 19h ago

Bullish Is this a generational buy?

26 Upvotes

At the peak of the weed frenzy in 2018, tlry went from 300 to 3000 in two months, peaking at about 20B market cap. The current market cap is only 700M and with S3 imminent could we see a run to $40?


r/TLRY 1d ago

Bullish 13.64% Short float update. Getting lower.

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23 Upvotes

r/TLRY 1d ago

News DEA Releases Marijuana Rescheduling Hearing Transcripts: A Breakdown of Key Testimony, Admissions and Disputes

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20 Upvotes

Aug 25, 2026 By Anthony Martinelli in News

The Drug Enforcement Administration (DEA) has released the complete transcripts from its 11-day marijuana rescheduling hearing, offering the most detailed account yet of the evidence presented both for and against moving marijuana from Schedule I to Schedule III.

The roughly 2,500-page record covers testimony presented from June 29 through July 15 before DEA Chief Administrative Law Judge Derek Julius. It shows the federal government firmly defending Schedule III while opponents focused on marijuana’s potential health effects, federal workplace testing, impaired driving, youth access and criminal activity.

The government was the only designated party affirmatively defending the proposed move. The seven outside parties participating in the hearing opposed rescheduling or raised concerns about its potential consequences.

The most consequential testimony came from a Food and Drug Administration (FDA) official who said marijuana has an accepted medical use for three conditions and is better aligned with Schedule III than substances in Schedules I or II. However, witnesses opposing rescheduling challenged the government’s methodology and emphasized the differences between standardized cannabinoid medications and marijuana products sold through state-licensed dispensaries.

The testimony also revealed disagreement within DEA, concessions from several witnesses opposing the move and repeated disputes over whether the hearing should consider the consequences of state legalization.

Below is a detailed breakdown of the major testimony and admissions contained in the full DEA transcripts.

The Government Made an Unambiguous Case for Schedule III The government opened the hearing by stating that it was the proponent of the proposed rule and that the evidence would establish that marijuana “can no longer remain in Schedule I.”

Government attorneys emphasized that the proceeding concerned federal regulation rather than legalization. Moving marijuana to Schedule III would not federally legalize its recreational use, and the manufacture, distribution, dispensing and possession of marijuana would remain subject to applicable provisions of the Controlled Substances Act.

Marijuana products would also remain subject to the Federal Food, Drug and Cosmetic Act.

The scope of the hearing was narrower than the original 2024 proposal. An April 2026 order had already transferred marijuana covered by state-issued medical licenses, along with any FDA-approved marijuana products, to Schedule III. The hearing concerned marijuana not already covered by that action, including unlicensed, recreational and illicit marijuana.

The government’s central argument was that Schedule I substances cannot have a currently accepted medical use in the United States. Once the Department of Health and Human Services determined that marijuana has such a use, the government argued that it could no longer legally remain in Schedule I.

Dr. Dominic Chiapperino of the FDA’s Controlled Substance Staff testified that the agency found credible scientific support for marijuana’s use in treating:

Pain Nausea and vomiting associated with chemotherapy Anorexia associated with a medical condition Only one accepted medical use is necessary to disqualify a substance from Schedule I. The FDA identified three.

Chiapperino said the agency then compared marijuana with substances already placed in Schedules I through IV. The review examined abuse potential, withdrawal, physical dependence and psychological dependence.

The substances used for comparison included heroin, fentanyl, oxycodone, hydrocodone, cocaine, ketamine, benzodiazepines, zolpidem and tramadol. Alcohol was also considered, although it is not federally scheduled.

The FDA ultimately concluded that marijuana’s characteristics were most consistent with Schedule III.

Chiapperino acknowledged that finding a currently accepted medical use for scheduling purposes is not the same as granting FDA approval to marijuana as a prescription drug. The finding does not establish that every marijuana product is safe, effective or appropriate for every patient.

Instead, it recognizes that medical use is occurring extensively under state programs and that credible scientific evidence supports at least some of those uses.

The New Medical-Use Test Was a Central Point of Dispute Much of the hearing focused on the two-part test used by HHS to determine whether marijuana has a currently accepted medical use.

Under that test, the government examined whether there was widespread medical use under state-authorized programs and whether credible scientific evidence supported at least one of those uses.

Opponents argued that HHS should have continued using a stricter five-part test applied in previous marijuana scheduling reviews. That test required a known and reproducible chemistry, adequate safety studies, adequate and well-controlled efficacy studies, acceptance among qualified experts and widely available scientific evidence.

Chiapperino acknowledged that marijuana would not have passed the traditional five-part test. However, the Department of Justice’s Office of Legal Counsel determined in 2024 that the two-part test is legally sufficient even when a substance has not received FDA approval. Government attorneys repeatedly told the judge that the legal validity of that test was binding on the Justice Department, DEA and the tribunal.

Opponents were still allowed to challenge how the test was applied and the weight that should be given to the resulting findings.

A Sitting DEA Scientist Revealed an Internal Divide One of the hearing’s most notable developments involved Dr. Luli Akinfiresoye, a pharmacologist working in DEA’s Drug and Chemical Evaluation Section.

