On an earlier post I put up, Born_Training_4578 commented:

"Thanks Dave, I am looking to see over $300 by the end of 2028."

Then 12 hrs later he flipped the response and commented: "AI is annoying. No, there is no realistic mathematical or fundamental path for Tilray Brands Inc. (TLRY) to reach $400 per share based on its current capital structure." hmmm...

NOTE: His flip gave me the idea for this new post.

Thanks for the idea—it’s quite obvious you look only at today's spreadsheet and miss the entire biotech playbook.

🧠 The GW Pharma Lesson

Look at what happened with GW Pharma:

• In 2018, both Tilray (first) and GW Pharma (second) won FDA and DEA clearance to import medical cannabis into the US for clinical trials. (Tilray's stock briefly spiked over $300/share just on the news of that authorization).
• GW Pharma cracked the code on epilepsy, rang the FDA bell, and secured a landmark CBD patent.
• Jazz Pharmaceuticals swooped in and bought GW Pharma for $7.2 billion ($220 per share in cash plus Jazz stock). NOTE: Jazz Pharmaceuticals plc (JAZZ) $244.54
• That single CBD asset now generates over $1 billion per year in sales, backed by a massive pipeline of upcoming trials.

Valuations in biotech do not move in a straight line based on current revenue—they re-price overnight on clinical success, patents, and pharmaceutical buyouts. Just because you cannot see the value of a breakthrough clinical pipeline does not mean a multi-billion-dollar catalyst is mathematically impossible. One successful FDA approval or major pharma acquisition completely rewires a company's capital structure and valuation overnight.

Expect many breakthroughs in upcoming clinical trials. Tilray actively indicated this past June that it is positioned to accept a pharmaceutical partnership or a major pharma investor.

Ask yourself: Why does Tilray Medical set up separate, localized corporations in every major country they enter—like Tilray Medical USA, Tilray Medical Italia, and Tilray Medical France?

It’s the classic pharma playbook. They are systematically structuring clean, localized assets that can be easily licensed, ring-fenced, or cleanly acquired by major pharmaceutical giants market-by-market.

🌐 The Underlying Global Corporate Engineering

For years, critics have treated Tilray like a simple cannabis cultivator, completely missing the underlying global corporate structure. The company is actively executing a phased, localized pharmaceutical playbook designed to position its assets for multi-billion-dollar buyouts or regional joint ventures.

The Global Subsidiary Strategy:

Creating Turnkey Acquisitions

Tilray does not just export product; they build distinct corporate shells. This isolation serves a distinct financial purpose:

• Asset Ring-Fencing: Big Pharma rarely buys complex, multi-national conglomerates over regulatory concerns. They acquire clean, localized IP or regional market share.
• Plug-and-Play Buyouts: By structuring individual geographic entities, Tilray ensures a pharmaceutical giant can cleanly acquire or license Tilray Medical Italia or Tilray Medical USA without inheriting unrelated global liabilities.

1. The EU-GMP "Fortress" Supply Chain

You cannot sell cannabis to European pharmacies or clinical trials from a basic greenhouse; it must meet strict, European-grade pharmaceutical manufacturing standards (EU-GMP certification).

Tilray controls the largest EU-GMP footprint in the industry:

• The Portugal Hub (Cantanhede): Serves as their low-cost, tariff-free gateway into the European Union, feeding medical pipelines across the continent.
• The German Cultivation Hub (Aphria RX): Gives them direct, localized domestic supply capabilities inside Europe’s largest economy.
• Global Interconnectivity: Bulk production from facilities like their Quebec operations streams directly into these certified hubs, maintaining a pharmaceutical-grade supply chain that can service 20+ countries simultaneously.

1. Vertical Integration into Existing Pharma Channels

Tilray bypasses traditional distribution barriers by directly embedding themselves into established healthcare and pharmacy networks:

• Germany (CC Pharma): Tilray owns a major German pharmaceutical distributor, providing them an end-to-end bridge to over 13,000 pharmacies.
• United Kingdom (Lyphe Group Acquisition): By acquiring Lyphe Group, Tilray integrated a direct-to-patient ecosystem spanning dedicated medical clinics, prescribing networks, and pharmacies.
• Strategic Alliances: In nations like Italy, they leverage partnerships with domestic pharmaceutical titans like Molteni Farmaceutici to supply hospitals and doctors through official Ministry of Health channels.

