u/DaveHervey

Cannabis Europa Afterparty — Presented by Tilray Medical x @lypheclinic

The conversation doesn’t end at the Barbican.

We're proud to host the official @cannabiseuropa afterparty on May 27 at @BrewDog Waterloo, presented by Tilray Medical in partnership with Lyphe.

Bringing together two of the most respected names in European medical cannabis, the evening offers an opportunity to connect beyond the conference — with complimentary food and drinks for attending delegates.

Join us to unwind, exchange ideas, and celebrate two days of the industry’s most important conversations.

This event is exclusively for Cannabis Europa ticket holders. Registration is required, and entry will be granted upon presentation of your conference lanyard.

📅 27 May 2026 | 🕖 7:00 PM – late 📍 BrewDog Waterloo, London 🎟 Complimentary for registered ticket holders

Tilray Brands @tilray Memorial Day weekend is calling.

Popsicle® Hard Firecracker is here—packed with bold berry, citrus, and cherry flavor, inspired by those classic summer ice pops.

Limited release.

Stock the fridge, grab your crew, and make the most of the long weekend.

https://popsiclehard.com/product-detail-page-hard-firecracker-w-find-buttons/

Bipartisan House votes on veterans' healthcare and rescheduling expose a fractured federal posture, leaving 9 million vets caught in the policy gap.

May 19, 2026 mgmagazine

NOTE: The VA Import of Medical Cannabis Extract, comment period #2 closes today May 21, 2026. This program can greatly change VA on the out. We should have results June / July.

The same United States House of Representatives that voted to let Veterans Administration doctors help vets access medical cannabis also voted, nearly simultaneously, to block the federal rescheduling process that would make such access legally coherent. That is not mixed signals; it is a fractured federal posture. For the roughly 9 million veterans enrolled in VA healthcare, it lands with consequences that are anything but abstract.

📌 Key Insights: The Federal Policy Split

• The contradiction: The U.S. House simultaneously advanced an amendment to grant veterans medical cannabis access while a committee voted (Section 591) to defund the historic Schedule III rescheduling process.

• The cost to veterans: Under current VHA Directive 1315, VA doctors cannot sign state enrollment forms. This restriction forces veterans to spend $150 to $500 out-of-pocket for private doctors just to access legal medicine.

• Executive vs. legislative: The House committee’s defunding vote directly pushes back against the executive branch’s recent momentum, following Acting AG Todd Blanche’s April order moving state-licensed medical cannabis to Schedule III.

• What’s next: The broader federal rescheduling process hinges entirely on a DEA administrative hearing scheduled for June 29 — contingent on whether the budget defunding rider survives conference committee negotiations.

• The bottom line: Congress isn’t building a unified cannabis policy; it is actively funding a contradiction, leaving 9 million veterans and industry operators caught in the regulatory crossfire.

On May 14, the House passed an amendment to the Fiscal Year 2027 Military Construction, Veterans Affairs, and Related Agencies Appropriations Act by voice vote. The amendment, co-sponsored by Representatives Brian Mast (R-FL), Dave Joyce (R-OH), and Dina Titus (D-NV), would, if enacted, prevent the VA from enforcing the provisions of Veterans Health Administration Directive 1315 that bar providers from helping veterans access state-approved medical cannabis programs. If signed into law, VA doctors will be able to sign the required forms.

One day earlier, the House Appropriations Committee passed Section 591 of the FY2027 Commerce, Justice, Science, and Related Agencies Bill, 32–28. The text is spare but potent: “None of the funds appropriated under this Act or otherwise made available by this Act may be used [by the Department of Justice] to reschedule marijuana […] or to remove marijuana from the schedules established under section 202 of the Controlled Substances Act.”

It’s a classic example of “what Congress giveth with one hand, Congress taketh away with the other.”

Understanding VHA Directive 1315 and the cost of care To understand why the legislative simultaneity matters, one must understand exactly what Directive 1315 does — and what it costs veterans.

Under Directive 1315, revised July 2023, VA healthcare providers are “prohibited from recommending, making referrals to, completing forms or registering Veterans for participation in a State-approved marijuana program.” A VA doctor can ask a veteran about cannabis use. They can document it in the veteran’s medical file. They can discuss drug interactions. What they cannot do is sign the form a state’s medical program requires for enrollment. That requires a private physician.