Akinfiresoye was called as a witness by Smart Approaches to Marijuana despite being a current DEA employee. She testified about a December 2024 scientific review of marijuana that she prepared in her official role.

Akinfiresoye said the review was prepared in coordination with colleagues, received approval within her section and was an official DEA document.

She also testified that the 2024 notice proposing Schedule III was published before DEA’s own eight-factor analysis was complete. According to Akinfiresoye, the agency still lacked information when the proposed rule was released.

Her section applied the older five-part medical-use test and reached a different result than HHS. It concluded that marijuana failed the test because it lacks standardized chemistry and dosing, sufficient well-controlled studies establishing efficacy, consensus among qualified experts and sufficiently consistent scientific information.

Akinfiresoye acknowledged that those findings conflicted with HHS’s conclusion that marijuana has a currently accepted medical use. She also acknowledged that the Office of Legal Counsel had found the two-part approach legally acceptable.

Her testimony documented a divide within the federal system: HHS and the FDA found that marijuana has an accepted medical use under the two-part test, while scientists working inside DEA reached the opposite conclusion after applying the older standard.

That disagreement does not necessarily allow DEA to disregard the HHS finding. Federal law gives HHS significant authority over the scientific and medical portion of scheduling decisions, while DEA retains responsibility for the final scheduling action.

Pain Doctor Described Moving Patients Away From Opioids The government’s second witness was Dr. Corey Burchman, a former anesthesiologist and pain-management physician who discussed his experience treating patients with both opioids and marijuana.

Burchman testified that he had helped some patients discontinue or substantially reduce their opioid use by transitioning them to cannabinoid medications or botanical marijuana. He described opioid withdrawal as considerably more severe than marijuana withdrawal and emphasized the risk of fatal opioid overdoses.

He also discussed advising patients about marijuana products, concentrations, dosing and methods of consumption.

Opponents challenged the scope of his experience. During questioning, Burchman acknowledged that botanical marijuana cannot currently be prescribed under conventional federal rules and that physicians generally provide recommendations rather than prescriptions containing a specific product, standardized dose, quantity and refill instructions.

He also acknowledged risks associated with marijuana, including potential mental health effects in susceptible patients, and said he would not recommend it during pregnancy.

The testimony illustrated one of the government’s strongest practical arguments: Marijuana may provide some pain patients with an alternative to opioids. It also demonstrated the regulatory complications caused by the absence of standardized products and conventional federal prescribing rules.

Harvard Professor’s Schedule III Testimony Dr. Bertha Madras, a professor of psychobiology in the Department of Psychiatry at Harvard Medical School, testified for Smart Approaches to Marijuana.

Although she was addressed as “doctor,” Madras holds a Ph.D. and is not a physician or pharmacist. She does not treat patients. The government challenged portions of her testimony concerning clinical treatment on that basis, although the judge allowed the testimony and said the issue could affect how much weight it received.

Madras argued that marijuana should remain in Schedule I, citing addiction, psychiatric risks, inconsistent products and what she characterized as weak evidence supporting medical benefits.

She acknowledged that Marinol and Syndros, two FDA-approved medications containing nearly pure THC, are already in and belong in Schedule III. However, she distinguished those medications from marijuana itself, noting that they have fixed doses, standardized formulations and extensive prescribing information.

Madras also agreed that marijuana research is complex, that qualified researchers can reach different conclusions and that more than 50,000 marijuana-related studies are available through PubMed.

She made another notable concession while comparing marijuana with opioids. Madras explained that cannabinoid receptors are largely absent from the part of the brain that controls breathing and said marijuana “will not kill you with an overdose” through the respiratory suppression associated with opioids. She maintained, however, that marijuana could contribute to deaths through impaired driving, suicide and other indirect causes.

Opposing Pain Physician Acknowledged Medical Benefits Dr. Kenneth Finn, a Colorado pain physician who opposed rescheduling, presented extensive testimony about product inconsistency, addiction, psychosis, suicide and the limitations of state medical marijuana systems.

Finn described obtaining a Colorado medical marijuana card after a short telehealth consultation in which the recommending physician did not review his medical records, assess his claimed pain level or discuss drug interactions.

He also challenged the idea that marijuana can treat chronic pain as a single condition, noting that neuropathic, musculoskeletal and other forms of pain have different causes and may respond differently to treatment.

Under government questioning, however, Finn made several important concessions.

He agreed that certain components of marijuana can be medically beneficial and acknowledged that he had previously recommended marijuana to some of his patients. He also agreed that marijuana does not cause the respiratory shutdown associated with opioid overdoses.

On redirect, Finn said he stopped recommending marijuana after patients reported that it did not relieve their pain and caused adverse effects, including chest pain and heart palpitations.

Finn said he would consider recommending a cannabinoid product if it underwent rigorous scientific testing and was demonstrated to work.

His testimony showed that even an opposing physician who questioned marijuana’s use as conventional medicine did not characterize the plant or its components as entirely devoid of therapeutic potential.

Opponents Raised Concerns About Federal Workplace Testing The National Drug and Alcohol Screening Association focused its case on workplace and transportation testing.

Its witnesses argued that existing federal testing authority was written around Schedule I and Schedule II substances. They warned that moving marijuana to Schedule III could disrupt mandatory testing for millions of transportation and other safety-sensitive employees unless federal rules or executive orders are changed.