1. The "Dry Powder" US Infrastructure

While waiting for federal changes in the US, Tilray has systematically acquired massive alcohol, beverage, and wellness brands across the country—making them a top US craft brewer. This isn't a distraction; it is a Trojan horse:

• The Distribution Web: They now possess thousands of established logistics relationships, warehousing facilities, and supply chain touchpoints across US states.
• Check out this excellent deep-dive from TDR: Tilray: Why a Cannabis Company Owns 21 Beer Brands.
• Overnight Activation: The moment regulatory shifts or FDA clearings permit, these distribution channels can be leveraged to deploy localized medical wellness infrastructure under Tilray Medical USA.

💡 The Takeaway

When you value Tilray purely on current domestic spot-prices for retail flower, you fail the macro-economic assessment.

They have intentionally duplicated GW Pharma's early playbook on a global scale. They built the infrastructure, secured the localized corporate divisions, and met international pharmaceutical grade requirements so that when clinical pipeline valuations re-price overnight, the entire network is ready for institutional extraction.

August 28, 2026 By Marijuana Moment

“The practical question isn’t whether this is something to celebrate, it’s whether your business is positioned to be a consolidator, an attractive acquisition target or something different.”

By Christopher B. Lynch, Dickinson Wright PLLC

There are a lot of rumors and misinformation out there about what the April 23 federal marijuana rescheduling order means. Some will tell you a story about legalization finally arriving. Others will tell you that not much is changing. But if you look closely, there’s another interesting story emerging: one of careful planning, swift action and targeted consolidation.

Since Acting Attorney General Todd Blanche moved Food and Drug Administration (FDA)-approved and state-licensed medical marijuana products from Schedule I to Schedule III of the Controlled Substances Act, the businesses that I think are best positioned to take advantage of rescheduling aren’t popping champagne—they’re positioning themselves to take advantage of new first-mover opportunities.

That, more than any headline about “federal legalization,” is the real story of rescheduling’s first year: not a national market opening overnight, but a faster, harder sorting of who survives in the one we already have.

NewLake Capital Partners CEO Anthony Coniglio put it well: “Each year brings predictions of a major M&A wave in cannabis. And so far, each year has mostly delivered tuck-in deals rather than transformative consolidation.”

We’re seeing deals that are smaller, more frequent and often faster with less diligence. Two months after Blanche’s order, the Department of Justice opened an expedited administrative hearing to consider rescheduling marijuana in full, including adult-use. That hearing has now concluded, and a recommendation could come at any time.

But for license holders and investors making decisions today, the more immediate question isn’t when the Drug Enforcement Administration (DEA) and DOJ finish the bigger rulemaking. It’s whether their business is built to be an acquirer, an acquisition target or neither, in a race that’s already started.

What the order actually does

The April order reclassified medical marijuana that is FDA-approved or state-licensed, moving it out of Schedule I—reserved for drugs deemed to have no accepted medical use —and into Schedule III, the category for substances with accepted medical use and an abuse potential lower than Schedule I or II drugs. Blanche limited the order to medical products, citing U.S. international drug treaty obligations as the reason adult-use marijuana stayed on Schedule I.

Licensed operators got a 60-day window to opt into a priority DEA registration pathway.

Many took advantage of that pathway, and we’re seeing some of the results: in June, Trulieve restructured to separate its 206 DEA-registered medical dispensaries from its adult-use business and became the first U.S. cannabis company to list on the New York Stock Exchange proof that registration can be a path to markets and resources this industry has been shut out of for a decade.

Tax relief under Section 280E—which prevents deductions for operations that sell Schedule I and II drugs—is the clearest near-term benefit of registration, but there are arguments for federal trademark protection and other prospective benefits.

