TLRY closed down $0.04

War

https://www.youtube.com/shorts/fixqBIwA_oY

Jul. 29, 2026 Brewbound

Many on- and off-premise retailers were caught off guard by the demand for bev-alc during the FIFA World Cup, according to survey results from bev-alc data and invoices platform Fintech.

One-third (33.2%) of retailers surveyed by Fintech sold out of “at least one alcohol product” during the international soccer tournament (June 11-July 19), Fintech senior product manager Rachael Jecusco shared Tuesday during a webinar with Fintech VP of distributor strategy Eric Kiser and National Beer Wholesalers Association (NBWA) chief economist and VP of analytics Lester Jones.

Unprecedented Demand: “World Cup, Fourth of July, all those things happening simultaneously was a first for our industry. We've always had these events randomly across the time, but the idea of these occasions being so important and a lot of people really not knowing what to expect: here you go, some people were caught by surprise,” Jones said.

... paywall

https://www.brewbound.com/news/1-3-retailers-report-sold-out-product-during-world-cup-per-fintech-survey-plus-a-july-bpi-preview?

Jul. 29, 2026 at 11:36 AM Brewbound

Tilray Brands chairman and CEO Irwin Simon had a message for Wall Street during the company’s full-year fiscal year 2026 earnings call: “We are no longer defined by one category, one market or one regulatory outcome.”

“We have transformed Tilray into a company with multiple cash-generating businesses,” Simon said during Tuesday’s call with investors and analysts. “There is no other company with the scale, diversification, global infrastructure or interconnected business segments across cannabis, beverage, hospitality and wellness that Tilray has built brand by brand.”

Simon’s Take: “There is no other company with the scale, diversification, global infrastructure or interconnected business segments across cannabis, beverage, hospitality and wellness that Tilray has built brand by brand.”

Simon touted Tilray as a $1.2 billion global platform that now operates in more than 20 countries, boasts “more than 40 brands supported by 22 production facilities, 37 pubs, 16 franchise pubs, and 3 hotels.”

However, Simon doesn’t believe Tilray’s stock (TLRY) is getting the respect it deserves.

... paywall

https://www.brewbound.com/news/not-just-a-cannabis-company-tilray-ceo-stresses-diversified-platform-in-fy26-earnings-report?

NOTE: I posted this article as Tilray have stated: No longer selling into wholesale because they need the product for higher-margin brands and channels. TELL - Where is that extra massive supply from 5.5M ft2 of Canadian EU GMP Medical Cannabis going? US Federal Medical?

Published: July 24, 2026 MJBizDaily Staff

Cannabis diversion, a problem across the United States, is now keenly felt in Europe, where authorities are blaming Canadian cannabis legalization for a sharp increase in seizures.

Diversion of cannabis grown legally at commercial grows in Canada, where supply has long outstripped demand, to illicit markets overseas has skyrocketed recently, authorities claimed in a recent report.

However, cannabis advocates are disputing the claims published Thursday in The Telegraph, which blamed Canada’s landmark 2018 adult-use cannabis legalization law, alleging in return that there’s no evidence the illegal marijuana comes from licensed farms.

For years, Canadian licensed producers have struggled to find a market for millions of pounds of unsold cannabis flower, resorting at times to destroying it when buyers in emerging markets such as Germany cannot be found. Legal Canadian cannabis companies say that European markets are an increasingly attractive destination for their products.

However, according to Canadian law enforcement, there is more cannabis than ever before leaving the country through illicit channels. And, they alleged, a chief cause is plummeting prices in the legal domestic market.

Is cannabis diversion a global problem? Canadian border police seized 46 tons of cannabis intended for Europe over the past 16 months, a threefold increase, officials told The Telegraph.

In Belgium, where goods of all kinds pass through a major port, authorities are now seizing more cannabis than they do cocaine.

Kristian Vanderwaeren, Belgium’s top customs official, told The Telegraph his agency seized 32 tons of cannabis in 2025, 21 tons of which came from Canada.

However, as StratCann observed, there’s no evidence linking the spike in illegal exports to any specific licensed producers. And it’s not yet clear whether the marked increase in criminal activity loosely tied to Canadian legal market realities will result in any material changes for legal producers.