Private cannabis evaluations typically cost $75 to $300, depending on state and visit type. Add state registration fees — as much as $150 in some states — and a new veteran patient may spend $150 to $500 just to legally access the plant. The VA covers prescription medications for enrolled veterans, but cannabis, by directive and federal law, is explicitly excluded. For veterans on fixed incomes, that financial wall is not an inconvenience. It is the gap between treatment and continued suffering.

The numbers give scale to those stakes. A March 2025 study found 40 percent of veterans with chronic pain reported using cannabis to manage symptoms. Pain and mobility were cited as the primary reason for cannabis use by 81 percent of respondents. Another 62 percent cited sleep, and 43 percent cited PTSD or anxiety. A May 2025 Veterans Health Administration cohort study found more than one in 10 veterans aged 65 to 84 had used cannabis in the past 30 days. More than 20 percent of veterans aged 18 to 44 report cannabis use. These are not recreational users gaming a policy gap. They are people who came home from recent foreign actions carrying injuries the VA has struggled to treat, paying out of pocket for relief their own providers cannot officially acknowledge.

The Mast-Joyce-Titus amendment: what it changes (and what it doesn’t) The Mast-Joyce-Titus amendment would bar the VA from enforcing the form-completion prohibition of Directive 1315 in states where medical cannabis is legal. VA doctors could complete enrollment paperwork. Veterans could enter state programs through their own care team.

What it would not change:

The VA still would not pay for approved medical cannabis products. Veterans would still pay out of pocket for the plant. Cannabis would remain prohibited on VA property.

Critically, since this is an appropriations rider, it must survive Senate consideration and conference committee negotiations. A similar measure cleared both chambers in mid-2025, then was stripped in conference before the FY2026 budget bill was signed into law. The version that became law in November 2025 omitted veterans’ medical cannabis access. The current amendment has the shape of progress. It does not yet have the weight of law.

Section 591: the legislative effort to block Schedule III Section 591 is, in some ways, the stranger story, because the committee’s action directly contradicts the Trump administration’s posture on rescheduling.

On December 18, 2025, President Trump signed an executive order directing the Attorney General to expedite rescheduling from Schedule I to Schedule III. On April 23, 2026, Acting Attorney General Todd Blanche followed through when he signed an order placing marijuana products approved by the Food and Drug Administration as well as state-licensed medical marijuana products on Schedule III. At the same time, the Drug Enforcement Administration set June 29, 2026, as the start date for an administrative hearing to determine whether cannabis should move to Schedule III more broadly. Adult-use cannabis remains on Schedule I.

The executive branch was moving forward on reform. Then a Republican-led committee voted to stop progress.

Arguments marshaled for Section 591 leaned on public health concerns:

high-potency products, links to teen psychosis, impaired driving, mixed messages to young people. There were procedural objections as well: The FDA has not formally found cannabis safe and effective, and the rescheduling order bypasses the randomized controlled trial standard DEA historically has required.

What Section 591 does not address is what passage of the bill as-is would do to the June 29 hearing.

That administrative proceeding — the formal process that would determine the full scope of rescheduling — could be defunded before it begins if the provision passes into law. The Veterans of Foreign Wars called Trump’s December executive order a step that “prioritizes science over stigma.” The Iraq and Afghanistan Veterans of America applauded the therapeutic recognition while noting that rescheduling alone doesn’t solve access, equity, or protection for veterans. Both organizations were watching the same reform take shape. Both are now watching a committee try to shut it down.

Market impact:

what the cannabis policy split means for operators and investors

For operators, the immediate read is familiar: The regulatory environment remains contested. Blanche’s April order already has begun unwinding some 280E tax exposure for state-licensed medical operators. Section 591, if it becomes law, doesn’t reverse that order, but it does foreclose expansion of those benefits through the hearing process. Investors modeling full Schedule III economics should treat the committee vote as a material risk factor, not a procedural footnote.

For advocates, the pattern should be clarifying.