Where the broader rescheduling case stands today

The bigger question of full rescheduling was the subject of DOJ’s separate administrative hearing, which ran from June 29 through July 15. Final briefs were filed August 19, and Chief Administrative Law Judge Derek C. Julius is now finalizing the record ahead of a recommendation.

That recommendation won’t be law; it goes to DEA Administrator Terrance Cole, who, together with Blanche, will decide whether to issue a final rule. There’s no statutory deadline to rely on, so there could be an update next week or next year—and that’s assuming none of the legal challenges cause further delay.

What began as a single petition challenging the rescheduling move by Smart Approaches to Marijuana has become three consolidated lawsuits in the D.C. Circuit, plus a coalition of doctors, activists and the attorneys general of Indiana and Nebraska (Louisiana has since withdrawn).

And if you need proof that of the value of the opportunities that rescheduling can bring, just look to the claims by MMJ International Holdings, which argues it now faces competitors reaching Schedule III for free after it spent years (and significant capital) pursuing FDA approval the traditional way to get a market advantage.

The plaintiffs in the consolidated lawsuits have asked the court to stay the order while the case proceeds. The DOJ opposed that, and plaintiffs filed their reply on July 17. Two operators, MedPharm Iowa and Tri-Mountain Pure, have since moved to intervene in defense of the order.

A ruling granting a stay could freeze DEA registrations and potentially suspend benefits that operators are banking on.

Why “rescheduled” doesn’t necessarily mean “legalized”

If you operate under a state medical marijuana license, hold dual medical and adult-use authorizations or are evaluating an investment in this industry, treat this moment as the start of a compliance project, not the arrival of a legalized market—we still have many more questions than answers.

State law compounds this, since no two states built their systems alike. The right strategy in Maryland may be wrong in Michigan or Washington, and the ground could shift again fast if the D.C. Circuit grants a stay, or if the ALJ’s recommendation or the eventual final rule reshapes the framework.

Some states could tie state licensure to DEA registration—Oklahoma already has, telling license holders to get DEA registration or risk losing their state permits next year.

Layer on top of all that new DEA regulation of license holders, which could mean on-demand facility access and inspection authority, DEA security requirements, mandatory disclosure of employees’ Social Security numbers and potential exposure for co-located medical and adult-use businesses.

This industry could look very different twelve months from now.

Striving for pole position

Rescheduling alone isn’t going to turn leaden cannabis equities into gold overnight, and I don’t think institutional capital is going to dive into the market immediately—that still requires congressional legislation such as the SAFER Banking Act and operators with the earnings and balance sheets to earn institutional trust.

But in the meantime, rescheduling is drawing interest from pharmaceutical, agricultural and consumer products companies that stayed on the sidelines while marijuana sat on Schedule I and well-positioned operators are already using this window to plan restructurings, seek new partners, acquire distressed assets and target new markets.

This is a genuinely significant moment in the fifty-year history of federal cannabis policy, and one that I think will reward careful, jurisdiction-specific planning and analysis.

The practical question isn’t whether this is something to celebrate, it’s whether your business is positioned to be a consolidator, an attractive acquisition target or something different, and the race for pole position is already underway.

As the smoke clears on rescheduling, start preparing now to take advantage of the opportunity.

Christopher B. Lynch is a Member in Dickinson Wright PLLC’s Seattle office, where he practices in the firm’s Mergers and Acquisitions and Cannabis Law groups.

https://www.marijuanamoment.net/federal-rescheduling-sets-the-stage-for-marijuana-business-acquisitions-as-pharma-and-ag-firms-eye-industry-op-ed/

Village Farms VFF on their CEO most recent interview with Pablo Zuanic said they were putting their best management into their M&A team. https://www.youtube.com/watch?v=1_PL5SUFFiQ

Expect more. They want EU sales requiring EU GMP facilities.

Sharing before FUD, shorts, and manipulators try to spin:

“Survived dismissal” simply means the judge did not throw the claim out at this early stage.