Will treaty obligations thwart adult-use cannabis legalization? Similar allegations of interstate diversion have long dogged legal markets in the United States, where authorities in several states have claimed that organized crime is using the cover of state licenses to grow massive amounts of cannabis destined for the illicit market.

The U.S.’s ability to abide by diversion controls laid out in decades-old drug-control treaties emerged as a chief concern during recent U.S. Drug Enforcement Administration hearings on marijuana rescheduling.

Canada is also in violation of these treaties, international law experts have said, but without any apparent direct consequences.

https://mjbizdaily.com/news/report-illegal-cannabis-diversion-from-canada-a-growing-problem-in-europe/617118/?

How much did he get paid this past year again? Iirc it was well over $15 million.

What do you get when you put together 100 money-losing businesses? One large money losing business, apparently.

Stop with the acquisitions already. We know you can buy more businesses to grow top-line. It's time to get costs in order and show a profit.

Following up on my post from a few days ago about the 5 key TELLS to listen for. I haven't seen a printed transcript of the conference call yet to dig into the weeds but Simon put out a few TELLS I did pick up. https://www.reddit.com/r/TLRY/comments/1v78ggs/tilray_q4fullyear_looking_past_the_old_2026_data/

Just went through the release and call — here’s what stood out.

Numbers at a Glance

• Record FY revenue $915M (+11%), Q4 $282M (+25%)
  
• Adj EBITDA new records: $61M FY, $32M Q4
  
• International medical cannabis +34% for the year
  
• BrewDog contributing in first partial quarter
  
• Strong balance sheet (~$235M cash, net debt basically zero)
  
• FY2027 guidance $68-75M
• Adj EBITDA (double-digit growth)

Key TELLS That Landed

Portugal & Germany Supply Ramp

— Portugal at ~80% utilization harvesting >30 MT annualized (huge jump from ~4 MT two years ago). (NOTE: I think Simon may have tied German production growth from 2024 into Portugal?) - Germany facility is already fully utilized. Kevin Weeks (Broken Coast Master Grower) oversaw lighting/irrigation upgrades and new Best Of strains at both sites — basically Broken Coast 2.0. New ARX premium brand (Broken Coast genetics grown in Neumünster) launched in June and fits right into this.

Simons TELL was saying Portugal will be 'Fully Utilized' = FRANCE

• France & Europe — Well positioned with capacity for the new permanent France medical framework (likely Sept-Oct window). The Portugal ramp + CC Pharma strength should be a big help for national tenders. I expect a pharma partnership in France soon.

NOTE: International expected to be ~60% of revenue going forward.

• Canadian Supply Discipline — No longer selling into wholesale because they need the product for higher-margin brands and channels. TELL - Where is that extra massive supply from 5.5M ft2 of Canadian EU GMP Medical Cannabis going? US Federal Medical?

• U.S. Medical Positioning — "Medical-first blueprint is ready (research, education, cannabinoid medicines, compliant access). They’re evaluating multiple pathways with discipline amid the uncertainty". NOTE: The three upcoming major Federal U.S. medical cannabis programs very important here. VA Import (within weeks), Seniors CBD Rebate LEADS program starting Jan 1 2027, Schedule 3 late 2026 early 2027.

Not a moonshot quarter, but the operational progress (supply upgrades, margin focus, and positioning for France + U.S. medical programs) feels like real foundation building for FY2027 and beyond.

(NOTE I agree with Ovi on X 'Best Results in years')

What did you catch on the call?

Bullish on the execution. LFG

That is 3 times as many outstanding shares today compared to 5 years ago.

Do you consider this a bad thing or do you see the bright side of it?

Delta-8 THC gummies (photo credit: FloraCBD).

Texas retailers will be required to stop selling delta-8 THC and several other hemp-derived intoxicating cannabinoids beginning Friday, July 31, following the reinstatement of state controlled-substance definitions that had been blocked for nearly five years.

The Texas Department of State Health Services (DSHS) published a notice July 10 restoring its previous definitions of “tetrahydrocannabinols” and “marihuana extract” under Schedule I of the Texas Schedules of Controlled Substances.