The VA amendment passing by voice vote reflects genuine bipartisan consensus on the narrow question of whether VA doctors should be allowed to complete enrollment forms. What is also real is the same measure has been stripped in conference before, and the Senate has yet to act. Progress in one chamber is not the same as enacted law, and voice-voting for the VA amendment cost nothing. Nobody has to defend a pro-veterans vote in a tough primary election. Stripping the amendment in conference, where the votes are quiet and accountability is diffuse, costs nothing either.

For veterans —

the roughly 9 million in VA healthcare who are living in the gap between what is legal and what they can access — the calculus is unchanged today. Their doctors still cannot complete a form. The hearing that could change the federal framework is scheduled for June 29, contingent on a funding provision that may or may not survive.

The next critical steps for federal cannabis policy

The legal conflict between Directive 1315 and the Blanche order The directive’s prohibition on provider participation in state cannabis programs rests on a specific legal foundation: cannabis’s Schedule I status under the Controlled Substances Act — no accepted medical use, highest abuse potential, the full framework. The Blanche order changed that foundation for state-licensed medical cannabis. Schedule III carries a different legal character entirely. The VA has not acknowledged this publicly, but the implication is uncomfortable for the department: It is now operating under a clinical prohibition whose statutory predicate the executive branch has formally abandoned. That’s not a political argument. It’s a structural one. Directive 1315 is an internal administrative document, not a statute. The VA Secretary can revise or rescind it without an act of Congress. The directive was last updated in July 2023, demonstrating the language moves when the department decides to move it. The Trump administration ordered rescheduling. If the VA declines to revisit 1315 in response, it will be the executive branch contradicting itself on its own policy.

A counterargument exists and deserves acknowledgment:

Cannabis still lacks FDA approval for any specific clinical indication, which gives the VA independent grounds to maintain the directive’s restrictions regardless of schedule. That argument is weaker post-Blanche, but it is available to the department and likely to be invoked. What advocates should be pressing for — and what reporters should be asking — is whether the VA Secretary has been formally asked to review Directive 1315 in light of the rescheduling order, and what the answer was. The absence of that exchange on the public record is itself a signal.

The Senate’s role in surviving the conference committee

Whether the VA amendment survives into an enrolled bill is the near-term question, and the answer lies with the Senate and subsequent conference committee. A Senate companion bill would strengthen the Mast-Joyce-Titus amendment’s position substantially; its absence is a vulnerability.

The fate of the June 29 rescheduling hearing

If Section 591 does not survive into final law, the broader rescheduling process will proceed. If the section lands in a signed spending bill, the hearing’s legal and financial footing will be contested. The distance between those two outcomes is measured in conference committee votes.

Congress has not built a cannabis policy. It has built a contradiction and applied it to the people who can least afford to wait for the institution to sort itself out.

Business of Cannabis | Europe

Europe's cannabis market demands pharmaceutical-grade consistency — and most operators cannot deliver it, says Linnea's Nora Rossini.

Cannabis Europa London returns on 26-27 May 2026, bringing together operators, investors, clinicians and policymakers from across the global cannabis industry for two days of main stage debate, exhibition, and networking. This article is part of a series published by Business of Cannabis ahead of the event, drawing on the perspectives of Cannabis Europa’s leading sponsors and speakers, the figures setting the commercial, clinical, and regulatory agenda for cannabis in Europe and beyond.

Linnea is one of Switzerland’s longest-running and most respected manufacturers of premium botanical active ingredients for the pharmaceutical, nutraceutical, and cosmetic industries. Operating from a GMP-certified facility, the company is also a leader in medical cannabinoids, applying a pharma-driven approach to cannabinoid development. Ahead of the event, Business of Cannabis took the opportunity to pick the brains of Scientific Affairs Manager, Nora Rossini, about the future of pharmaceutical cannabinoids.

As we head into Cannabis Europa, what do you see as the most significant developments shaping the European cannabis industry right now? “It looks like Europe is entering a much more mature phase of development. The conversation is shifting from ‘whether’ cannabis will be accepted to ‘how’ sustainable, compliant and medically credible markets are built.

“Three developments stand out in particular. First, we are seeing continued growth in medical cannabis access across Europe, but with much higher expectations around product quality, consistency and clinical reliability. Regulators, physicians and patients increasingly expect cannabis products to meet pharmaceutical standards rather than consumer wellness expectations.

