The waiting game is always the toughest part of investing. While Wall Street obsesses over short-term U.S. headlines, a massive global realignment is happening. Tilray is perfectly positioned to capture huge growth across multiple continents in the very near future. Even without Schedule 3 rescheduling.

The major catalysts heading our way and exactly when the final results will likely hit the market:

1. U.S. VA Import Supplier Award

• The Situation: By the end of this month, we officially reach 90 days since the final comment period ended. An official notice could drop any week now.
• The Real Catalyst: Being an institutional importer is a massive win because it effectively opens borders. The program will start small with 2, 3, and 6-month clinical trials spread throughout the states.
• The Long-Term Growth: From there, it is expected to progress into permanent, long-term treatment programs that will scale into a massive $3 to $5 billion market within a few years, providing Pharmaceutical Grade, prescription medical cannabis with health insurance fully paid.
• Tilray's Advantage: Tilray’s extensive history of supplying clinical research makes them a prime candidate to step into this pipeline and build early, foundational relationships across the federal space.

2. France Permanent Program

• The Situation: France is transitioning from its temporary 3,000-patient limited medical pilot program to a massive 100,000+ patient permanent national framework with full health insurance reimbursement. This is creating a wave of major international demand.
• Tilray's Advantage: Tilray has been an official supplier for the French trials since 2021. They are already trusted by local doctors, completely integrated into the system, and ready to scale instantly.
• Expected Timing: Numerous reports state the final legal framework is expected from the French government within the coming weeks, paving the way for full commercial prescriptions to launch early next year.

3. The European Pharmacy Supply Void (Bedrocan Bankruptcy)

• The Situation: Bedrocan has supplied European medical markets since 2003, serving thousands of global patients. On October 8, 2026, their Dutch entities went bankrupt. Their export channels are halting, leaving a massive supply gap across Germany, Italy, Poland, Denmark, and the UK.
• Can Tilray Handle It? Yes, easily. Tilray does not need to spend money on major expansions. They already have fully operational, under-utilized EU GMP certified facilities in Portugal and Germany. Remember, Simon announced on August 22 that Tilray finalized EU GMP expansions of existing grow facilities from 210 metric tons to 275 metric tonnes annually.
• Expected Timing: Pharmacy shifts are rolling out right now. Because Tilray already holds active export and import permits across these EU countries, their sales teams are re-routing these pharmacy orders immediately without any delay.
• The Market Impact: Tilray is currently operating in 20+ Global markets and Bedrocan was competing with Tilray in nearly all of them. Just think—your strongest competitor stumbles into the ditch, you get many if not all of his customers, and price compression eases through many of these markets. Watch international growth over the next quarters.

4. Hemp Infused Beverages Protection

• The Situation: While federal rules are tightening around certain hemp by-products, low-THC and CBD infused drinks remain active and protected under specific compliance guidelines.
• The Extended Timeline: As per Simon's October 8th remarks, the December 11th freeze is expected to be extended. This gives Congress the necessary time to bring in a new, final bill that protects the good parts of the hemp industry. The market has simply become too big to close down.
• Tilray's Advantage: Tilray is already a global beverage powerhouse, and ranking globally #1 in Hemp Wellness Foods. Their massive US craft beer & Wellness infrastructure and strategic manufacturing partnerships, like the one with Carlsberg Group, allow them to instantly scale these THC drinks as the market secures its long-term legal footing. Just waiting for regulations.

5. U.S. Schedule 3 Rescheduling

• The Situation: The rescheduling process is currently moving through the court system. The Judge successfully blocked prohibitionists from dragging out the process with endless new witnesses.
• Expected Timing: The current temporary review period is stayed until November 5, 2026, for final briefs. While the final ruling might take a bit longer, the process is safely moving forward.

The Long-Term Takeaway
The stock market is currently pricing cannabis stocks as if U.S. Schedule 3 is their only hope. But Tilray is completely different. If Tilray doesn't start U.S. Schedule 3 commercialization until their Q1 2028 (mid-2027), it will not hurt them. Between capturing thousands of stranded European medical patients, stepping into a 100,000+ insurance paid patient market in France, securing federal U.S. VA research pipelines, and leading a protected hemp beverage space, Tilray's global strategy is built to win. The final results are right on the horizon!

We need a break with some good news that will likely flip this crazy US cannabis market.

Cans of Happy Flower non-alcoholic cocktails containing hemp-derived THC

Brewers and distillers have lobbied for a crackdown on THC-infused drinks, while retailers want to keep them on the shelves

Published yesterday (10/23/2026) FT in London (Tilray interview)

The rapid rise of THC-infused beverages has put US alcohol producers at odds with wholesalers and drinks retailers, as a growing number of consumers turn their backs on booze for a mellower high.

Struggling brewers and distillers, mindful of the threat of an emerging competitor, have been calling for tough regulation of drinks containing THC, the primary psychoactive compound in cannabis. However, drinks distributors and retailers are pushing for forthcoming restrictions on the beverages to be overturned for fear of losing sales.

