💸 The Tape

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY) delivered its strongest third fiscal quarter to date, posting record net revenue and gross profit while advancing its diversified global platform across cannabis, beverage, and wellness.

For the third fiscal quarter ended February 28, 2026, Tilray reported net revenue of $206.7 million, an 11% increase from the prior-year period. Gross profit rose 6% to a record $55.0 million. Cannabis net revenue grew 19% to $64.8 million, fueled by a 73% surge in international cannabis revenue and an 8% increase in combined Canadian adult-use and medical sales. Tilray maintained its #1 cannabis leadership position in Canada by revenue.

International cannabis performance was a standout, with the segment achieving its highest quarterly revenue in company history. The growth reflects strong demand in regulated medical markets and successful execution of Tilray’s global supply and distribution strategy.

Beverage net revenue was $42.6 million, while wellness revenue increased 16% to $16.4 million. Distribution revenue, which includes Tilray Pharma, reached a Q3 record of $83.0 million.

Net loss improved dramatically to $25.2 million from $793.5 million in the prior-year quarter, largely due to the absence of large one-time charges. Adjusted net income turned positive at $2.4 million. Adjusted EBITDA rose 19% to $10.7 million.

Irwin D. Simon, Chairman and Chief Executive Officer, highlighted the quarter’s momentum: “Our third quarter results demonstrated the strength of our global strategy in action, delivering our strongest Q3 net revenue and gross profit to date. Our international cannabis business delivered its best quarterly net revenue in Company history, with over 70% year-over-year growth.”

Post-quarter, Tilray completed the acquisition of key BrewDog assets for approximately £40 million in cash, including the global brand and IP, UK brewing operations, and 11 strategic brewpubs in the UK and Ireland. The company is also negotiating to acquire BrewDog assets in the U.S. and Australia. This transaction, combined with the recently announced multi-year licensing partnership with Carlsberg beginning in 2027, significantly expands Tilray’s beverage platform.

Simon noted the strategic importance: “With the acquisition of BrewDog, the UK’s leading craft beer brand, and our recently announced partnership with Carlsberg beginning in 2027, we are accelerating the buildout of a scaled global beverage platform. These initiatives broaden our infrastructure, strengthen our brand portfolio, and enhance our distribution capabilities, positioning Tilray to capture growth across key markets in the U.S., Europe, the Middle East, Australia, and Asia-Pacific.”

The combined beverage platform is expected to generate approximately $500 million in annual revenue, contributing to Tilray’s overall diversified business approaching $1.2 billion in annualized revenue.

Balance sheet strength remains a key advantage. Cash, restricted cash, and marketable securities totaled $264.8 million at quarter-end, providing substantial flexibility for strategic investments. The company also reduced total outstanding debt by $4.2 million during the quarter. Net cash position improved to $3.5 million from a net debt position of $36.6 million a year earlier.

Project 420, the previously announced cost-synergy program in the beverage business, was completed during the quarter, delivering approximately $33 million in annualized savings.

For fiscal year 2026 (ending May 31, 2026), Tilray reaffirmed guidance for adjusted EBITDA of $62 million to $72 million, representing 13% to 31% growth over fiscal 2025.

The company’s diversified model — spanning cannabis, beverage, pharmaceutical distribution, and wellness — continues to differentiate it in a volatile industry. While cannabis faces ongoing pricing pressure in certain markets, international medical growth, beverage expansion through BrewDog and Carlsberg, and wellness momentum provide multiple levers for revenue and profitability.

Tilray’s ability to generate record quarterly revenue and gross profit while maintaining a strong balance sheet demonstrates operational resilience and strategic clarity. The BrewDog acquisition adds scale, brand equity, and distribution infrastructure in key international markets, creating cross-selling opportunities and a more balanced portfolio less dependent on any single category or geography.

As federal cannabis reform discussions continue in the U.S. and medical cannabis markets expand globally, Tilray’s established international presence, robust supply chain, and diversified revenue streams position it to capture incremental upside.

With a solid cash position, reduced debt burden, and clear execution on both cannabis and beverage fronts, Tilray enters the final months of fiscal 2026 with momentum and a platform built for sustained global growth.

📈 Dog Walkers

$BLOZF ( ▲ 12.9% ) Delivers Product To VA

Cannabix Technologies Inc. (CSE: BLO) (OTCID: BLOZF) (Frankfurt: 8CT) has achieved another key commercialization milestone with the delivery of its Marijuana Breath Test (MBT) products to a leading industrial manufacturing company in Virginia.

The delivery was completed through an authorized reseller. The client, which specializes in large-scale custom machinery fabrication, selected the MBT to strengthen its workplace safety protocols amid rising concerns about THC-related incidents and the limitations of traditional drug testing methods.

Manufacturing environments involving heavy equipment, production lines, machining, robotics, and material handling are among the most safety-sensitive workplaces in the U.S. Employers in this sector face increasing challenges: higher injury rates linked to impaired reaction time, labor shortages that make strict testing policies difficult to enforce, and legal complications arising from state-level cannabis legalization.

Traditional urine, saliva, and hair tests detect historical cannabis use — often days or weeks after consumption — offering limited relevance to current impairment. The Cannabix MBT directly addresses this gap by detecting delta-9 THC in breath within approximately four hours of use at levels above 5 pg/L. This short detection window aligns closely with impairment-relevant timeframes, providing a more actionable and fair tool for workplace safety decisions.

The MBT system includes Cannabix’s proprietary Breath Collection Unit (BCU) and single-use Breath Cartridges, with samples analyzed using gold-standard liquid chromatography-mass spectrometry (LC-MS) at Omega Laboratories, the company’s strategic partner and a global leader in forensic drug testing.