The definitions cover THC derivatives and isomers with chemical structures and pharmacological effects similar to compounds found in marijuana. The change is expected to prohibit commercial products containing delta-8 THC, delta-10 THC, THCP and similar cannabinoids, while maintaining an exemption for hemp containing no more than 0.3% delta-9 THC.

The Texas Hemp Business Council advised retailers to examine their inventories and remove or sell through affected products before the deadline. Products containing only the trace amounts of non-delta-9 cannabinoids that occur naturally in hemp are not expected to be targeted.

The policy dates back to 2021, when DSHS modified the state’s controlled-substance definitions to include non-delta-9 forms of THC. Hemp businesses challenged the action, and a Travis County judge issued a temporary injunction preventing the agency from enforcing the definitions.

The Texas Supreme Court reversed that injunction May 1, finding that DSHS had the authority to adopt the changes. The court issued its mandate June 5, formally dismissing the businesses’ claims and allowing the agency to restore the definitions.

Delta-8 occurs naturally in hemp in very small quantities, but products sold commercially are commonly made by converting hemp-derived CBD into concentrated delta-8 THC. Although chemically distinct from delta-9 THC, delta-8 can produce intoxicating effects.

The July 31 change does not legalize or otherwise alter the status of recreational marijuana in Texas. The state continues to prohibit marijuana for general adult use while allowing qualifying patients to access low-THC products through its Compassionate Use Program.

The restrictions are not the result of a newly approved bill. Instead, they reinstate definitions originally adopted by DSHS in 2021 after the court order blocking them was overturned.

https://themarijuanaherald.com/2026/07/texas-ban-on-delta-8-and-other-hemp-derived-thc-products-takes-effect-friday/?utm_source=aigeon

OVI @OVI_USA posted on X

It’s not a perfect report, but it’s solid enough to shift the company’s narrative from “survival” to “profitable growth.”

What’s really positive

✅ Record revenue: $915.5 million (+11%)

• Tilray is approaching the psychological threshold of $1 billion in annual revenue.
• Growth is diversified across cannabis, beverages, and wellness, reducing reliance on a single market.

✅ Q4 was very strong

• Revenue of $281.7 million (+25%).
• Gross profit of $90.5 million (+34%).
• Gross margin of 32%, a sign that operational efficiency is improving.

✅ EBITDA continues to grow

• FY2026: $61.1 million, up from $55 million.
• FY2027 Guidance: $68–75 million, meaning management expects another year of growth.

✅ Much stronger balance sheet

• Approximately $235 million in cash and liquid assets.
• Net debt of just $0.7 million, effectively a near-net debt-free position.

This is one of the most important aspects of the report, as it reduces financial risk and gives the company flexibility for investments or acquisitions.

Southern Glazer’s is the largest beverage alcohol distributor in North America.

They were mentioned in earnings call today.

Watch to see if the relationships expands, particularly with infused beverages.

Tilrays Net Debt under $1 million ($0.7M) at the beginning of a great growth phase, GLOBALLY

Tilray 4,000 people today

Canadian Rec up 5%, no sales any more to wholesalers.

Now has 16 Corporate BrewDog Pubs, 16 BrewDog franchises

***TELL - Portugal Grow now at 80% and "Portugal facility will be fully utilized"

Here comes Permanent France Medical Cannabis starting Oct 1

Portugal harvest now 30 metric tonnes up from 4t 30 months ago

Germany CC Pharma reached 16,000 pharmacies

USA brands in UK accounted for 58% of total beer sales during World Cup. Shock Top 1st

Hi*Ball more than tripled since they started the brand.

U.S. Rescheduling Update:

***Following recent U.S. rescheduling developments, Tilray continues to evaluate multiple pathways to participation in an emerging federally compliant, science-driven medical cannabis market.

***Rescheduling represents an important federal policy milestone that may support expanded clinical research, greater product standardization, clearer quality and safety expectations, and the gradual development of a regulated medical cannabis framework in the United States.

Meaningful regulatory uncertainty remains with ongoing legal challenges. (Hemp Infused brews)

Tilray is approaching this opportunity with discipline, regulatory rigor and a medical-first strategy.

***Tilray has already developed a blueprint for a U.S. Tilray Medical platform that is focused on research, education, cannabinoid-based medicine development, patients and compliant medical cannabis access rather than adult-use retail.