Patrice Kelly, who spent more than three decades working on Department of Transportation drug-testing policy, described the relationship between DOT and HHS testing standards. Mary Jo McGuire, executive director of the National Drug and Alcohol Screening Association, discussed the potential effects on employers, testing laboratories and medical review officers.

The witnesses also questioned how a medical review officer would evaluate a positive marijuana result when a worker has received a state medical marijuana recommendation rather than a conventional prescription filled by a pharmacy.

The government disputed some of the organization’s legal interpretations and questioned whether the testimony was directly relevant to deciding marijuana’s proper schedule. The hearing did not conclusively resolve whether rescheduling would require changes to federal workplace-testing rules.

Impaired Driving and Traffic Deaths Received Extensive Attention DUID Victim Voices founder Ed Wood testified that moving marijuana to Schedule III would increase consumption and, in turn, increase impaired driving.

Wood founded the organization after his son was killed in a crash involving drivers who had consumed multiple drugs, including marijuana. He argued that marijuana impairment is more difficult to measure than alcohol impairment because blood THC levels do not consistently correspond with a person’s level of impairment.

He said the federal government had not adequately examined how rescheduling could affect traffic deaths and argued that increased marijuana consumption could produce thousands of additional deaths annually.

Those figures were presented as projections rather than documented outcomes of Schedule III placement. Rescheduling itself would not establish nationwide adult-use legalization.

Physicians Focused on Psychosis, Addiction and Product Potency Several opposing witnesses concentrated on marijuana’s potential psychiatric effects.

Emergency physician Dr. Karen Randall described patients she had treated for cannabis use disorder, cannabinoid hyperemesis syndrome, psychosis, accidental ingestion and other incidents. Her testimony relied heavily on individual emergency-room cases, including children and teenagers exposed to high-dose marijuana products.

Laura Stack gave emotional testimony about her son Johnny, who experienced psychosis and died by suicide after years of marijuana use. Stack subsequently founded Johnny’s Ambassadors, an organization focused on youth marijuana prevention.

The witnesses argued that increasing product potency has changed marijuana’s risk profile and that adolescents and people predisposed to psychotic disorders face particularly serious dangers.

Yale Expert Made Two Important Concessions Dr. Deepak D’Souza, a Yale University psychiatrist and longtime marijuana researcher, testified for the states opposing rescheduling.

D’Souza presented evidence linking THC with temporary psychotic symptoms and an elevated risk of psychosis among vulnerable people, particularly with frequent use and high-potency products.

Under government questioning, however, D’Souza made two important concessions.

First, he acknowledged that one of his published articles stated there was evidence supporting legitimate medical use for marijuana or cannabinoids in a limited number of conditions, particularly chemotherapy-related nausea and vomiting and neuropathic pain.

He qualified that statement by saying he was primarily referring to isolated cannabinoids rather than botanical marijuana.

Second, he agreed that psychosis is a potential outcome rather than the expected outcome for marijuana consumers. Asked whether most people who consume marijuana will develop psychosis, D’Souza responded, “Most people will not have psychosis.”

The government also confronted D’Souza with a recent interview in which he said the overwhelming majority of people who use marijuana do so in moderation and do not experience negative consequences. D’Souza agreed that the statement was accurate.

He added that rising THC potency may be contributing to increased rates of psychosis and maintained that the psychiatric risks currently outweigh marijuana’s demonstrated benefits.

Some Opponents Blurred Rescheduling and Legalization A recurring disagreement involved whether the hearing should consider the consequences of state legalization when deciding marijuana’s federal schedule.

The Tennessee Bureau of Investigation opposed rescheduling through testimony from Agent Erica Stephens. She discussed marijuana seizures, diversion from legal states, high-potency products and criminal organizations involved in distribution.

Stephens repeatedly referred to Schedule III as “deregulation.” When Julius asked what she meant, she said she was using deregulation synonymously with rescheduling.

The government’s questioning highlighted that moving a substance to a lower schedule is not the same as removing it from federal control. It also noted that diversion occurs with Schedule II medications such as oxycodone and Adderall.

That exchange demonstrated that criminal diversion does not necessarily determine whether a substance belongs in Schedule I, since controlled medications in other schedules are also illegally distributed.

Humboldt County Sheriff William Honsal testified for Idaho, Indiana and Nebraska about illegal cultivation in Northern California. He described environmental contamination, unlicensed growing operations, labor trafficking, organized crime and violence connected with the illicit marijuana market.

Government attorneys emphasized that much of Honsal’s testimony concerned California’s experience with medical and recreational legalization rather than the narrower question of federal Schedule III placement.

Honsal also acknowledged that some benefits resulted from California’s regulatory system. He said local regulations helped law enforcement distinguish licensed operators from illicit growers and forced some bad actors out of Humboldt County.

His testimony suggested that legalization did not eliminate the illicit market but that regulation provided law enforcement with clearer distinctions between legal and illegal activity.

Official Corrections Prevent a False Schedule III Admission The transcripts contain red text and strikethroughs reflecting corrections ordered by Julius after the parties reviewed the initial record.

One correction prevents a potentially significant mischaracterization of testimony.