“Second, there is a clear movement toward regulation and GMP-driven supply chains. Companies that can demonstrate pharmaceutical manufacturing standards, validated processes and robust documentation are becoming structurally advantaged. This is especially important as cross-border trade within Europe continues to expand.

“Third, the industry is becoming more evidence-driven and focused on education and clear guidelines (on dosages and indications). Healthcare professionals are demanding stronger clinical data, more precise formulations, predictable delivery systems, education and clear guidelines (on dosages and indications) and reliable outcomes. The companies that will succeed long term are those capable of combining botanical expertise with pharmaceutical discipline.

“At the same time, there is still fragmentation between national frameworks, which creates operational complexity. Europe remains a multi-market environment rather than a single unified market, and navigating those differences remains one of the industry’s defining challenges.”

As European markets increasingly push towards pharmaceutical-grade formats, where do you see the greatest gap between current market supply and what is actually needed? “Many operators can produce cannabis extracts, but far fewer can consistently manufacture pharmaceutical-grade ingredients with the level of reproducibility expected in regulated healthcare environments. Physicians and regulators need products with clearly defined cannabinoid profiles, impurity controls, stability data and batch-to-batch consistency.

“Furthermore, Europe increasingly requires ingredients and finished products supported by validated processes, regulatory documentation and robust quality systems. This goes beyond cultivation; it requires deep expertise in extraction science, analytical methods and pharmaceutical manufacturing.

“There is also a gap between market enthusiasm and clinical integration. To expand physician confidence, the industry needs dosage precision, reliable delivery and more clinical evidence supporting specific therapeutic applications.”

Switzerland has often been ahead of the curve on medical cannabis frameworks. What lessons from the Swiss experience do you think the rest of Europe has yet to absorb? “One important lesson from Switzerland is that, in general, the value of a pragmatic regulation combined with high-quality expectations, maintaining rigorous standards around manufacturing and product quality.”

Beer leads Memorial Day alcohol purchases, with 75% planning to buy, according to Numerator. The holiday accounts for 4–5% of annual US beer sales and up to 18% of Q2 volume. Generational differences are noted in cider and wine choices.

Beer tops the shopping list for consumers planning to imbibe during Memorial Day weekend, according to insights firm Numerator.

Of the 43% of respondents who plan to purchase beverage-alcohol, 75% said they intend to buy beer, followed by spirits (45%), wine (35%), hard seltzer (31%) and ready-to-drink or pre-mixed canned cocktails (20%).

...

Tilray Brands @tilray

Meet Long Neck Lager, the latest collab from sweetwater brew and @ZooATL —bright, crisp, and just a little unexpected.

A returning partnership with a new twist, available at Zoo Atlanta and the SweetWater Taproom, with an early pour at Brew at the Zoo. $TLRY

by NORML Posted on May 20, 2026

The US House of Representatives has approved legislation – the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act for Fiscal Year 2027 – which includes language allowing physicians associated with the Department of Veterans Affairs to officially recommend medical cannabis to military veterans in states where its use is legal.

The provision, introduced by Congressional Cannabis Caucus co-chairs Brian Mast (R-FL), Dina Titus (D-NV) and David Joyce (R-OH), addresses a long-standing barrier facing America’s veterans. Under current federal policy, Veterans Affairs doctors are legally prohibited from providing cannabis recommendations to their patients, even in states where medical marijuana is permitted. As a result, many veterans are forced to seek out private – often prohibitively costly – physicians in order to participate in these programs.

The House-approved language reflects growing bipartisan recognition that veterans should not be denied access to medical cannabis simply because they primarily receive healthcare through the VA system. Approximately one in ten military veterans report using cannabis, and nearly half say they do so for therapeutic purposes – such as to manage chronic pain and symptoms associated with post-traumatic stress.

Allowing VA physicians to recommend medical cannabis in accordance with state laws ensures that veterans can access regulated, lab-tested products through licensed providers instead of relying on the unregulated market. It also strengthens the relationship between veterans and their healthcare providers by allowing patients to discuss cannabis use openly and honestly within the VA system.