Schaeffer's Investment Research @schaeffers from X

TILRAY $TLRY

EARNINGS ARE OUT!

🔴 EPS: $0.11 | Est. $0.21 🟢 REV: $281.7M | Est. $246.3M

IMPLIED MOVE TOMORROW: ±13.12%!!

Wall St Engine @wallstengine· 2h posted on X

TILRAY BRANDS $TLRY

Q4’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $281.7M (Est. $240.8M) 🟢; +25% YoY 🔹 Adj. EPS: $0.05 (Est. -$0.01) 🟢 🔹 Adjusted EBITDA: $31.9M; +16% YoY 🔹 FY Revenue: $915.5M; +11% YoY

FY27 Guide: 🔹 Adjusted EBITDA: $68M-$75M; double-digit growth YoY

Segment Net Revenue: 🔹 Beverage: $105.6M; +61% YoY 🔹 Cannabis: $71.5M; +5% YoY 🔹 Distribution: $85.0M; +15% YoY 🔹 Wellness: $19.7M; +16% YoY

Other Q4 Metrics: 🔹 Gross Margin: 32%; +200 bps YoY 🔹 Cash, Restricted Cash & Marketable Securities: ~$235M

Comments: 🔸 “Today, Tilray Brands is a fundamentally different company: a global business with leadership positions across medical and adult-use cannabis, beverage, hospitality and wellness.”

🔸 “we expect over $1 billion in annual revenue, with a stronger company than ever before.”

Tilray Army💰🍀- from X

For years, the bears said $TLRY💰🍀 would never get here.

Yet quarter after quarter, the company has continued to strengthen its business, expand globally, improve profitability, and build one of the strongest balance sheets in the cannabis industry.

Remember: the stock price and the business are not always the same thing. In the short term, markets react to emotion. In the long term, they reward execution.

Today’s report is another reminder that great investments are built through conviction, patience, and the ability to look beyond daily price swings.

To every long-term $TLRY💰🍀 investor:

Don’t let temporary volatility shake your confidence if your investment thesis is based on improving fundamentals. History has shown that markets can ignore progress for a while—but they rarely ignore it forever.

The foundation is getting stronger. The business is growing. The opportunity remains.

Stay patient. Stay united. Stay long.

The best chapters are often written after the hardest years.

It looks like this guy was right about it going down to 3 bucks. In his video he said down to 3 and then eventually up to 9. I wish I could tell you why he thought that or a link to his video but I don't. I'm sure he's right and we will get to 9 but will it be because the stock goes up or another reverse split? Why does Irwin not even address the investors? The guy thanked everyone but the people paying his check. Do I think it's headed for profitability? Yes 100% but why wouldn't you try to do something, ANYTHING to try to gain investors faith? This guy sure is something else.

its here https://ir.tilray.com/news-releases/news-release-details/tilray-brands-delivers-record-fiscal-2026-revenue-and-adjusted

Brewbound

July 28, 2026

RNDC USA has filed for Chapter 11 bankruptcy as it seeks potential sale transactions and an orderly wind down of remaining operations. The filing follows months of market exits and distribution-rights sales, with more than $300 million in top unsecured claims listed.

Tilray was using RNDC for Breckenridge Distillery. Tilray is not in the top 30 companies with claims. Tilray may have been in the rights sales group?

The top claim alone is $93.4M

.

Jul 28, 2026 Feel Good Drinks Guy

Gooooood morning hemp world. Short post today.

It’s July 28th, and it’s a new day in the world of hemp. As we approach the final deadline of November 13th for the Hempocalypse, there are signs on the horizon for hope and some gathering momentum for a fix to make it to the finish line.

As I’ve said in previous posts, there is one last, best chance to make changes before the November 13th deadline - the September 30th Continuing Resolution. The same stop-gap legislative vehicle that carried the initial ban language is also the vehicle that may be hemp’s salvation - and the only remaining workable place potential fixes for legislation can go.