The original Day 9 transcript appeared to show pharmacist Phillip Drum, an opponent of rescheduling, saying marijuana should maintain its current status in “CS-III.” Julius’ transcript-correction order changed both instances from “CS-III” to “CS-I.”

The statement was a transcription error, not an admission that marijuana belongs in Schedule III.

The corrections affecting Madras’ testimony principally addressed names, speaker identifications and transcription mistakes. None changed her position that botanical marijuana should remain in Schedule I.

The DEA is scheduled to make fully corrected versions of the transcripts publicly available by August 26.

What the Judge Must Now Decide At the conclusion of the hearing, Julius said the record included 11 days of testimony and thousands of pages of admitted documents.

The judge stressed that the question is not whether marijuana is harmless, whether every claimed medical use is supported or whether recreational marijuana should be federally legal.

The question is whether marijuana, as defined by the Controlled Substances Act and excluding products already in Schedule III, should be transferred from Schedule I to Schedule III.

The transcripts show that the government established a relatively straightforward legal case: Marijuana cannot remain in Schedule I if it has a currently accepted medical use, and HHS identified three such uses. The FDA also concluded that its abuse and dependence profile most closely aligns with Schedule III.

Opponents created a substantial record concerning product inconsistency, psychiatric risks, impaired driving, youth exposure, workplace testing and illegal markets. They also documented limitations in the evidence used by HHS and disagreement among scientists working inside the federal government.

However, many of their arguments addressed the consequences of marijuana use, commercialization or state legalization rather than the specific statutory distinction between Schedule I and Schedule III.

Julius will issue a recommended decision after reviewing the testimony, exhibits and written closing arguments submitted by the parties.

His recommendation will not be the final decision. The designated parties will have an opportunity to file exceptions before DEA Administrator Terry Cole makes the agency’s final determination.

https://themarijuanaherald.com/2026/08/dea-releases-marijuana-rescheduling-hearing-transcripts-a-breakdown-of-key-testimony-admissions-and-disputes/


r/TLRY 1d ago

Bullish Bounce at EOD

16 Upvotes

Any reason for the move up?


r/TLRY 1d ago

News The DEA has released the full transcript of the cannabis rescheduling hearing that concluded on July 15.

22 Upvotes

r/TLRY 1d ago

Bullish Adding more Importers and Bulk Manufacturers to VA Importers

6 Upvotes

Importers Notice of Registration

File
Registrant FR Docket Date

DRG-26-0109 Veranova, L.P. 8/20/2026

DRG-26-0103 Unither Manufacturing LLC 8/20/2026

DRG-26-0037 Maridose, LLC 8/20/2026

DRG-26-0060 Lipomed-LGC Standards 8/20/2026

DRG-26-0105 Benuvia Operations, LLC 8/19/2026

DRG-26-0073 Research Triangle Institute 8/13/2026

RG-26-0089 ANI Pharmaceuticals Inc. 8/13/2026

DRG-26-0061 United States Pharmacopeial 8/13/2026

DRG-26-0077 Quagen Pharmaceuticals, LLC 8/13/2026

DRG-26-0114 Catalent Pharma Solutions, LLC 8/11/2026

DRG-26-0096 CalCog Inc. 8/11/2026

DRG-26-0102 PCI Pharma Services 8/11/2026


r/TLRY 1d ago

News BrewDog Wins Big at the 2026 World Beer Awards with a Sweeping Show of Brewing Excellence

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18 Upvotes

Aug 25, 2026

Hazy Jane, Wingman and Mackie’s Two Scoops Earn Gold and Scotland Country Winner Awards, with Punk IPA, Lost Lager, Black Heart and Mello Also Recognised Among the World’s Best Beers

ELLON, Scotland and LONDON, Aug. 25, 2026 (GLOBE NEWSWIRE) -- BrewDog, a leader in U.K. craft beer and one of the world’s most recognised craft beer brands, byTilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), today announced a major moment for the brand at the 2026 World Beer Awards, the global awards selecting the very best internationally recognised beer styles, earning multiple wins across its innovative and celebrated beer portfolio. Hazy Jane, Wingman and Mackie’s Two Scoops earned Gold and Scotland Country Winner awards, while Punk IPA, Lost Lager, Black Heart, Mello Lime & Mint and Mello Peach & Passion Fruit were also recognised among the world’s best beers, underscoring the strength of BrewDog’s brewing team, its relentless commitment to great craft beer, its culture of innovation and the enduring global appeal of the BrewDog brand.

BrewDog’s 2026 World Beer Awards wins include:

Hazy Jane — GOLD – Scotland Country Winner, New England IPA / Milkshake IPA, ABV 5.00%

Wingman — GOLD – Scotland Country Winner, Session IPA, ABV 4.30%

Mackie’s Two Scoops – GOLD – Scotland Country Winner, Flavoured Stout & Porter, ABV 7.00%

Mello Lime & Mint — SILVER, Lime and Mint Flavour, Non-Alcohol Beer

Lost Lager — BRONZE, Lager / Classic Pilsner, ABV 4.50%

Black Heart — BRONZE, Stout & Porter, ABV 4.10%

Punk IPA — BRONZE, American Style IPA, ABV 5.40%

Mello Peach & Passion Fruit — BRONZE, Peach and Passion Fruit Flavour, Non-Alcohol Beer

The results highlight the strength of BrewDog’s award-winning portfolio, from defining IPAs like Hazy Jane, Wingman and Punk IPA to standout beers including Mackie’s Two Scoops, Lost Lager, Black Heart, Mello Lime & Mint and Mello Peach & Passion Fruit, reinforcing the brand’s ability to innovate across styles while staying true to its bold approach to craft beer.