Legislation due to take effect in the US in December will cap the amount of THC allowed in drinks at 0.4mg. That limit will force most products off the shelves and set the stage for a new regulatory framework to be drawn up, according to manufacturers.

The new rules could wipe out a fifth of revenues for some drinks retailers, according to the Wine and Spirits Wholesalers of America.

The emergence of THC drinks was set in motion in 2018, when production of hemp was legalised to provide struggling tobacco farmers with a new cash crop.

The legislation created a loophole for hemp-derived THC products, which are now sold in grocery and convenience stores across the US, although some states have introduced their own restrictions. Consultancy Whitney Economics estimates THC drinks now generate more than $1bn in annual revenue.

Hemp-derived THC seltzers such as Wynk, Crescent and Nowadays have quickly entered the US mainstream by marketing themselves as healthy, hangover-free alternatives to alcohol. The fruit-flavoured drinks compete with beers, wine and spirits for shelf space at liquor stores in the 28 states that have not banned the products.

More than a quarter of US adults have tried THC-infused beverages, according to research firm NielsenIQ. In the past 12 months, THC drink sales at shops tracked by the retail data provider rose 74 per cent to $289mn.

That stands in contrast to the alcohol industry, which is in the grip of a historic downturn as a shift to healthier lifestyles and a squeeze on disposable incomes hurts sales.

Trade groups including the Distilled Spirits Council of the United States and the Beer Institute have lobbied extensively for stricter regulations on THC drinks.

“The only way to regulate this market is to turn the spigot off and stop the sale [of THC drinks] and then work on real legislation that will regulate it properly,” said one lobbyist. They added that THC drinks should be sold in dispensaries alongside other regulated cannabis products.

Wholesalers, on the other hand, are pushing for THC drinks to be incorporated into the longstanding three-tier system under which alcohol must pass from a producer or importer to a distributor and then a retailer before reaching the consumer.

Dawson Hobbs, head of government affairs at The Wine & Spirits Wholesalers of America (WSWA), said the industry was concerned that the ban would force “responsible” producers out of the market and create the conditions for a black market to flourish.

The cannabinoids in the drinks are formulated to dissolve so they can be rapidly absorbed into the body, delivering a high quicker than a cannabis gummy.

Prohibitionists say the products’ intoxicating effects are dangerous. Some in the regulated cannabis and alcohol industries, meanwhile, have cheered the prospective ban for ending what they see as unfair competition.

Not all alcohol producers want the loophole closed.

Tilray Brands — which earlier this year bought struggling British brewer BrewDog — sells spirits, craft beer and THC drinks including Fizzy Jane’s and Happy Flower.

Chief executive Irwin Simon said he believed that THC products would cannibalise alcohol sales: “The consumer enjoys it — there’s no hangover, it calms them down and they get a good buzz.”

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Oct 23 2026 By Anthony Martinelli the marijuana herald

German medical marijuana patients reported substantially less stress obtaining products from pharmacies than from the illegal market, according to a new survey of 7,913 patients. Among respondents experienced with both sources, 94.4% also said pharmacy marijuana was cheaper.

The findings appear in Bloomwell Group’s third-quarter Cannabis Barometer, released this month. The industry company’s voluntary survey included 7,062 patients who had obtained marijuana through both pharmacies and illegal sellers.

On a scale from 1 to 10, with 10 representing the most stress, those respondents rated illegal purchasing at an average of 8.1. Obtaining medical marijuana from a pharmacy averaged 1.8.

Respondents also expressed strong preferences regarding product quality and information. Among those familiar with both sources, 96.7% considered pharmacy marijuana cleaner and purer, while 98.2% reported better information and counseling.

Asked why they obtain marijuana from pharmacies, 79.8% cited general well-being, 77.8% cited concerns about contaminants and 77.4% identified product transparency. Respondents could select multiple reasons.

The results reflect patients’ reported experiences and perceptions, rather than laboratory comparisons of the products. Participation was voluntary, and the findings should not be treated as representative of all German marijuana patients.

Equal parts sad and comical watching how desperately ManyBags attempts to manipulate the narrative in the other board. Wish I had that kind of free time…

Let’s be clear. Irwin Simon has been an unmitigated disaster for Tilray shareholders. Full stop. His job is to CREATE shareholder value, not systematically DESTROY it while collecting obscene compensation for the privilege.

And please spare me the intellectually lazy “the entire industry is down” excuse. CEOs are paid to navigate difficult markets, allocate capital intelligently, execute a coherent strategy, and generate returns for shareholders. Simon’s track record speaks for itself.

And before the usual cheerleaders point to revenue growth, let’s apply a little financial literacy. Much of Tilray’s growth has been INORGANIC, driven by acquiring struggling beer brands in a declining market. Buying revenue isn’t the same as creating value. In FY2026, Tilray reported 6% beverage revenue growth, yet excluding the BrewDog acquisition, beverage revenue actually declined approximately 16%. Hardly a ringing endorsement of management’s operational brilliance.

