u/DaveHervey

TL;DR: Realistic effective date for Schedule III cannabis: late 2026 or early 2027 at the earliest. Rushing the process risks long court stays from opponents like SAM and Bill Barr.

Saw this detailed post from StreetStocker on X (April 22, 2026) explaining why we won't see Schedule III drop tomorrow.

Here's the original + my simpler breakdown:

As much as we all want the instant gratification of S3 dropping, a defensible process needs to be followed for it to stick.

If the DOJ tries to rush a final rule today, opponents will immediately seek a stay — and it would likely succeed.

Procedural reality:

The AG can't make a Final Order effective the same day. Under the APA, rules usually have at least a 30-day delayed effective date.

This is almost certainly a “major rule” under the Congressional Review Act (>$100M economic impact), adding more review time (often 60+ days total).

Realistic timeline: AG signs → Federal Register publication → effective date 30–90+ days later.

SAM has already hired former AG Bill Barr to sue the moment a final rule is issued. A TRO or preliminary injunction could put S3 in legal limbo for a long time.

The most defensible fast-ish path:

• Use the existing administrative record and clear the current logjam:
• DEA Administrator Terry Cole quickly resolves the stalled interlocutory appeal (he can expedite it in weeks).
• Appoint a new ALJ (or designate one from another agency).
• Argue that HHS’s scientific findings are binding (per the May 2024 OLC opinion), so no lengthy new hearings are needed. Issue the final rule.

This is the path the DEA was already on. If pushed hard, it could lead to a final rule in about 6 months — then add the built-in delays.

The trade-off is worth it: a stronger record makes the rule much harder to overturn later (so Bill Barr pounds sand).

Other options exist, but none are fast or guaranteed:

• Follow the expedited route above (best shot for 2026–2027).
• Congress could step in with legislation, but that’s usually slower and less predictable.

Bottom line:

Don’t expect Schedule III tomorrow or next month.

Bureaucracy, the stalled appeal, need for a new ALJ, mandatory delays, and the near-certain lawsuit mean we’re likely looking at late 2026 at the earliest — possibly slipping into 2027.

NOTE: I added this knowing what Tilray has on its plate:

The positive side:

• A few extra months to get this done right is actually great news for well-positioned companies like Tilray.

• Once the market knows Schedule III is locked in and coming, the real growth engines are already firing on multiple fronts:

1. VA Import Extracts for THC/CBD: Second comment period just opened with no objections so far — progress toward possible Q2 2026 access.

2. Seniors CBD Rebate program (started April 1) with Tilray expected to participate around June 1, boosting Fiscal Q1 2027.

3. France transitioning its medical cannabis pilot to a permanent program this spring, with strong potential for patient growth in the years ahead.

4. UK developments on CBD beverages and edibles with a June 2026 timeline.

5. Major beverage and medical expansions:

• World Cup and Olympics readiness,
• BrewDog production doubling,
• the new Lyphe Group addition, and
• the Carlsberg partnership kicking in by 2027.

Tilray Brands, Tilray Beers, Alternative Beverages, and Tilray Medical all have full plates of exciting work and international momentum — even without immediate Schedule III.

Bottom line:

Getting a solid, defensible Schedule III is worth the wait.

In the meantime, the business keeps building real value.

Once clarity hits that rescheduling is truly on the way, it should act as rocket fuel on top of everything else already in motion.

Tilray Brands, Inc. (TLRY)

7.69 +0.80

April 22, 2026

CEO Brendan Whitworth says the company sees 'strong, long-term growth opportunities right here at home'

Anheuser-Busch delivers robust profit in Q1

FOX Business' Lauren Simonetti gives the latest market check and reports on Anheuser-Busch's earnings success.

FIRST ON FOX – Anheuser-Busch is increasing its U.S. investment to $600 million over two years, expanding brewery capacity, worker training and veteran hiring as the beer giant leans further into domestic manufacturing, Fox News Digital learned.

"Anheuser‑Busch is doubling down on investing in our U.S. operations because we see strong, long-term growth opportunities right here at home," Anheuser-Busch CEO Brendan Whitworth exclusively told Fox News Digital. "When we invest in our U.S. operations and expand training for our people and opportunities for our veterans, we strengthen communities and drive real economic prosperity."

"This $600 million investment is about advancing American manufacturing, strengthening our supply chain, and creating lasting careers and a brighter future for U.S. workers," Whitworth added.

The company said the expansion will increase manufacturing capacity and invest in workforce development through 15 new training centers and veteran programs. The move aligns with broader industry and government efforts to boost domestic production and rebuild the manufacturing workforce, echoing calls from the Trump administration.

Anheuser-Busch will spend the $600 million over two years, from 2025 through 2026, focusing on brewery upgrades, technology and production capacity. The Wednesday announcement expands upon a $300 million investment announced in 2025.

The company said it makes 99% of the beer it sells in the U.S. domestically, including Michelob ULTRA, Busch Light, Budweiser and Bud Light.

"By strengthening our manufacturing operations, we are creating sustainable careers – not just jobs – and investing in the people who are vital to our success," said Whitworth in a press release viewed by Fox News Digital.