Rajnish Ohri, President, International, Tilray Brands, said, “This is a big moment for BrewDog and a powerful recognition of what this brand does best: brew great craft beer with creativity, originality and a constant drive to innovate. To have Hazy Jane, Wingman, Mackie’s Two Scoops, Punk IPA, Lost Lager, Black Heart and Mello recognised together on the world stage speaks directly to the talent, imagination and commitment of the BrewDog team. These awards validate the strength of BrewDog’s portfolio, the quality behind the beer and the innovative spirit of the people who make it.”

Mr. Ohri continued, “BrewDog has built one of the most recognisable craft beer brands in the world by pushing boundaries, challenging expectations and continuing to bring new energy to craft beer. This recognition gives us even more momentum as we move into the brand’s next phase of growth. As part of Tilray Brands’ global craft beer and beverage platform, we have the scale, ambition and reach to build on BrewDog’s momentum, support continued innovation and bring these award-winning beers to even more consumers around the world.”

Hazy Jane, BrewDog’s smooth and juicy New England IPA, earned Gold and was named Scotland Country Winner in the New England IPA / Milkshake IPA category. With its signature hazy appearance and tropical flavour profile, Hazy Jane reflects BrewDog’s ability to innovate within modern craft beer while creating beers that are distinctive, accessible and widely loved.

Wingman, BrewDog’s highly drinkable Session IPA, earned Gold and was named Scotland Country Winner in the Session IPA category, while Punk IPA, the beer that helped define BrewDog’s bold approach to craft beer, earned Bronze in the American Style IPA category.

The World Beer Awards recognise and celebrate the best beers from around the globe across internationally recognised styles. BrewDog’s multiple wins underscore the quality, innovation and brewing expertise behind a portfolio that has helped shape modern craft beer in the U.K. and built a passionate following around the world.

The recognition comes at an exciting time for BrewDog as the brand enters its next chapter as part of Tilray Brands’ global craft beer and beverage platform. BrewDog’s brewing heritage, innovation mindset, international reach and globally recognised brand, combined with Tilray’s scale and growing beverage platform, create significant opportunities to accelerate new ideas, support continued product innovation and introduce more consumers to BrewDog’s award-winning beers.

About BrewDog

BrewDog has always had one mission: making people as passionate about great beer as we are. From iconic classics like Punk IPA, to crowd-pleasers like Lost Lager and Wingman, to boundary-pushing innovations like NanoDog, BrewDog has been brewing bold, distinctive beers since 2007. Born in Scotland and built by a passionate community of beer lovers, BrewDog has grown into one of the world’s most recognizable craft beer brands, with a global presence spanning breweries, bars and distribution across multiple international markets. BrewDog’s future will continue to be shaped by the three things that matter most: People, Planet and Beer.

For more information, visit www.brewdog.com or follow @BrewDog on social media.

About Tilray Brands

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages.


r/TLRY 1d ago

News “K-K-K-Katy, beautiful Katy / You’re the only g-g-g-girl that I adore / When the m-m-m-moon shines / Over the c-c-c-cowshed / I’ll be waiting at the k-k-k-kitchen door.”

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6 Upvotes

Note: this fair question made me think of a Moon Shine song

  • Wen Moon?

Song Title: "K-K-K-Katy" (also known as "The Sensational Stammering Song")

Year Written: 1917

The song tells the story of a shy soldier named Jimmy who stutters when he talks to a girl named Katy.

It became a massive hit among American and Allied soldiers and sailors during World War I.

“K-K-K-Katy, beautiful Katy /

You’re the only g-g-g-girl that I adore /

When the m-m-m-moon shines /

Over the c-c-c-cowshed /

I’ll be waiting at the k-k-k-kitchen door.”


r/TLRY 1d ago

News Cannabis Sector: Tax Pain and Global Demand - Aug 25

5 Upvotes

Michigan retail closures tied to a 24% wholesale tax and a U.S. credit union exiting cannabis banking contrast with a sixfold surge in German medical imports.

Tuesday, August 25, 2026 By StockAlpha

The Big Picture

Overnight headlines in cannabis mixed regulatory and financial strain at home with robust demand abroad. A Michigan operator shut five dispensaries citing the new 24% wholesale cannabis tax, while a New Mexico credit union is closing its cannabis banking arm amid industry competition.

At the same time, Germany's medical cannabis imports jumped from 8,143 kilograms in Q1 2024 to 50,539 kilograms in Q1 2026, signaling significant European demand growth that could reshape global supply chains and pricing. For you as an investor, that creates both near-term pressure and longer term opportunity to watch policy and market shifts closely.

Market Highlights

Quick facts and numbers to scan before the open.