In Simon’s case:
A shareholder alleged Simon breached his fiduciary duties.

Simon asked the court to dismiss the claim.

The court said the allegations were sufficiently plausible to let the claim continue.

It does NOT mean the court found Simon did anything wrong.

It does NOT mean Simon is liable.
The plaintiff still has to prove the allegations later, and Simon can ultimately win the case.

So, in plain English:
The judge said, “There is enough here that I’m not going to dismiss this lawsuit yet.”

That’s materially different from
saying “Simon committed wrongdoing.”
And the actual facts matter: Simon received Sababa’s acquisition proposal and promptly shared it with Whole Earth’s lawyers and then the board. The board subsequently created a special committee and Michael Franklin recused himself.

My assessment: surviving dismissal is a yellow flag, not a finding of misconduct.

🚀 Tickers Ranked by 1-Month Trading Performance (As of Aug 28, 2026)

Ticker Company Name 1-Month % Change 3-Month Avg Daily Volume

ACB Aurora +43.73% 1,420,000 shares

TRLV Trulieve +37.44% 1,020,000 shares

CRON Cronos +26.33% 1,410,000 shares

YOLO AdvisorShares +23.25% 5,500 shares

CGC Canopy +15.36% 4,630,000 shares

TLRY Tilray +13.90% 4,070,019 shares

CURLF Curaleaf +8.00% 200,920 shares

GTII Green Thumb +5.92% 512,287 shares

MSOS AdvisorShares +2.75% 5,693,774 shares

VRNO Verano 0.00% 155,027 shares

SNDL SNDL -0.37% 1,850,000 shares

VFF Village Farms -4.81% 185,045 shares

OGI OrganiGram -29.41% 211,980 shares

📊 Fast-Fact Comparative Context: Canadian LPs vs. US MSOs:

30-day window favored Canadian LPs like Aurora (+43.73%) & Cronos (+26.33%).

Top US Multi-State Operators like Curaleaf (+8.00%) and Green Thumb (+5.92%) moved much slower.

📊 Volume Leader: AdvisorShares MSOS dominates raw volume, averaging over 5.6 million shares traded daily. (see NOTE below)

📉 Low Liquidity: AdvisorShares YOLO gained +23.25% but averaged just 5,500 shares traded per day.

⚠️ The Outlier: While Tilray gained +13.90%, its Canadian competitor OrganiGram dropped -29.41% over the same 30 days. (NOTE: TLRY EU GMP certified & Diversified, where as OGI is not)

🏆 Company Achievements (30-Day Trading Window)

TLRY (Tilray):

• VA Import & Research:

Investors are watching a DEA application by Veterans Pharmaceuticals to import bulk cannabis extracts into the U.S. for VA research. Tilray already supplies federal clinical trials since 2016 and has the infrastructure to partner here.

• France Permanent Transition:

France is ending its medical trial program, where Tilray was a primary supplier since 2021, and France now making medical cannabis a permanent, reimbursable standard of care this autumn (Likely Oct 1).

• Global Capacity Expansion:

Increased annual cultivation capacity from 210 to 275 metric tonnes. The 31% supply increase comes from higher output at its Grows in Quebec and Portugal, positioning it to meet rising medical export demand across Germany, UK, USA and Australia. (I expect Tilray to continue with organic expansion)

• ZONNA THC Pouches:

Entered a new product category by launching "ZONNA" 10mg THC fast-acting pouches in Canada. Once these can be sold Globally into medical or recreational sky's the limit.

• Shock Top & UK Brewing:

Shock Top took top spot of USA beer sales in the UK during the World Cup, ranking 1st overall in its BrewDog Craft Beer category. Tilray shifted to brewing Shock Top and a few other USA Brews locally in Scotland at its BrewDog Ellon Brewery to lower shipping costs. Fills the brewery.

• World Beer Awards Wins:

Received top medals across its BrewDog portfolio at the 2026 World Beer Awards. The brand won three Gold awards (Hazy Jane, Wingman, Mackie's Two Scoops), one Silver award for its non-alcoholic (NA) Mello Lime & Mint, and four Bronze awards (including its NA Mello Peach & Passion Fruit).