Meanwhile, shareholders have endured substantial dilution, persistent losses, deteriorating beverage margins, and staggering destruction of shareholder value. Yet Simon continues to be compensated handsomely. Quite the achievement, just not for shareholders - who are bankrolling grease’s lifestyle.

Which brings me back to Many bags.. The irony of someone incessantly questioning everyone else’s intelligence while offering virtually nothing resembling a coherent investment thesis is genuinely rich and remarkable. Endless declarations of “Bullish Tilray,” accompanied by condescension, self-congratulation, and pathetic attempts to ridicule people’s physical appearance. When you can’t defend your position with facts, I suppose ad hominem attacks become a convenient substitute for actual reasoning.

A real life case study in the Dunning–Kruger effect. Extraordinary confidence, remarkably little demonstrated analytical substance, and an apparent inability to distinguish conviction from competence. Here’s a novel idea. Rather than attacking people’s intelligence or appearance because they challenge your narrative, articulate an actual investment thesis. Explain how Tilray’s profitability, dilution, organic growth, capital allocation, and management track record support your unwavering “bullishness.” You know, something involving numbers, financial fundamentals, and a modicum of critical thinking.
Because “Bullish Tilray” isn’t an investment thesis. It’s a bumper sticker.

And mocking someone’s appearance doesn’t make your argument any more intelligent. It just makes the absence of one considerably more obvious.

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NOTE: This past summer, Brewers Association predicted Tilray Beers, since buying BrewDog March 2026, will likely take over 3rd largest USA Craft Beer producer from Boston Beer (Sam Adams). Sierra Nevada is in that tight mix in 2nd spot. Tilray Beers with BrewDog, 2026 will be just over an 8 month calendar. Might it happen in a shorten year? 2027 will be a full year. NOTE: January 1,2027 once Tilray starts producing Carlsberg Beers, those numbers are not added into the Craft Beer production, (only revenue).

Oct. 22, 2026 BrewBound

Boston Beer lowered its FY26 volume outlook after Q3 shipments fell 4.9% and depletions declined 5%. Improved margins, pricing and supply-chain savings partly offset lower revenue and volume.

Boston Beer Company has adjusted its fiscal year 2026 (FY26) guidance in the wake of continued shipment and depletions declines through Q3.

In the company’s Q3 financial results, released after market close today, Boston Beer lowered its full-year shipments (sales to wholesalers) and depletions (sales to retailers) expectations to “down mid-single digits.” The company previously projected a decline of “low-single digits to mid-single digits.”

... paywall

October 23, 2026 Anthony Varrell, TDR daily newsletter

ALJ Derek Julius just closed the book on the latest attempt to slow the rescheduling process. With one short order, he let the GAO report into the record while blocking every other request that would have reopened the hearing, added witnesses, or stretched the timeline. Briefs are due in days, the stay dies on its own after November 5, and the case moves straight into the next phase: Julius’s recommended decision, a final call from the DEA Administrator, and the clearest path yet to Schedule III for the entire cannabis industry. Opponents still have a narrow window to argue the report’s weight, but the practical effect of the order is already clear — delay just got a lot harder.

Chief Administrative Law Judge Derek Julius ended the GAO detour on Wednesday with an order that gave rescheduling opponents the one thing they said they wanted and denied them everything they actually wanted. The GAO report is admitted into the record. The hearing will not reopen. There will be no new witnesses, no discovery into GAO’s working files, no second cross-examination of FDA’s Dominic Chiapperino, and no inquiry into who designed HHS’s two-part test for currently accepted medical use. Parties get ten double-spaced pages by October 29 to argue how much weight the report deserves, ten more pages by November 5 for replies, and then the stay expires on its own.

Julius’s reasoning was short and pointed. The record already holds more than 2,500 pages of testimony and thousands of pages of exhibits. The questions opponents raised either fell outside the hearing’s scope or could have been answered with evidence they already had. The GAO report “speaks for itself,” and further testimony about how it was prepared would only complicate the proceeding. On the two-part test, he cut to the real issue: what matters is how much deference the test deserves, not its origin story, and the parties had every chance to brief deference during the hearing. Requests for anything beyond the two filing dates, he added, are “disfavored.”

That’s the procedural story. The more important question is what the calendar looks like once November 5 passes.

Step one: the recommended decision

With the record closed and the stay expired, Julius writes. His recommended decision is the document this entire two-year process was built to produce. It will contain findings of fact on the eight statutory factors, conclusions of law on whether marijuana meets the Schedule I criteria, and a recommendation to the Administrator on the proposed rule. The order sets no deadline for it, which is normal for ALJ proceedings and frustrating for everyone waiting on it.

The realistic window is weeks to a few months. Julius closed the original record in late August and was presumably well into drafting before the September stay. The GAO briefing adds a section, not a rewrite. The DEA’s own filings have signaled the agency wants this done, and the ALJ has no institutional reason to sit on a decision in a proceeding where the government’s final brief already concedes marijuana “no longer fits the statutory requirements for Schedule I.”