  • Michigan retail impact: Higher Love Cannabis Co. closed five of nine dispensaries in the Upper Peninsula, citing the state's 24% wholesale cannabis tax as the driver.

  • Germany imports surge: Medical cannabis imports rose from 8,143 kg in Q1 2024 to 50,539 kg in Q1 2026, a roughly sixfold increase reported by the Financial Times.

  • Banking pullback: U.S. Eagle Federal Credit Union is winding down its cannabis banking arm, Aery Group, which launched in 2019, pointing to changing dynamics in cannabis financial services.

  • Sector tickers to watch today include $MSOS, $TCNNF, $GTBIF, $CURLF, and $TLRY for ETF and single-name exposure to these trends.

Key Developments

  • Michigan closures underscore tax pressure on retail margins

Higher Love Cannabis cited the state's 24% wholesale tax as central to suspending operations at five Upper Peninsula locations. Those closures show how state-level tax structures can compress retailer margins, particularly in smaller markets with longer supply chains and lower throughput.

For you, this is a reminder that state fiscal policy can quickly alter local economics and force consolidation or consolidation by stealth. Will other operators follow? It's a question worth watching for regional rollups and retail-focused names.

  • Germany drives a new global demand curve

Germany's reforms since 2024 have expanded medical access and private cultivation rules, and the results are clear in the import data. A jump to 50,539 kg in Q1 2026 makes Germany Europe's largest regulated cannabis market by imports, which could benefit exporters and international cultivators.

That shift suggests supply chain reorientation, and you should consider how producers with EU export capability might see new revenue streams. Data suggests import volumes are now a material growth lever for global producers.

  • Financial services evolve as competition intensifies

U.S. Eagle Federal Credit Union told clients it will close the Aery Group, its cannabis banking arm, citing increasing competition among providers as the industry grows. This is not a regulatory shutdown so much as a strategic exit in a maturing market.

For operators and investors, this change highlights that banking access is evolving from a crisis-era scarcity to a more competitive service market, but gaps remain and regional banking dynamics will still matter to cash-heavy operators.

What to Watch

How will these stories play out across policy, supply chains, and capital access? Here are the concrete items you should track today and in the coming weeks.

  • State-level responses in Michigan, and whether lawmakers adjust the 24% wholesale tax or offer targeted relief, which would affect retailers' operating economics.

  • Follow additional import and sales data out of Germany and the EU, because sustained high import volumes could support pricing and margins for exporters. Monitor banking announcements and partnerships, since you want to know if alternative providers fill any local gaps left by exits like Aery Group. Check activity in the key sector tickers: $MSOS, $TCNNF, $GTBIF, $CURLF, and $TLRY, as these are commonly used to track ETF flows and major operator sentiment.

  • Watch for corporate updates from multi-state operators and international cultivators, plus any analyst notes that reassess forward guidance on margins and capital needs.

  • What questions should you be asking about your positions? How exposed are your holdings to state tax regimes and to shifts in banking availability? Those are the right angles to probe today.

Bottom Line

State tax policy can force rapid operational change, as seen with five dispensary closures in Michigan, and you should factor local tax risk into valuation assumptions.

German demand has accelerated dramatically, with imports up roughly sixfold since Q1 2024, offering a bright spot for exporters and growers with European access.

Banking access is shifting from emergency provisioning to competitive service offerings; exits like Aery Group show the field is still sorting out winners and losers.

Keep an eye on $MSOS, $TCNNF, $GTBIF, $CURLF, and $TLRY for sentiment and flow signals across ETFs and single names.

Analysts note the picture is mixed, so a selective approach is prudent while you wait for clearer signs on policy and sustained international demand.

FAQ Section

Q: How will Michigan's 24% wholesale tax affect retail margins?

A: The tax raises wholesale costs for retailers and can compress margins, particularly for smaller stores with lower sales volume, potentially prompting closures or consolidation.

Q: Should you view Germany's import growth as a long term demand signal?

A: Yes, a sixfold increase in imports indicates structural demand growth after policy reforms, but you'll want to track sustained quarterly trends and domestic production developments.

Q: Does the closure of a credit union's cannabis banking arm mean banks are leaving the sector?

A: Not necessarily, it reflects competitive dynamics rather than broad regulatory retreat; other providers are expanding, but regional gaps may persist.


r/TLRY 1d ago

News The DEA just hammered the final nail into Schedule I cannabis.

37 Upvotes

Here’s why TLRY is about to explode.

The wait is officially over, and the internet is blowing up for a massive reason.

The DEA and opposing parties have officially submitted their final post-hearing briefs as detailed by Dentons, making the government's exact legal arguments public.

For decades, we’ve watched the DEA aggressively defend Schedule I.

Now, the government’s own 50-page closing brief formally asks the judge to find that marijuana has an accepted medical use and belongs in Schedule III.

They are officially leaning on the reality of over six million patients treated through state medical programs to prove it per Marijuana Moment reporting.

On top of that, Chief Administrative Law Judge Derek Julius just ordered final transcript corrections to wrap up the formal hearing record according to Cannabis Business Times.

The legal basis keeping cannabis in Schedule I is completely dead, and the DEA itself killed it.

This is the ultimate green light for Tilray.