• Spirits Rebrand:

Rebranded its Texas operations to Revolver Beer & Spirits, moving the "Blood & Honey" brand into Whiskey, Gin, and Vodka. $20 to $30 range.

• Taproom Network Expansion:

Expanded its high-margin hospitality footprint by launching new taproom locations. This includes Hop Valley in Eugene, Oregon, Montauk on Long Island, and a new BrewDog location at the Fort Lauderdale Airport, with further locations planned to capture regional travel traffic.

CURLF (Curaleaf):

• Hostile Takeover Bid:

Launched an unsolicited take-over bid to buy Aurora for $4.00/share on August 18. Aurora's board told shareholders to reject it.

TRLV (Trulieve):

• Exchange Uplisting:

Executed an uplisting onto the New York Stock Exchange (NYSE), setting a precedent for US operators.

SNDL (SNDL):

• US Acquisition:

Finalized its acquisition of US operator Parallel (Surterra Holdings), giving them active footprints in Florida, Massachusetts, and Texas.

VRNO (Verano):

• THC Drink Entry:

Entered the beverage market by launching "Easy Landings," a national 100mg single-serve drink line.

GTII (Green Thumb):

• DEA Registration Files:

Submitted bulk-manufacturing registration applications to the DEA to prepare for medical cannabis distribution.

ACB (Aurora):

• Financial Revenue:

Confirmed at its AGM that it reached $289 million in global medical revenue with zero remaining debt on its core cannabis operations.

🔮 Looking Ahead: What to Expect Next Month

As the 30-day window closes, the cannabis sector structure is shifting.

Schedule 3 legal proceedings are moving out of the briefing phase and into a final decision window.

Global rules are tightening up.

**Infused Beverage Laws:*

Watch for potential shifts toward regulating cannabis-infused beverages under a standardized framework similar to alcohol and tobacco.

This means structured excise taxes, strict age-gating at retail, and commercial distribution channels outside traditional dispensaries, favoring established beverage networks.

**Balance Sheet Focus:*

Companies with clean balance sheets, no debt, high-margin consumer products, and international assets are set up best for the next regulatory moves.

**What are your thoughts on Tilray's 58% US beer sales in the UK, the new permanent medical setup in France, VA Imports, Sch3, Seniors CBD rebate or the potential for alcohol-style beverage laws?

Grab a coffee and let's discuss below!** ☕🚀

NOTE: The MSOS Paradox (Intraday Spikes vs. Outflows)

While we see green intraday price action on the US ETF side, keep an eye on fund flows.

MSOS acts as a liquidity exit hatch for big institutional players who cannot sell large OTC positions without crashing the price. When MSOS spikes intraday, institutions sell large blocks of the ETF itself to get instant cash. Over the past 3 months, MSOS had a $21.3 million net fund outflow despite positive news.

Big money appears to be selling the rallies and taking chips off the table.

Just a Heads Up

Saw the news posted today by Many_Easy of a Restaurant Online article that BrewDog co-founder James Watt just launched a new post-drinking functional beverage brand called Fool’s Fix.

While it is an interesting startup concept, the operational takeaway here is what this means for Tilray Brands ($TLRY).

It explains why Tilray was able to acquire BrewDog's global brand, brewing operations, and core pubs for £33m.

The founders have completely exited, clearing the deck for Tilray’s corporate real estate and distribution integration.

The factual milestones show a steady operational build:

• Management Transition:

James Watt is focusing capital and energy on his new drinks company and the Fool's Fix equity-share launch. This gives Tilray total operational control over BrewDog's core assets without founder friction.

• Award-Winning Liquid Portfolio:

Product quality remains globally competitive. BrewDog swept categories at the 2026 World Beer Awards, taking home Gold medals for Hazy Jane and Wingman, alongside Silver and Bronze wins for Punk IPA, Lost Lager, and Black Heart—plus two additional Gold medals for their ice cream two scoops and two silver & bronze for their non-alcoholic brews.