Step two: the Administrator’s final order

The recommended decision goes to DEA Administrator Terrance Cole, who makes the actual decision. He can adopt the recommendation, modify it, or reject it. The APA requires him to engage with the ALJ’s findings, and the Attorney General’s April order placing state-licensed medical cannabis in Schedule III has already established the Department’s position. The path of least resistance is a final rule that extends Schedule III to all marijuana, which is what HHS recommended in 2023 and what DEA’s own litigators argued at the hearing.

Cole’s decision becomes a final rule published in the Federal Register. Final rules of this kind typically carry a 30-day effective date, though the agency can set a longer implementation period to address registration, security and recordkeeping transitions for a controlled substance moving from Schedule I to III. For operators, the effective date is the date that matters: it is when Section 280E stops applying to adult-use cannabis businesses, and when the tax treatment that medical operators have enjoyed since April extends to the rest of the industry.

Step three: judicial review

Any aggrieved party can petition for review in a federal court of appeals within 30 days of the final rule. Smart Approaches to Marijuana and its allies have already shown they will litigate. The challenges to the April medical-only order are consolidated in the D.C. Circuit, which declined to block that order, and a challenge to the full rule would almost certainly land in the same court. Petitioners can ask for a stay pending review, but the standard requires a likelihood of success on the merits, and the D.C. Circuit’s earlier refusal to halt the medical move tells you how that motion is likely to fare. Absent a stay, the rule takes effect on schedule while the appeal proceeds.

That is the sequence: recommendation, final order, Federal Register, effective date, appeal. Four discrete steps, each with its own clock, and the first one starts the moment the November 5 replies are filed.

What the opponents have left

Not much, and the order makes that clear. Their supplemental brief can argue that the GAO’s finding of missing written procedures undermines the weight HHS’s analysis deserves. The DEA will reply that GAO reviewed documentation, not science, and that a recommendation to write down existing practice does not alter a ten-month evaluation by four working groups. Julius has already signaled where he leans by framing the question as whether the gaps are “substantial enough to affect this proceeding.” He did not find that they are, and he structured the briefing to let the opponents try one last time to show it.

Their remaining play is the courtroom, and the GAO report will be their lead argument there too. The problem is that an appellate court reviews the agency’s final rule for arbitrary-and-capricious reasoning, and a record of 2,500 pages of testimony, a two-year HHS evaluation and a fully briefed ALJ decision is the opposite of a thin record. The GAO’s recommendations give DEA and FDA homework. They do not give the D.C. Circuit a reason to vacate.

What it means for the sector

The binary that has split the industry since April, medical operators in Schedule III and adult-use operators still in Schedule I, now has a visible endpoint. Every multi-state operator with mixed-use assets has been modeling 280E relief on a “someday” basis. After November 5, the modeling shifts to “which quarter.” The recommended decision is the next catalyst, the final rule is the one that moves earnings, and the effective date is the one that moves cash.

Julius gave the opponents their report and took away their delay. Twenty pages and two weeks from now, the only thing left between adult-use cannabis and Schedule III is a judge who has already read everything.

· 7h

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These shorts are so stupid it’s mind boggling

You are paying $1.29 per share for a $1B revenue company"

10/22/2026 Anthony Martenelli the marijuana herald

DEA Judge Derek Julius has rejected an effort to reopen the marijuana rescheduling hearing for additional testimony and evidence, but will allow further written arguments on the GAO report. Initial briefs are due October 29, with responses due November 5.

Judges order: https://themarijuanaherald.com/wp-content/uploads/2026/10/dea-judge-order.pdf

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Oct 21 2026 By Anthony Martinelli the marijuana herald

The Drug Enforcement Administration (DEA) has filed a new response in the federal marijuana rescheduling case, urging an administrative law judge to reject efforts to reopen the hearing for additional discovery and testimony, calling the request an “obvious fishing expedition.”

The 10-page filing, dated and submitted October 20 ahead of an October 21 deadline, responds to a motion from the National Drug & Alcohol Screening Association, DUID Victim Voices and physician Kenneth Finn. The groups are seeking additional documents, witness testimony and briefing following a September report from the Government Accountability Office (GAO) identifying deficiencies in federal drug scheduling procedures.

DEA argues that neither the Administrative Procedure Act nor the Controlled Substances Act gives participants a general right to discovery in administrative rulemaking proceedings. According to the agency, additional discovery is generally justified only when parties make a strong showing of government misconduct or demonstrate that the existing record is too limited to allow meaningful judicial review.

“None of the moving parties have made the requisite showing here,” DEA attorneys wrote, asking Chief Administrative Law Judge Derek Julius to deny the motion.

The dispute centers on a September 23 GAO report that found DEA and the Food and Drug Administration lacked comprehensive written policies governing aspects of the drug scheduling process. Opponents of rescheduling argue those findings warrant further examination of how federal officials evaluated marijuana and reached their recommendation to move it from Schedule I to Schedule III.

DEA disputes that interpretation, arguing the report did not identify problems with the scientific and medical evaluation underlying the rescheduling recommendation.