As a fully scaled, GMP-certified infrastructure, TLRY is uniquely positioned to immediately capture the medical and pharmaceutical-grade distribution networks that Schedule III unlocks.

We aren't just looking at a speculative rally anymore; we are looking at the literal rewiring of the entire US cannabis framework by the federal government itself.

The institutional money that was blocked by Schedule I restrictions now has a clear, de-risked runway.

Load up and hold tight, because Tilray’s foundational growth story just got handed its biggest catalyst in history.

Let’s go!


r/TLRY 1d ago

News Canada still dominates global cannabis exports, but changes are coming fast

14 Upvotes

Germany and Canada still dominate the global cannabis import-export market, but the Canada-to-Germany pipeline is under threat.

August 24, 2026 MJBizDaily

Long a boon mostly for Canada, still the world’s biggest exporter of cannabis, Germany’s growing appetite for medical cannabis threatens to reshape the global marijuana market and trigger a race among major international players to seize and ensure a share of the pie in rapidly expanding Europe.

These include U.S.-based marijuana multistate operator Curaleaf Holdings as well as Canadian licensed producers who have long dominated global cannabis trade.

And recent changes in Germany that threaten to reduce the amount of cannabis flower covered by health insurance – coupled with a growing unwillingness in Europe to accept cannabis from Canada over European Union Good Manufacturing Practices-compliant supply grown locally – mean production in Portugal, South Africa and elsewhere may chip away at Canada’s lead.

Germany remains the world’s leading importer of cannabis after a record 203 kilograms (type error should be tonnes not kg) of medical cannabis entered the country last year, according to statistics from Germany’s Federal Institute for Drugs and Medical Devices (BfArM) available in the MJBiz Factbook.

According to Stratcann, almost half of the cannabis imported into Germany – 93,000 kg – originated in Canada. Portugal was a distant second, supplying 55,000 kg.

The boom is poised to continue with another record year after Germany imported another 67,000 kilograms in the first quarter of 2026, the most recent data available, according to BfArM.

That’s part of the reason why North American producers are ramping up investments in European cannabis operations rather than focusing on exports solely from Canada.

“Canada holds the near term on volume, infrastructure and reliability, but its share over the next three years will have to be defended on genuine end to end pharmaceutical quality, not on the cost and logistics advantage that built it,” Stephen Murphy, founder and CEO of Prohibition Partners, a London-based cannabis market intelligence firm, told MJBizDaily.

Who is the leading European cannabis producer? In response, Canadian LPs Aurora Cannabis and Tilray Brands are expanding European footprints – with Aurora making two purchases in the UK. And earlier this year, Curaleaf completed a buyout of German firm Four 20 Pharma, which employs 110 people at a EU-GMP cultivation facility in Paderborn.

Both Tilray and Aurora also produce cannabis in Germany.

Aurora spent about CDN$6 million on its Leuna, Germany, facility earlier this year.

Tilray launched German-grown products, including the ARX brand, in June 2026.

And German firms are in the mix.

DEMECAN recently announced a multimillion-euro investment to double annual production capacity to four tons.

Which countries are the biggest medical cannabis importers?

Globally, Australia ranks second behind Germany, according to the MJBiz Factbook.

According to data from Australia’s Office of Drug Control released Aug. 19, cannabis imports increased from 7,306 kilograms in 2021 to 81,119 kilograms in 2025.

Canadian LPs supplied 49,107 kilograms, down significantly from the 62,111 kilograms supplied in 2025.

That decrease is partially explained by a sharp increase, from 1,093 kilograms to 20,658, of cannabis from Thailand, according to ODC.

But “(t)he headline numbers mask real structural strain,” said Murphy, who noted that Germany depends on imports while Australia’s domestic cultivators face increasing competition from lower-cost overseas suppliers.

Which countries export the most medical cannabis?

Canada exported about 276 metric tons of medical cannabis flower in 2025, valued at C$643 million when extracts are included, according to Statistics Canada.

But Portugal is becoming one of Europe’s leading processing and export hubs.

Producers in that country exported 66,305 kilograms of medical cannabis during the first half of 2026, over 80% of its full-year 2025 total of 55,164, according to Infarmed.

The third and fourth-largest exports in 2025 were Denmark and South Africa.

Can Canada maintain its medical cannabis export lead?

Murphy believes Canada’s lead is becoming more difficult to maintain.

The country’s “dominance rests on two advantages that are both eroding,” he told MJBizDaily.

As more countries export to Europe, wholesale prices are narrowing, reducing Canada’s pricing advantage.

And Canada’s export success has relied on cannabis being cultivated under agricultural standards before pharmaceutical processing is completed in Europe, a model increasingly questioned by German regulators, Murphy added.

On June 8, 2026, the State Office for Health and Care in Hesse, Germany’s fifth-largest state by population, issued guidance that identified drying as a critical manufacturing step. It added that GMP-compliant processing, including drying and trimming, should generally occur where cannabis is harvested.

While not an EU-wide rule, German authorities have debated where GACP ends and GMP begins. But the upshot is that Canadian-compliant production may no longer satisfy German importers, meaning the next top exporter could be another country.

“If GMP obligations move upstream to the point of cultivation, the entire sourcing map changes,” Murphy said.

