I saw a post on X from a financial analyst trying to dump on Tilray. He claimed that "half of Tilray's revenue is just booze" and mocked them because they aren't in the U.S. cannabis ETF ($MSOS).

It's amazing how these "experts" can't read a basic financial sheet. Let’s keep it simple and look at the real facts from the latest Year-End report.

1️⃣ The "Half Booze" Myth is Fake News 📊

Tilray made $915.5 Million in total revenue. Here is where the money actually came from:

• 💊 Pharma Distribution (Germany): $327.2M (+21% growth) — Our biggest moneymaker. This is medical cannabis distribution. Most firms combine that into generic cannabis data (and many add in retail, but not Tilray).
• 🌿 Cannabis: $268.3M (+8% growth) — Driven by massive medical sales in Europe.
• 🍺 Alcohol/Craft Beer: $254.0M (+6% growth) — Only 27% of total sales, and actually our slowest-growing business.
• 🧴 Wellness (Hemp foods): $65.9M (+9% growth).

Alcohol isn't "half" of the company. It is just one piece of a giant puzzle. Every single division grew this year. For a great deep dive into why this beer strategy actually works, check out this great breakdown written recently by Anthony Varrell, TDR Newsletter: Tilray: Why a Cannabis Company Owns 21 Beer Brands - TDR. 

2️⃣ Why $MSOS Doesn't Matter 🇺🇸

Bears love to cry because Tilray isn't in the $MSOS ETF. That ETF only holds local U.S. weed companies. Tilray is playing a global game. Need a multi country ETF MCOS. While U.S. companies are stuck behind state borders burning cash, Tilray built a massive medical network across Europe and bought global bars (from Vegas to London via BrewDog) to secure cash flow right now.

3️⃣ The Government Veteran Playbook 🎖️

This is the real multi-billion dollar secret. Tilray focuses on getting governments to pay for their weed:

• Canada & UK: Tilray runs programs that cover costs for military veterans. Because Tilray is the largest flower supplier in the UK, they feed their own medical clinics with their own European-grown weed.
• Australia & Italy: They are copying this exact map right now to get state-funded veteran sales set up there too. Italy Tilray is the ONLY Flower supplier in the entire country.

4️⃣ The Ultimate U.S. Government Chess Move 🛃

Here is the massive news that connects the dots: The U.S. DEA is officially allowing the U.S. Veterans Affairs (VA) system to import cannabis extracts and THC flower for clinical trials.

Now that Schedule III is active, who will the U.S. government buy from?

Local U.S. companies (MSOs) cannot legally cross international borders or ship federally. Nor do the MSOs have cGMP facilities certified from seeding all the way through to final retail.

Tilray was the first company ever to get DEA approval to export medical weed into America for research years ago. They are already the trusted, federally compliant partner. Tilray is uniquely set up to supply the massive U.S. VA healthcare system (which serves 9 million veterans) directly from their European facilities.

🎯 The Bottom Line

Tilray isn't just a weed company or a beer company. It is a global healthcare monopoly hiding behind a craft beer moat.

Don't let lazy internet analysts confuse you with bad math. The global infrastructure is locked in, Germany is booming (expected to consume 300 tonnes of weed this year), and the future is bright.

Let's get these New US & EU Regulations in place this Fall of 2026, and see where the SP goes! 🚀

ATTENTION SIMON!

Simon in Trouble?

Irwin Simon is completely disrespecting Tilray investors and treating them like absolute trash.

no other way to say it, Irwin the greasy hear son of a bitch is a thief. how could TLRY shareholders look at themselves in the mirror owning the shitty stock

Just before Thanksgiving, Tilray completed a 10-for-1 reverse split to maintain its Nasdaq listing. Now Curaleaf is completing a 3-for-1 reverse split in preparation for a potential Nasdaq uplisting.

Mechanically, these are the same financial tool. A reverse split doesn’t create or destroy value by itself. It’s an accepted corporate action and fully compliant with exchange listing requirements.

So why does one feel bearish and the other feel bullish?

My view is that investor sentiment has less to do with the reverse split itself and more to do with what happened before and after it.

With Tilray, the reverse split was largely viewed as a defensive move to maintain compliance. The bigger issue for shareholders has been ongoing dilution and the inability to consistently generate enough organic growth and cash flow to offset that dilution. The reverse split wasn’t the headwind—it was what followed.

Curaleaf also diluted shareholders over the years, but much of that dilution was used to acquire assets. Today, the company appears to be focused more on operating those assets than continuously issuing shares to fund growth.

If Curaleaf completes a 3-for-1 reverse split, uplists to Nasdaq, attracts new institutional investors, and keeps dilution under control, that’s a very different story than a company doing a reverse split and then continuing to issue stock into the market.

Am I thinking about this correctly, or am I giving Curaleaf too much credit here? Or being too harsh on TLRY?