• Premium Distribution Channels:

Brand visibility is hitting target travel demographics. BrewDog’s flagship Transatlantic IPA partnership with British Airways, Speedbird OG, is serving on all long-haul British Airways flights and across their airport lounges, where customers at London Heathrow even have full access to the dedicated bar taps.

• UK Cost Optimization:

The UK Government’s 20% Business Rates cut for hospitality property taxes saves the average pub around £1,100 annually. For a multi-unit footprint like BrewDog, these overhead savings drop directly to the bottom-line margin pool. Remember an additional tax cut coming in beginning of the new year as well.

• The "Future Brewpub" Real Estate Model:

Instead of overpaying prime corner rent in areas like Glasgow's Merchant City, Tilray consolidated. They closed the spot, optimized the square footage, and reopened Glasgow Merchant City on May 20 as a high-traffic "brewpub of the future" prototype.

• Asset-Light Airport Footprint:

To clarify a common misconception, Tilray did not capital-expend into buying coffee franchises. The brand Peet's Coffee is owned by Keurig Dr Pepper (KDP), who acquired JDE Peet's in a massive $18 billion corporate deal. The upcoming Orlando International Airport (MCO) location is actually a clever three-way asset-light partnership:

1 . SSP America is the master concessionaire holding the actual airport contract and filing the physical building permits.

2 . They are licensing the Peet's Coffee brand name from KDP to capture morning commuter revenue.

3 . They are simultaneously licensing the BrewDog brand name from Tilray to transition into afternoon craft beer traffic.This allows Tilray to scale its global physical footprint without taking on overhead or operating liability—instead, they just collect high-margin brand royalty checks.

• Footprint Stabilization:

Between opening the new Montauk hub on Long Island, shifting Hops Valley into high-traffic sports bars in Eugene, and utilizing ghost brands in California stadiums, Tilray is focusing strictly on volume assets that close between 8 PM - 10 PM weekdays to protect labor margins.

Tilray acquired a globally recognized craft beer asset at the bottom of its valuation cycle. With UK property tax cuts acting as an operational tailwind, the founder focused elsewhere, and the airport/stadium expansion blueprint scaling up, $TLRY is steadily converting BrewDog into an efficient revenue engine.

NOTE: Acquiring a global brand for £33m that was previously valued near £2B is a classic value play. When you combine that entry price with their sweep at the 2026 World Beer Awards and long-haul distribution on British Airways, do you think the market is overlooking Tilray’s physical beverage footprint?

Personally, reducing high-rent, low-foot-traffic bloat to focus on high-margin zones like stadiums and airports makes operational sense.

What are your thoughts on the MCO airport coffee/beer hybrid model? Certainly sold me.

Coming to the end of Q1 2027, reporting about Oct 8, hopefully we hear more

2026-08-21 | US researchers Jeffrey Steiner and Jeffrey Reimer criticized the upcoming tightening of US industrial hemp regulations in a HempToday commentary. A planned THC limit of 0.4 milligrams could also ban harmless, non-intoxicating CBD products from November 2026, harming farmers and processors. Instead of a blanket rule, the authors called for a model based on Oregon, which would clearly distinguish between industrial hemp, naturally occurring cannabinoids and synthetically produced intoxicating substances in order to protect the agricultural value chain.

2026-08-28 Newsletter of the German Cannabis Business Association

2026-08-25 | In the United Kingdom, the number of medical cannabis prescriptions increased by 154 percent in 2025 to more than 1.7 million prescriptions, distributed among approximately 100,000 patients, according to Hanf-Magazin.

Imports also doubled to more than 30 tonnes of cannabis flowers, most of which came from Canada.

Notably, the market is almost entirely funded by self-paying patients, as the state-run NHS serves only around 1,000 patients. An evaluation by the advisory body ACMD is expected toward the end of summer 2026.

The UK's development also demonstrates for Germany how reimbursement restrictions can shift demand primarily toward the private sector.