Most military veterans and their family members say that the Department of Veterans Affairs should provide medical cannabis treatment to eligible patients. Seventy-five percent of veterans say that they “would be interested in using cannabis or cannabinoid products as a treatment option if it were available.”

Last year, both chambers of Congress included similar provisions in their respective military funding bills. Nonetheless, the language was inexplicably left out of the consolidated bill

The FY27 bill now advances to the Senate, where lawmakers will decide whether to retain the provision in the final appropriations package.

https://norml.org/blog/2026/05/20/house-approved-funding-bill-provides-medical-cannabis-access-for-veterans/

BrewDog Japan

BREWDOG × SATANIC Collaboration Beer

"SATANIC BLOODY IPA" Now Available!

Exclusive sale at SATANIC CARNIVAL 2026 venue 📅 June 6 (Sat) · 7 (Sun) 📍 Makuhari Messe International Exhibition Hall

A punchy bitterness paired with the refreshing aroma of blood orange.

Crank up the heat in this blazing venue with just one glass.

May 20, 2026 businessofcannabis

Canadian producers shipped 17,067kg of medical cannabis directly to the UK in 2025, more than six times the 2,578kg recorded the year before, according to the latest official Home Office data seen by Business of Cannabis.

It comes as the total amount of cannabis flower being imported into the UK more than doubled in 2025 to 30,062kg, up from 14,992kg recorded in 2024, marking the highest annual figure in the market’s history.

Rather than pointing to a dramatic increase in Canadian cannabis imports, which have dominated European markets since the sector first emerged nearly a decade ago, this data points to a dramatic restructuring of supply chains.

As we reported in March 2025, up until last year, the UK had imported more medical cannabis from Spain than from any other country. While data on the origin country of this product is unavailable, it’s understood that the bulk of this cannabis came from Canada to be processed in Spain, Portugal and other European states before heading to the UK.

That dynamic is quickly shifting, as Canadian producers increasingly process their own products in domestic EU-GMP facilities and send flower in bulk directly, cutting out the middleman.

Prohibition Partners has analysed this data in granular detail and will be publishing a new report in the coming days, while presenting the data and analysis during Cannabis Europa London 2026.

Alex Khourdaji, Lead Analyst at Prohibition Partners, said: “The growth underscores the dominance of the Canadian medical cannabis supply, driven by excess production, tight domestic margins and Canadian licensed producers’ international expansion strategies.”

Reading the numbers The FOI figures, secured by Prohibition Partners and Business of Cannabis (dated 10 April 2026), cover dried cannabis flower (flos) preparations classified as unlicensed specials. They do not include extract products, Active Pharmaceutical Ingredients, or any imports from the Crown Dependencies.

As previously noted, the data records the country from which a shipment was processed and exported to the UK, rather than necessarily the country where cannabis was originally cultivated. (graph attached)

The raw 2023 total (26,973kg) risks obscuring the underlying trend. According to the data, Finland supplied 20,113kg across the first two quarters of 2023 alone, in two near-identical batches of approximately 10,056kg each, before disappearing entirely from the data; no imports from Finland appear in either 2024 or 2025.

Prohibition Partners has previously noted that Finland does not export medical cannabis and excluded those volumes from its own analysis. Setting those shipments aside, the adjusted 2023 baseline falls to approximately 6,860kg, consistent with a market that has roughly doubled in volume for two consecutive years.

On a quarterly basis, the acceleration within 2025 is even more pronounced. Imports rose from 5,285kg in Q1 to 11,810kg in Q4, a 123% increase across the year, with direct Canadian shipments accounting for 7,839kg of that final quarter figure alone.

Khourdaji suggested that this pattern pointed to a structural shift in how the market was being supplied: “The data suggests a move from incremental, clinic-led growth to larger, wholesale-driven procurement cycles and stronger inventory build-ups towards the end of the year.”

The Home Office notes that 2025 data remains provisional and may be subject to adjustment upon completion of the INCB Annual Returns process, which concludes 30 June 2026.

A shifting supply chain The growth in direct Canadian shipments has coincided with a decline in volumes from Spain and Germany, countries whose imports have historically included Canadian-origin product processed and packaged before export to the UK.