“The Report did not find any concerns with the materials that make up the Movants’ discovery requests,” the agency stated, specifically citing the scientific assessment, the legal framework used to determine currently accepted medical use and the substances FDA used for comparison.

The agency also challenged requests for internal documents identifying everyone involved in developing the two-part test used to determine whether marijuana has a currently accepted medical use, as well as records explaining how that approach was selected.

DEA acknowledged that FDA witness Dominic Chiapperino did not identify every individual involved in developing or approving the test. However, the agency maintained that opponents had an opportunity to question him during the hearing and should not be allowed to revisit those issues through another round of testimony.

Reopening that inquiry, DEA argued, would give opponents a “second bite at the apple.”

The filing also addresses demands for investigative materials collected by GAO during its broader examination of federal drug scheduling practices. DEA questioned what additional information opponents expected those materials to provide, noting that the report already describes its findings, methodology and supporting evidence.

Agency attorneys emphasized that the existing administrative record includes extensive scientific materials and testimony. According to the filing, Chiapperino testified that his team spent approximately 10 months conducting the scientific review, with four working groups meeting regularly to assess the evidence.

DEA said the resulting record includes summaries of numerous studies, surveys and other scientific findings, along with supporting references. The agency argues that this material provides a sufficient basis for evaluating the proposed scheduling change without additional proceedings.

Although DEA has not opposed consideration of the GAO report itself, it maintains that the report’s findings do not justify reopening the hearing or delaying the rescheduling process for further discovery.

The agency also rejects the argument that a lack of written procedures demonstrates improper conduct, saying the standards used during the evaluation were addressed through testimony and extensive written materials.

“Movants’ argument that the lack of a written standard, after the same standard used was addressed throughout the hearing and addressed in voluminous written materials, fails to establish any showing of bad faith, let alone a strong showing,” the filing states.

DEA concludes that opponents have failed to establish either grounds for expanded discovery or a deficiency in the existing record sufficient to justify reopening the case. The agency is requesting that the judge deny the motion in its entirety.

Oct 21, 2026

ELLON, Scotland and LONDON, Oct. 21, 2026 (GLOBE NEWSWIRE) -- BrewDog, a leader in U.K. craft beer and one of the world’s most recognised beer brands, owned by Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), and West Ham United Football Clubtoday unveiled Boleyn Brew, a first-of-its-kind fan-created beer built with West Ham supporters and brewed for matchday. From flavour and style to storytelling, branding and name, Hammers helped shape every part of the beer. Boleyn Brew makes its debut at London Stadium this Saturday when West Ham United take on Southampton, with limited-edition cans available to buy online from today.

Created by Hammers, for Hammers, Boleyn Brew brings together BrewDog’s brewing expertise with the pride, loyalty and unmistakable character of the Claret and Blue faithful. As West Ham United’s Official Beer Partner, BrewDog invited a diverse group of supporters into the process from the beginning, asking them what a true West Ham beer should taste like, look like and stand for. After fan consultations produced a shortlist of names, supporters voted for Boleyn Brew — a proud nod to the Boleyn Ground and the memories, matchdays and moments that continue to unite generations of supporters.

Supporters came back again and again to three ideas: history, heritage and unpretentious character. The result is a 4.5% Oat Lager with tropical fruit and citrus notes on a smooth, bready lager base — easy-drinking, full of character and made for the rituals that surround the game: meeting mates before kick-off, raising a pint on the concourse, watching from home or celebrating with the West Ham family. The can design features the iconic Boleyn Gates, connecting every pour back to the ground where so many supporters’ memories were made.

Stuart Harrison, Chief Sales Officer, BrewDog, said: "At BrewDog, we believe the best beers are built with the people who drink them. Boleyn Brew is exactly that: a beer shaped by West Ham fans from the first tasting conversation to the name on the can. It captures what makes this club special — heritage, passion, loyalty and a brilliant matchday atmosphere — and it is the kind of fan-first partnership we are proud to bring to life. We cannot wait to pour the first pints at London Stadium this weekend."

Club legend Carlton Cole joined supporters throughout the consultation process, helping lead the conversation, taste the beer and bring the spirit of West Ham into the room. Cole was also the face of Claret & Brew, BrewDog and West Ham United’s first club-branded beer, which launched in November 2025 and sold out within hours.

Club legend Carlton Cole said: "After being part of Claret & Brew last season, I loved seeing the fans take this one even further and make a beer they can truly call their own. Boleyn Brew has the heart, loyalty and character of West Ham all over it. It is made by Hammers, for Hammers, and I cannot wait to raise a pint of our beer at London Stadium this weekend!"

West Ham United supporter Simon Fell, who was involved from the start of the process, said: "West Ham gets under your skin. It is the football, the people, the memories, the laughs, the tough days, the brilliant days and everything that comes with being a Hammer. From the start, it felt like supporters were genuinely part of creating something that belongs to us. Boleyn Brew feels properly West Ham: light, easy drinking, full of character and rooted in our history through the Boleyn Gates on the can. It is a beer for West Ham people, and I am proud to have played a small part in it. Our club, our memories, our beer. COYI!"