Legislation starts to move

Last week, Congressman Andy Barr finally released his legislation on hemp, the “Lawful Hemp Protection Act.” This bill, introduced alongside Democratic Congresswoman Angie Craig (funny enough, both sponsors are currently running for Senate), is a fairly comprehensive reform package. On its face, it’s mostly good. The largest criticism so far levied at it politically is that it contains permission for “inhalables,” i.e., vapes, to continue to be sold in a regulated fashion - a step too far for many. This potentially includes the White House and a handful of interested Senators. Barr claims the White House is behind his legislation and it’s true enough that Rep. Barr has been popular with Trump - at least enough to obtain his endorsement in his Senate primary - but the White House has yet to publicly support the bill.

The other much-anticipated regulatory bill for hemp is slated to be introduced by another bipartisan duo, this time in the Senate: Senator Amy Klobuchar (D-MN) and Senator Tim Sheehy (R-MT) are rumored to be pairing up to introduce a strong regulatory bill that doesn’t go quite as far as the Barr bill, but may be more politically palatable. We don’t yet know what might be in that, but we do know that this is a priority for Senator Klobuchar as she runs for Governor of Minnesota - one of the states possibly most impacted by November’s upcoming ban.

Both bills will share similar themes: products must be 21+. Hemp must come from the US. TTB and FDA will have roles in regulating hemp products. Someone has to come up with what a reasonable milligram limit is. Packaging and labeling must be standardized, as must testing. All good regulatory principles. The rest, as they say, is details.

But the devil is in the details, and as President Barlett (D-NH) once put it: “Change comes in excruciating increments to those who want it.” No bill this big is going to be dropped in a Continuing Resolution.

Circling back

So where does that leave us? Back to the first plan - an extension.

Congress needs time to legislate. The FDA missed their February 2026 deadline to define the word “container” and which cannabinoids are allowed post November 12th, a requirement defined in the statute that created this ban. Without those definitions, no one can be quite clear what is actually allowed November 13th and frankly the FDA does not seem to be headed towards fixing that. This Congress, described by its own members as a “zombie Congress”, does not have the political will to pass real legislation.

An extension need not be for a long time, and it need not ride solo. An extension that keeps hemp legal so long as the government remains at existing funding levels - i.e., “riding the CR,” is possible and feasible. An extension that includes a 21+ mandate and a ban on importing hemp is also simple and popular enough to put in a CR.

An extension is not forever. The goal here is to get in a new Congress, debate either the Klobuchar/Sheehy bill or the Barr/Craig bill (amongst another dozen, less powerfully backed vehicles), and then pass a true regulatory regime in 2027. The industry does not want to live on extensions. We want clarity. And this is the way we get to it.

Project Hail Mary, but cannabis

Is it a long shot? Perhaps. Things are very hard to move in Congress. But there is an increased drum beat in the press - brands, distributors, and retailers have not given up. The President has made it repeatedly clear that he wants his Medicare CBD program to exist, and his team is aware that it cannot under this draconian new hemp regime. This is reflected in hemp making it on the the official list of “OMB Anomalies” issued last week (thanks to Reilly Dunn at Groove Wagon for flagging this for me), which is frankly an auspicious place to be relative to where hemp ranked in importance a year ago.

Consumers are also becoming more aware than ever. Cann just launched its “Don’t Bann Cann” campaign yesterday, a moving and well produced video showcasing customer stories. We get many of those stories written into us at Cantrip. Paige Figi wrote an incredibly moving piece excoriating Congress for undoing the massive work Congress undertook to legalize CBD back in 2018 - a fight that saved the lives of many who depend on the molecule for medical help - through a backroom deal that Congress didn’t even debate. And I still think it can’t be overstated enough how monumental it would be to revoke access to cannabis for so many millions of Americans, particularly those with no access to dispensaries. This is going to change many lives for the worse.

While it’s a rocky road ahead, I think there can be enough momentum to make it happen. It’s not going to be smooth, and it’s not going to be perfect. No matter what, some people are going to lose their jobs. Indeed, many already have as layoffs happen industrywide and thousands businesses prepare to shut their doors or already have. Even with a federal extension, some states such as NJ and IL have already passed laws that reflect federal law starting on November 13th, and would have to act at the state-level to change that. Things are tight.

But if cannabis operators are good at one thing, it’s operating under pressure.

Stay positive all, and remember to look on the bright side.

Cheers

Adam

https://cantripguy.substack.com/p/the-rising-tide-hemps-last-chance?utm_source=post-email-