Spain shipped 3,517kg in 2023 and remained the leading processing hub through early 2025. When Business of Cannabis last reported on UK import data in March 2025, Spain had already shipped close to a tonne in Q1 of that year. (graph attached)

Spain’s quarterly volumes fell from 1,591kg in Q1 2025 to 1,176kg in Q2, 490kg in Q3, and 161kg in Q4, as direct Canadian shipments expanded rapidly in the second half of the year. Spain’s full-year 2025 total of 3,417kg represented 11.4% of total imports.

Germany supplied 1,014kg in 2023 and 1,963kg in 2024, but fell back to 1,404kg in 2025.

Portugal moved in the opposite direction, growing from 384kg in 2023 to 2,466kg in 2024 and 3,971kg in 2025. South Africa recorded the most consistent growth of any supplier outside Canada and Portugal, rising from 42kg in 2023 to 421kg in 2024 and 1,345kg in 2025. (graph attached)

Three countries shipped dried medical cannabis flower to the UK for the first time in 2025. Switzerland supplied 354kg across the year, the Czech Republic 142kg, and Greece 105kg. Israel, which had supplied trace quantities in both prior years, grew to 186kg.

The 14 source countries recorded in 2025, up from 11 in 2024, reflect the continued maturation of international supply chains into the UK market.

What comes next The Q4 2025 run rate, if sustained, implies annual imports of approximately 47,000kg in 2026. Whether that trajectory holds will depend on whether the large, wholesale-scale procurement patterns visible in H2 2025 continue, or whether Q4 represented inventory build-up ahead of anticipated demand.

Prohibition Partners’ UK Medical Cannabis Market Update 2026 examines what the import figures mean for market structure, competitive dynamics, and the supply chain outlook through 2030, including a full analysis of re-export channels and Canada’s estimated true share of UK supply.

https://businessofcannabis.com/uk-medical-cannabis-imports-hit-30-tonnes-as-canadian-producers-bypass-european-processors/

LOGO UPGRADED

Friday May 15 I received the notice from Business of Cannabis my entry for Tilray was selected and on the Shortlist.

Monday May 18 I emailed the news to Tilray IR.

I'm happy to see they had the logo up graded to 'Tilray Medical' both photos attached.

BOFC Awards Shortlist | Tilray Brands

May 15, 2026

image

Hello Dave,

We're thrilled to let you know, that you have been shortlisted for the Business of Cannabis Awards 2026 —Huge congratulations!

🏆 Cannabis Team of the Year - Tilray Brands

From here, your entry moves into a second round of judging with our independent panel. Winners are announced on the night, 26 May, Rivington Street, London.

I've attached your BofC branded nominee asset. We have several logos on file for Tilray. If the logo in the asset below is incorrect, please let me know ASAP and I'll send you an amended asset.

🎟️ Tickets: businessofcannabis.com/awards

So excited to celebrate you on 26 May! Huge congrats again!

The Department of Justice’s progression toward federal Schedule III rescheduling is structurally fundamentally transforming the cannabis sector. By eliminating the punitive Section 280E tax burden, profitable U.S. operators are unlocking massive institutional-grade cash flow.

While some Canadian LPs like Tilray & Canopy entered USA building foundations outside of Sch 1 cannabis, other Cdn Lps face a prolonged timeline to enter the U.S. market—as noted by the Organigram (OGI) leadership team, suggesting in a May 4 interview 2-5 more years waiting for firm regulations.

BUT forward-looking capital is already rotating into dominant Multi-State Operators (MSOs) and clinical-stage biotechnology. (Simon has recently mentioned they would consider a Pharma partner once Sch3 in place).

For investors trapped in retail echo chambers (e.g., Stockhouse, X) blaming management for macroeconomic headwinds, it is time to reassess your thesis and reallocate capital to where structural alpha resides. Sell your Tilray and move to these stronger USA plays. I think of this song often hearing you every day: https://www.youtube.com/watch?v=lEM5x3Uf0lY

1. Core Structural Plays:

Top U.S. Operators & Diversified Vehicles. SWAP OUT

• Curaleaf Holdings (CURLF / CURA): The dominant global footprint strategy. It is uniquely positioned to capture massive market share across both transitioning U.S. states and early-stage European medical/adult-use markets (specifically Germany and the UK. Bought 2 very small EU-GMP facilities in Portugal & Canada to test the EU markets, would need major expansions to grow and expand).