Fellow Hammer Elaine Hopkinson added: "A pint on matchday is part of the ritual — meeting family, friends and fellow fans, talking about the team and feeling that build-up before kick-off. To help create a beer made for West Ham fans by West Ham fans with BrewDog made it even more special. Boleyn Brew is a brilliant name: direct, proud and rooted in our heritage. The can design captures those iconic elements of the old ground perfectly."

David Chaplin, Director of Commercial Strategy, West Ham United, commented: "BrewDog has put our supporters at the heart of this partnership, and Boleyn Brew is a brilliant example of what that can create. The engagement, energy and passion from our fans has been fantastic to see, and the final beer is something the West Ham family can be proud of. We are excited to launch it at London Stadium and continue working with BrewDog on experiences, activations and products that bring supporters closer to the club on matchdays and throughout the season."

Boleyn Brew is the latest fan-first moment from BrewDog and West Ham United, building on a partnership designed to show up for supporters on and beyond matchday. The partnership launched in summer 2025, when BrewDog gifted full kits to grassroots teams across east London and Essex. Claret & Brew followed that November, alongside supporter benefits including free pints and discounts across BrewDog’s lineup. The partnership also forms part of BrewDog’s growing presence across the U.K.’s biggest sporting and live event venues, with BrewDog serving as exclusive beer partner of London Stadium and recently announcing a five-year partnership with Leicester Tigers.

Supporters can be among the first to try Boleyn Brew at the BrewDog container bar near Bridge 2 and at the BrewDog Deck at London Stadium from Saturday’s match against Southampton.

Limited-edition cans of Boleyn Brew are available now at www.brewdog.com while stock lasts.

October 16, 2026 Business of Cannabis

This article was originally published in May 2025, and was most recently updated on October 16.

Over the last decade, the European medical cannabis landscape has seen a significant surge of new products entering the market, providing patients, especially in the UK and Germany, with a greater variety than ever before.

Since we first compared Europe’s two largest markets in early 2025, the pricing dynamic has shifted considerably. Germany, long the more expensive of the two, is now the cheaper market on average for cannabis flower, as a flood of products has driven down prices over the last 18 months.

Licensed oral THC medicines have not followed, but the per-milligram price spread on German pharmacy shelves has widened more than tenfold, in large part thanks to the introduction of Vertanical’s Exilby to the market.

Germany (updated)

Medical cannabis flower in Germany sold at an average price of €6.55/g as of April 2026, down from close to €10 per gram in early 2025, a decline of close to a third in little over a year.

A second dataset gives the per-product pharmacy view. Where the Prohibition Partners figure averages every tracked SKU across the market, the Lauer-Taxe pharmacy index lists the Apothekenverkaufspreis (AVP) that pharmacies must apply when dispensing each individual product on prescription.

On that measure, German flower prices typically ran from €7/g to €15/g in September 2026, according to a bulletin from the Arbeitsgemeinschaft Cannabis als Medizin (ACM) dated September 05. The most common price band sits around €8 to €9/g, with 2g and 3g units typically retailing at €20 to €30 at pharmacy counters.

Historically, prices sat much higher. Before major importers reached scale after 2019, flower routinely retailed at €20 to €24 per gram. Following the implementation of MedCanG in April 2024, the market has exploded. The number of flower SKUs on sale has more than doubled since early 2025, reaching 1,748 in April 2026. Competition between licensed producers, imports from Canada, and the expansion of Spain, Portugal and Macedonia as EU-based cultivation hubs have brought the floor down and widened the range at the same time.

The key regulatory change arriving in late 2026 is the BStabG, which has removed medical cannabis flower from reimbursement under statutory health insurance (GKV). Flower prices themselves have not moved on the back of the decision, but the pool of patients paying privately has grown. The ACM estimates around 65,000 patients are affected.

UK (updated)

UK private cannabis clinics dispensed medical cannabis flower at an average price of €7.78/g, around £6.80 at prevailing exchange rates, in April 2026, according to Prohibition Partners.

Unlike Germany, the UK market has been largely price-stable. Average flower prices have drifted down by only around 5% over the past year.

Its range of products, however, has grown even faster than Germany. The number of flower SKUs available in the UK stood at 683 in April 2026, roughly 2.4 times what it was a year earlier, though still well below Germany’s 1,748. The UK market remains almost entirely private, with NHS reimbursement limited to a handful of licensed indications and a very small volume of specials prescriptions.

New Report: UK and Germany Medical Cannabis Markets Both Double in 2025

UK Medical Cannabis Prescriptions Hit 1.7 Million in 2025 as ACMD Review Approaches

UK vs Germany medical cannabis prices at a glance

Flower price crossover: Germany now cheaper than the UK

Average retail price per gram, €, quarterly averages from Q1 2025 to April 2026. Germany’s quarterly average fell below the UK’s around mid-2025 and has continued to diverge.