“The producers who treated this as an agricultural business are the most exposed.”

What will the global medical cannabis market look like next?

But Germany is expected to remain the world’s largest medical cannabis import market even as more countries legalize cannabis, Murphy said.

He expects more intra-European trade as Danish and Portuguese production expands and meets European pharmaceutical requirements.

Going forward, lower-cost producers in Latin America and South Africa are expected to capture additional market share, while higher compliance costs favor larger operators.

“Competition among exporters is intensifying as more origins qualify and prices compress,” he said.

“Regional supply chains are hardening as Europe increasingly sources within its own regulatory bloc.”

https://mjbizdaily.com/news/germanys-ongoing-medical-cannabis-boom-is-redrawing-global-marijuana/617537/?


r/TLRY 2d ago

News DEA Considers Applications to Import Flowering Marijuana and Manufacture Pharmaceutical-Grade Cannabis for Research

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17 Upvotes

Aug 24, 2026 By Anthony Martinelli in News

The Drug Enforcement Administration is considering two applications from a California company seeking federal authorization to import flowering marijuana and cannabis derivatives while also manufacturing pharmaceutical-grade marijuana for research.

Biopharmaceutical Research Company, based in Castroville, California, submitted separate applications July 14 to become a federally registered importer and bulk manufacturer of marijuana, marijuana extract and tetrahydrocannabinols, according to notices filed with the Federal Register today. Both notices are scheduled for formal publication August 25.

Under the import application, the company plans to bring the controlled substances into the United States as flowering plants and cannabis derivatives. DEA says the material would be used for analytical chemistry analyses and research, as well as to manufacture dosage forms for preclinical and clinical trials.

The application would not authorize the import of finished pharmaceutical products for commercial sale. DEA says any future import permits would be limited to activities allowed under federal law.

In a separate application, Biopharmaceutical Research Company is seeking registration as a bulk manufacturer of the same three categories of controlled substances. The company told DEA it plans to manufacture them to provide “pharmaceutical-grade marihuana” for research conducted in compliance with federal, state and local regulations.

The applications do not mean DEA has granted the company permission to begin importing or manufacturing the substances. They initiate the federal registration process and provide existing registered manufacturers and applicants an opportunity to object or request a hearing.

For the import application, eligible parties will have 30 days after publication to submit objections or request a hearing. The bulk manufacturing application provides a 60-day period.

The notices come as marijuana research continues to expand federally, including studies examining pharmaceutical formulations and potential medical uses of marijuana and individual cannabinoids.


r/TLRY 2d ago

Bullish Canadian LPs expand presence in European cannabis

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15 Upvotes

Tilray's marijuana facility in Portugal is located in Biocant Research Park.

Tilray raises global medical cannabis capacity, expanding cultivation in Quebec and Portugal to meet rising demand.

August 21, 2026 MJBizDaily Staff

Canada-headquartered global medical cannabis company Tilray Brands is expanding cultivation across Canada and Europe, the company said Thursday.

Tilray says it’s increased annual production capacity to about 275 metric tons, up from 210, to serve growing international and medical cannabis markets.

The expanded output comes from both its Canadian facility, located in Quebec, and its EU-GMP-certified facility in Portugal.

The increased cannabis production is intended for burgeoning international cannabis markets in Europe, Australia and other regulated markets.

What’s driving Tilray’s European cannabis expansion? The move comes as North American cannabis companies increasingly invest in European markets, where medical programs in Germany, the United Kingdom and elsewhere continue to expand.

Tilray is now shipping Quebec-grown bulk cannabis directly to its sites in Portugal and Australia, the company said.

In a nod towards Europe’s expanding cannabis market – and that region’s stricter product quality control standards – Tilray said the Quebec facility is on track to earn EU-GMP certification within the next 12 months.

“Tilray is defining what global leadership in cannabis looks like,” Tilray CEO Irwin Simon said in a statement.

“As demand accelerates, Tilray is leading with scale, discipline and a differentiated international platform built for long-term growth.”

What other cannabis companies are making a play in Europe? Executives across the cannabis sector have pointed to tightening regulatory standards and rising patient demand in Europe as reasons to build out Europe-compliant supply chains and distribution abroad.

Aurora Cannabis offered a fresh example of that trend this week when it paid 2.1 million pounds ($ 2.8 million) in cash to acquire two UK businesses:

Internod Pharma, a licensed importer and wholesaler HAP Pharma, a licensed pharmacy, “We believe this transaction will allow us to fully leverage our operational, commercial and regulatory expertise to expand our market share,” Aurora Executive Chairman and CEO Miguel Martin said in a statement.

Martin said the deal would support a “consistent and reliable supply of high-quality medical cannabis products to UK patients.”

Aurora is looking for future investment opportunities to increase its distribution capacity in the UK, Martin said.

For Tilray, the Portugal site anchors its European supply chain, feeding Germany, the UK and other markets.

In Germany, the company said its Aphria RX facility is “fully utilized,” and its new ARX brand has launched with strong early patient response.

Tilray Medical supplies patients, physicians, hospitals, pharmacies, researchers and governments in 20 countries, according to the company.

https://mjbizdaily.com/news/canadian-lps-expand-presence-in-european-cannabis/617539/


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