• Green Thumb Industries (GTBIF / GTII): The premier financial discipline pick. Green Thumb consistently leads the tier-one USA peers in GAAP profitability and cash flow generation, backed by an active, shareholder-friendly stock buyback program. (I've held GTII on and off since 2020)

• Trulieve Cannabis (TCNNF): The lean, efficiency model. Its optimized seed-to-sale infrastructure in cornerstone states has significantly de-risked its balance sheet after successfully retiring $368 million in debt.

• Advisor Shares Pure US Cannabis ETF (MSOS): All-in-one vehicle for diversified exposure to U.S. operators via total return swaps, mitigating single-stock operational risks. (great option for those hating single CEOs, many CEOs here)

2. Filter Out Retail Noise: (use the BLOCK button)

• Social media scapegoating (e.g., following the recent public fallout surrounding high-profile CEO interview cancellations) destroys objective analysis. (I've heard from people Irwin should never accepted their original PODCAST invites, then they turned on him, putting out hit pieces).

• Block the toxic sentiment loops; focus entirely on balance sheets and regulatory macro-flows. (I expect good YoY improves with Yearend 2026 when released in July).

3. The Bio-Pharma Disruption Frontier

The next secular growth wave in cannabinoids belongs to strictly regulated, clinical-stage biotechnology rather than consumer packaged goods.

Vertanical (VER-01): Just Today, a German clinical-stage biopharma company disrupting traditional pain management, by securing FDA Breakthrough Therapy Designation for its cannabis-derived, non-opioid therapeutic, it directly targets a $3 billion addressable market for chronic back pain.

NOTE: This sector is where most Tilray investors believe Tilray Medical USA finds their sweet spot.

4. The Strategic USA Foundation

• Tilrays Beer Footprint for future expanded Infused Beverages:

Tilray acquired iconic craft brands like 10 Barrel, Atwater, BluePoint, Montauk, SweetWater, Breckenridge, etc making them a top-tier U.S. craft brewer. Rated #4 in the USA. Once BrewDog added this past month, the Brewers Association remarked Tilray Craft Beers likely move to #3 in the USA Craft Beer passing Sierre Nevada in sales and volume. How will Tier 1 Beer addition of Carlsberg move Tilray USA?

• The Wellness Entry: Ownership of Manitoba Harvest provides Tilray with massive hemp-based distribution across major U.S. grocery chains. Already in 17,000 USA retail stores. How many of those Whole Foods, etc have attached pharmacies, many?

• The Immediate Benefit: These categories generate clean, reliable cash flow and bypass standard cannabis tax penalties (Section 280E).

• The "Final Addition"

Swap. The true genius of this strategy is scalability.

Tilray did not just buy beverage companies for the alcohol; they bought a turnkey distribution network. They have established relationships with major distributors, state-of-the-art bottling facilities, and prime shelf space in mainstream retail.

When federal U.S. cannabis regulations inevitably shift, Tilray does not need to build supply chains from scratch.

They can simply trigger a strategic product "swap"—introducing THC-infused beverages and wellness products straight into their existing, fully compliant U.S. distribution pipelines.

Cannabis becomes the near-term final addition to a house they have already built.

PS - Tilray still have some hidden gems in Canada, US & UK

https://www.tsa.gov/travel/security-screening/whatcanibring/items/medical-marijuana

May 18, 2026

Spirits and RTDs gained on-premise dollar share over the past 52 weeks, while beer and wine declined, per NIQ. 📊

Hard tea is driving RTD growth, adding 11.8 share points to lead the segment.

Bars saw RTD sales jump 33.3% YoY. 🍹

While off-premise bev-alc scans have been on a rollercoaster this year (one with admittedly mild drops compared to 2025), the on-premise has been more steady, trending between flat and up 1% over the last few months.

But within bev-alc’s on-premise trends, categories have experienced their own twists and turns, according to a new report from market research firm NIQ.

...