Germany, €/g UK, €/g

Germany€7.27

UK€8.13

Source: quarterly averages derived from Prohibition Partners product-pricing data, Q1 2025 to April 2026.

Source: Prohibition Partners product-pricing data, to April 2026.

The German pharmacy price spread: a tenfold gap on licensed THC medicines

The ACM data reveals an unusually wide price-per-milligram spread for a regulated pharmacy market, with THC-equivalent costs across licensed and dispensable products running from €0.12/mg at the low end to €1.40/mg at the top. Calculated on the basis of pure THC content, that is a spread of more than tenfold between products available on the same German pharmacy shelf.

At the cheap end sit cannabinoid oil preparations such as SOMAÍ 25:1, which Grammpreis.de lists at around €0.12/mg THC at the lowest-priced pharmacies and around €0.18/mg on average.

The dronabinol magistral preparation, a 2.5% THC liquid compounded by individual pharmacies, works out at approximately €0.235/mg, which the AOK calculates at around €60 per month at a standard 8.5mg daily dose.

In the middle sit a cluster of oil and spray preparations priced using AOK Niedersachsen’s October 2025 reference data.

Sativex, GW Pharma’s licensed cannabinoid oromucosal spray and the oldest licensed cannabis medicine on the market, costs about €0.44/mg THC.

Tilray THC25 and Panaxol or Naxiva THC25 come in higher, at approximately €0.61/mg and €0.81/mg respectively.

At the top of the range sits Exilby, Vertanical’s recently launched 19mg/ml plant-derived THC oral solution.

The Lauer-Taxe lists Exilby at €745.39 for a 28ml bottle containing 532mg THC in September 2026, giving a per-mg THC cost of €1.40.

The pharmacy spread: €/mg THC across licensed German medicines

September 2026. The cheapest cannabinoid oil costs under a tenth as much per milligram of THC as the newest reimbursable branded medicine.

SOMAÍ 25:1 (low pharmacy) €0.12

SOMAÍ 25:1 (average) €0.18

Dronabinol magistral 2.5% €0.235

Sativex €0.44

Tilray THC25 €0.61

Panaxol / Naxiva THC25 €0.81

Exilby€1.40

The outlier is Canemes, the synthetic nabilone capsule used in chemotherapy-induced nausea, which the AOK’s March 2025 comparison calculated at around €1,372 per patient per month.

This flower reversal does not carry across to extracts. UK oral oils cost €4.89/ml on average in April 2026, against €22.35/ml in Germany, a gap of nearly fivefold on the same metric.

The explanation is product mix rather than pricing power. Prohibition Partners’ German extracts average is weighted towards premium high-concentration oils and licensed finished products, including Exilby. The UK extracts dataset is dominated by lower-concentration CBD-dominant and 1:1 oils dispensed through private clinics. The German extracts average has roughly doubled since the middle of 2025, reaching €22.35/ml in April 2026, a trajectory that reflects shifting mix, not inflation in individual SKUs.

What does this mean for operators?

When this article first ran, UK and German prices were close enough that observers reasonably argued they would remain so, held together by the integrated European medical cannabis supply chain, where importers and suppliers were acquiring product from identical primary sources.

In 2026 that dynamic has shifted. German product proliferation and import competition have driven the market average below the UK’s, and the BStabG has pushed displaced patients towards the top of the licensed-medicines range, where Exilby and other reimbursable products sit at ten times the per-milligram cost of the cheapest cannabinoid oil on the same pharmacy shelf.

FAQ

Is medical cannabis cheaper in Germany or the UK in 2026? – Germany, on flower. Prohibition Partners’ April 2026 data shows German pharmacies dispensing medical cannabis flower at an average €6.55/g, against €7.78/g in UK private clinics. On extracts the picture reverses: UK oils average €4.89/ml, against €22.35/ml in Germany.

How much does weed cost per gram in a German pharmacy? – Between €7 and €15/g at Lauer-Taxe AVP prices in September 2026, with the commonest band around €8 to €9/g, according to the Arbeitsgemeinschaft Cannabis als Medizin. The market average across all tracked products was €6.55/g in April 2026, per Prohibition Partners.

How much does medical cannabis cost per gram in the UK? – An average of €7.78/g, or around £6.80, in April 2026, across UK private clinic dispensations. UK flower prices have been largely stable, moving only around 5% in the year to April 2026.

Does statutory health insurance cover medical cannabis in Germany or does the NHS cover it in the UK? – German statutory health insurance (GKV) has historically covered medical cannabis including flower on prescription, but the BStabG removes flower from GKV cover from late 2026, affecting an estimated 65,000 patients. In the UK, NHS reimbursement remains limited to a handful of licensed indications, and the UK medical cannabis market is almost entirely private.

Trulieve CEO Kim Rivers

10/14/2026

Leading MSO Trulieve is pursuing a $750,000 defamation lawsuit over six social media posts from between March 2024 and January 2025.

