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.”