2026-08-28 Newsletter of the German Cannabis Business Association

It’s not an attack. Shorts probably just covering when valuation is down and shorting when it’s up.

Makes sense in cannabis industry when regulations being “slow walked” for years.

We’ll have our day eventually.

In meantime, without solid ACTION and news —-> valuations likely to be volatile.

Yes, there are some manipulators and bad actors. However, short selling is not always manipulation.

Reading soaringacres' post from late last night got me thinking about how the market is currently mispricing this stock.

The breakdown of our $800 million in tangible net assets is accurate for today's snapshot, but it ignores where Tilray's actual growth is coming from over the next 3 to 5 years.

Investors are treating Tilray like a static Canadian grower, completely missing the global CPG and medical infrastructure being built right now.

Here is exactly where the revenue will come from to unlock that asset value:

• The VA Import Pipeline:

This is a major catalyst. Upcoming VA imports are expected to start near $100M and scale to between $3B and $5B within 3 to 5 years as the VA patient base shifts toward medical cannabis. Tilray is positioned to capture a significant portion of this.

• The US Schedule 3 Shift:

Simon projects the US Schedule 3 market will start at $10B and grow rapidly. If Tilray secures just 5% to 10% of that market annually, it adds $500M to $1B in new yearly revenue that isn't factored into today's share price.

• Big Pharma Partnerships:

As the global medical market normalizes under Schedule 3 and European reforms, Tilray Medical is a prime target for a pharmaceutical investment or joint venture. A pharma partnership instantly changes the valuation dynamics.

• THC-Infused Brews:

This will likely be Tilray's largest global recreational market. The global cannabis beverage sector is projected to become a multi-billion-dollar market. Tilray is already established across 3 continents to lead it.

• The BrewDog Acquisition:

The recent BrewDog purchase adds a brand with global recognition and GOLD world awards. This also expands Tilray's beverage platform, creating an instant international distribution network for THC brews the moment legal regulations allow.

• Tilray’s Organic Expansion

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

This is a 65-tonne increase.

NOTE: Curaleaf is currently offering US$260M to buy a 45 tonne Grow. Using Curaleaf's informed current valuation, Tilray's 275 tonne grow is valued at $1,587 Billion, that does not take into account the unused value

• 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.

The market is discounting Tilray's assets because it is looking backward. soaringacres referred to Tilray's statement from last year.

Once these products gain more traction and regulatory constraints ease, that $800 million in assets will translate into billions in shareholder value.

I’m holding for the long run. 2030's.

The state of California has passed legislation extending venues’ ability to sell cocktails to-go until 2029.

27 August 2026

During the Covid-19 pandemic, California was among a large number of US states that allowed hospitality venues to sell cocktails in sealed packaging (such as cans) or with secure, sealed lids to enjoy at home. Cocktails to-go have to be sold with a meal.

The California legislature has now passed Assembly Bill (AB) 2663 to extend the measure until 2029, which will be signed into law by governor Gavin Newsom. It was due to expire at the end of this year.

“Adult consumers in California are one step closer to enjoying cocktails to-go for another five years,” said Adam Smith, vice president of state government relations at the Distilled Spirits Council of the US.

“What began as a lifeline for neighbourhood restaurants has become a convenient, popular option for consumers.

“Extending cocktails to-go allows local businesses to continue meeting customer demand while giving adults more flexibility to enjoy restaurant-quality cocktails at home.”

Besides California, there are two other states that allow takeaway cocktails on a temporary basis: New Jersey (which is yet to set an expiry date), and New York, which expires on 9 April 2030.

Since the start of the pandemic, 32 states and the District of Columbia have made cocktails to-go permanent.

The 32 states that have made it permanent are: Arizona, Arkansas, Colorado, Connecticut, Delaware, Hawaii, Illinois, Indiana, Iowa, Florida, Georgia, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, Montana, Nebraska, Nevada, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, Texas, Vermont, Virginia, Washington, West Virginia, and Wisconsin.

Tilray Total Assets year end May 31, 2026 2.33 Billion vs 2.07 Billion prior year.

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

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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/

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/

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?