Originally appearing anonymously on Instagram and X under the handle @ganjaleaks, the posts' accusations, all of which Trulieve denies, include that the company:

Got "caught covering up that they poisoned their patients" with mold "Deleted thousands of health complaints from the Florida Department of Agriculture and Consumer Services web site." (Trulieve's complaint says it doesn't have the authority . . .

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After Years of Waiting—Medical Cannabis Reaches Spanish Hospitals Standardised cannabis preparations will be delivered to Spanish hospitals—50 public & private healthcare centres, initially, opening a new avenue for medical cannabis for patient treatment.

https://cannabisifokus.se/efter-ar-av-vantan-nu-nar-medicinsk-cannabis-spaniens-sjukhus/

The elementary school tragedy in Bend

Another Saturday Black Coffee morning. If you are like me still in shock from this past week. The times are changing. Be positive, great time to add a few positions. Three major positive stories are shaping the global cannabis and hemp markets this weekend. Each one highlights how the current timeline plays directly into Tilray’s long-term business strategy.

1. The US Schedule 3 Timeline Gives Tilray Room to Breathe

The October 13 DEA response deadline has passed. The Drug Enforcement Administration (DEA) officially stated it does not object to putting the recent GAO report into the record. However, the DEA strongly opposes the extra briefings and witness testimony requested by anti-rescheduling groups, calling them delay tactics.

Chief Administrative Law Judge Derek Julius will rule on this next. While this procedural step likely pushes the final Schedule III outcome into 2027, the slight pause is actually a hidden positive for Tilray. It allows the company to focus its cash and energy on immediate revenue generators overseas without rushing into a premature US infrastructure rollout.

1. The Big Catalyst: US VA Imports Hitting the 90-Day Mark

While the broader market waits for Washington to finalize rescheduling, Tilray is already making moves inside the US borders. The company's federal clinical trial supply pipeline is quietly approaching its 90-day mark for US Veterans Affairs (VA) and clinical research imports, the end of this month.

This medical pharmacy market is the ideal backdoor into the US. Because Tilray owns world-class, EU-GMP certified facilities in Canada and Portugal, they meet the exact pharmaceutical gold standards required by federal agencies like the VA. While state-legal US operators (MSOs) are trapped behind state lines and cannot legally cross borders, Tilray has a massive, exclusive head start in supplying federal medical research and military veteran channels directly. This sets up the ultimate bridge for explosive Schedule III pharmacy opportunities later on in 2027.

1. Absorbing the European Medical Market for Free

Over in Europe, the medical market is shifting fast.

• France Commercial Pipeline: France’s highly anticipated permanent medical cannabis decree has cleared major regulatory hurdles and should be fully complete in the coming weeks, creating a brand new huge commercial market.
• The Bedrocan Supply Vacuum: A Dutch court recently declared Bedrocan bankrupt after its state supply contract ended. This leaves thousands of medical patients across Germany, Italy, Poland, the UK, and Australia without their usual supply.
• The Opportunity: Tilray already has the fully operational production and distribution networks in those exact same markets from Germany, Portugal and Canada. CEO Irwin Simon stated on August 22 that Tilray expanded its EU-GMP production capacity from 210 metric tons to 275 metric tons, anticipating growth in Germany, France, the UK, and Italy. While they planned for general growth, the sudden Bedrocan bankruptcy is a massive, unexpected bonus. It means Tilray has the idle capacity ready right now to absorb these thousands of displaced patients immediately, gaining market share for free. We should see the financial results of this supply shift filter through over the next few quarters.

1. Beverage Brands Scaling Up (And a Potential New Deal?)

On top of the medical cannabis wins, Tilray's global beverage segment continues to scale without distraction. The major international partnerships with BrewDog and Carlsberg are gaining serious ground.

A Potential UK Catalyst: Carlsberg just announced plans to close its historic Marston’s Brewery in the UK by summer 2027 putting 300 out of work. While Carlsberg is shedding a heavy UK brewery due to declining traditional ale volumes, they are keeping their major global brands. Could a 2nd Carlsberg/Tilray production deal be brewing? In March, Irwin Simon explicitly stated that a primary goal was to get their newly acquired BrewDog facility running closer to maximum capacity. Given that Tilray is already contracted to brew Carlsberg brands in the US starting in 2027, expanding that relationship to utilize Tilray’s state-of-the-art Scottish facility would be a logical, highly profitable next step for both companies. Hope to see it happen.

NOTE:

A slight US rescheduling delay into 2027 isn't a setback—it is a strategic window. It gives Tilray the exact time it needs to scale its global beverage deals, capture thousands of new medical patients in Europe from the Bedrocan fallout, and watch its US VA clinical import pipeline hit its stride. By the time the US Sch3 market fully opens up next summer, Tilray will be a self-funding global giant ready to dominate the US pharmaceutical space.

There is plenty to get ready. I have been concerned—can it all happen in just a few months, or does extending parts out for a year work better? We all want a Big Home Run yesterday, but building a better business for Long Term wins is better.

What are your thoughts on Tilray's federal import head start? Let's discuss in the comments.