CEO Rav Mlait commented: “As industrial workplaces evolve and cannabis use becomes increasingly commonplace, manufacturers require tools that deliver fairness and scientific relevance. Our early delivery of the MBT system to a major manufacturing client in Virginia demonstrates the growing interest for accurate, non-invasive testing that focuses specifically on recent cannabis use.”

The manufacturing sector represents a substantial near-term market opportunity for Cannabix due to its reliance on skilled labor operating high-risk equipment, increased THC-related safety incidents, and heightened insurance and compliance requirements. The MBT offers a modern alternative that respects lawful off-duty use while prioritizing real-time safety.

This latest commercial placement builds on Cannabix’s earlier delivery to a major construction company in the Pacific Northwest. Together, these transactions validate the MBT’s readiness for deployment across safety-critical industries and support the company’s strategy to establish breath-based recent-use testing as a new industry standard.

With continued advancement in production capabilities and reseller partnerships, Cannabix is steadily transitioning from development to broader commercial adoption. As more employers seek precise, non-invasive tools to manage cannabis risk without over-penalizing workers, the MBT is well-positioned to capture growing demand in high-stakes industrial environments.

$HITI ( ▼ 0.87% ) Intends To Participate In The CBD Pilot

High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) has taken a proactive step to capitalize on emerging federal opportunities in the U.S. hemp-derived CBD space.

The company announced today that its wholly owned subsidiary, NuLeaf Naturals, intends to participate in the Centers for Medicare & Medicaid Services (CMS) Innovation Center’s Beneficiary Engagement Incentive (BEI) pilot program as a supplier of eligible hemp-derived CBD products. NuLeaf has already begun engaging with participating organizations under the program.

The BEI pilot, which officially launched on April 1, 2026, allows Accountable Care Organizations (ACOs) in the ACO REACH Model and oncology practices in the Enhancing Oncology Model (EOM) to furnish eligible hemp-derived CBD products to Medicare beneficiaries at no cost, up to $500 per beneficiary annually. The program may expand to the Long-term Enhanced ACO Design (LEAD) Model beginning January 1, 2027.

NuLeaf Naturals, founded in 2014 in Denver, Colorado, brings a strong foundation to the initiative. The company operates cGMP-certified and FDA-registered manufacturing facilities, with USDA Organic certification currently in process. Its portfolio includes THC-free and broad-spectrum CBD formats designed to meet the pilot’s compliance requirements across eligible product categories.

This engagement builds directly on High Tide’s founding membership in the National Compassionate Care Council (NCCC), a coalition focused on advancing evidence-based cannabinoid policy and improving patient access.

CEO Raj Grover emphasized the significance: “The launch of the CMS pilot program is a historic moment for the U.S. CBD industry and, most importantly, for the millions of Medicare beneficiaries who may now have access to hemp-derived cannabinoid therapies at no cost to themselves, with costs borne by participating organizations under CMS models.”

He added: “NuLeaf Naturals has spent years building the quality systems, certifications, and product standards that this program demands. We believe NuLeaf is well positioned to serve as a trusted supplier to participating healthcare organizations, and we are actively engaging with ACOs and oncology programs to make that a reality. As this program scales, we believe it has the potential to become a meaningful growth driver for High Tide’s U.S. CBD business.”

The pilot stems from President Trump’s December 18, 2025 Executive Order advancing cannabis rescheduling and directing agencies to improve access to full-spectrum CBD products. CMS Administrator Dr. Mehmet Oz confirmed the Innovation Center would launch the BEI program to generate real-world clinical data on hemp-derived CBD within structured, physician-guided care settings. Medicare does not directly reimburse the products; costs are absorbed by participating organizations as part of their model participation.

For High Tide, the opportunity aligns with its broader U.S. strategy. NuLeaf’s established quality infrastructure, diverse product formats, and existing relationships position it favorably to supply ACOs and oncology practices seeking compliant, physician-recommended CBD options for Medicare beneficiaries.

As the pilot scales and generates evidence, it could pave the way for broader reimbursement and integration of hemp-derived CBD into mainstream healthcare. High Tide’s proactive engagement places NuLeaf at the forefront of this emerging channel, potentially unlocking a new growth driver for its U.S. CBD business while supporting improved patient access under federally structured models.

🗞️ The News

📺 YouTube

CBD Lawsuit Rejected + Auxly Cannabis Earnings Stand Out | TTB Presented by Flowhub

What we will cover:

✅A lawsuit filed… and then rejected less than 24 hours later.

In this episode of Trade To Black, presented by Flowhub, host Shadd Dales and Anthony Varrell break down one of the more surprising developments out of Washington this week. After Smart Approaches to Marijuana (SAM) moved to block the Trump administration’s Medicare coverage pilot for hemp-derived CBD and low-dose THC products, a federal judge quickly denied the request — keeping the program alive and setting a hearing date for 4/20.

This isn’t just a legal headline — it’s a signal.

Because it shows how quickly the conversation around cannabinoids and federal healthcare is evolving. And it raises a bigger question: is policy starting to move faster than the opposition can react?

We also shift to Michigan, where a sheriff running for governor is pledging to repeal the state’s marijuana tax increase — another example of how cannabis policy is becoming a central political issue at the state level.

In the second segment, Hugo Alves, CEO of Auxly Cannabis Group (TSX: XLY) (OTCQB: CBWTF), joins the show to break down a strong 2025 earnings performance. The company reported record revenue of $151.5 million, a 24% increase year-over-year, alongside a 29% adjusted EBITDA margin — standing out in a Canadian market still facing pricing pressure and margin compression.