"We are proud to continue building the next generation of manufacturing leaders through our new technical training centers while also providing new opportunities in the workforce for our nation’s veterans," he added.

Anheuser-Busch is expanding veteran partnerships to help service members transition into the workforce. A new "SmartResume" platform will translate military skills and experience for employers.

The announcement follows the Trump administration's continued push of "America First" policies creating indirect incentives for companies and reshaping trade policy for domestic production.

"This is yet another example of the Trump effect. Thanks to President Trump’s unwavering commitment to rebuilding American industry, companies are investing in the United States, expanding manufacturing, creating good-paying jobs, and driving a new era of prosperity for the American people," White House spokesperson Liz Huston told Fox News Digital.

In March, 15,000 new jobs were added in the manufacturing sector, according to the White House.

Trump has also signed various executive orders and actions to revitalize American manufacturing, recently signing a proclamation to strengthen tariffs imposed on imported steel, aluminum and copper imports to help Americans compete and companies to build factories in the U.S..

April 21, 2026 WashingtonExaminer

Sen. Rand Paul (R-KY) introduced legislation on Monday to regulate businesses in the hemp industry. His bill is designed to allow commerce in the industry to thrive while protecting consumers and preventing problematic synthetic products from reaching the market. The senator introduced the bill on April 20, or 420, a contemporary slang phrase for a date recognized for marijuana and “cannabis consumption.”

The Hemp Safety Enforcement Act regulates and guarantees “the safety of hemp and hemp-derived products, preventing a looming federal crackdown from shutting down a thriving, multibillion-dollar American industry.” The bill is a bipartisan effort, cosponsored by Sen. Joni Ernst (R-IA) and Sen. Amy Klobuchar (D-MN), noted a press release issued by Paul’s office. The bill was introduced due to conditions in the 2026 agricultural appropriations bill, which restricts hemp products based on a new federal definition of “hemp.”

“The hemp sector faces extinction because of a provision buried in the 2026 agricultural appropriations bill that effectively bans most hemp products nationwide,” the release noted.

Paul said his bill is mutually beneficial because it regulates the industry to prevent harmful products from being developed and sold, while maintaining the availability of hemp products that the senator claimed help certain people with physical and mental ailments.

“Half the states have already set up their own smart rules, THC limits, age restrictions, and safety standards that let hemp farmers grow, manufacturers innovate, and consumers stay safe,” said Paul. “Washington shouldn’t wipe out those efforts or destroy jobs and access to products that help our veterans, our elderly, and families across the country. This bill gives states the freedom to regulate hemp responsibly while keeping dangerous synthetics off the market and ensuring products can move freely between states.”

Klobuchar echoed Paul’s sentiments. She cited personal accounts from people involved in the industry in her state who would endure immense economic suffering if a federal ban on hemp were permitted.

“I’ve heard loud and clear from brewers, farmers, and small businesses in Minnesota – a federal ban on hemp products will be devastating,” Klobuchar said. “Minnesota is a national leader in hemp products, and Congress should recognize that leadership and commitment to consumer safety. I appreciate Senator Paul for his continued partnership on this issue, and I will continue to push in the Senate for a solution that protects Minnesota’s small businesses and farmers.”

The fiscal 2026 Agriculture Appropriations Act altered the federal definition of what is recognized as “hemp.” This involved “changing the limit to a total THC concentration of less than 0.3% on a dry weight basis rather than only delta-9 THC.” The new definition also includes what is known as “industrial hemp,” which is considered “hemp grown for non-cannabinoid purposes.”

This change also included several exclusions related to the level of delta-9 tetrahydrocannabinol in products, such as: cannabis plant seeds exceeding a “total THC concentration of 0.3%;” products “with more than 0.3% total THC concentration” considered to be “intermediate hemp-derived;” and “final hemp-derived cannabinoid products containing more than 0.4 milligrams of THC per container.”

Additionally, the new federally recognized definition excludes “hemp-derived cannabinoid products that contain cannabinoids that are not capable of being naturally produced by the cannabis plant or are capable of being naturally produced and were synthesized or manufactured outside the plant.”

Industry experts claimed these changes could devastate the hemp industry. They are scheduled to go into effect on Nov. 12, 2026. As such, numerous organizations have expressed support for the Hemp Safety Enforcement Act.

“The U.S. Hemp Roundtable, indeed the entire domestic hemp industry, is deeply grateful to Senators Rand Paul and Amy Klobuchar for their introduction of legislation that would provide for the continued sale of valued hemp products in states with regulatory programs, despite the impending federal ban,” said Jonathan Miller, general counsel for U.S. Hemp Roundtable. “This legislation would provide invaluable protection for farmers, small businesses, and consumers who rely on these products for their health and wellness. Senators Paul and Klobuchar continue to demonstrate their steadfast support for this promising agricultural industry.”

“The Hemp Beverage Alliance applauds Senator Paul and Senator Klobuchar for standing up for the hemp industry,” said Christopher Lackner, founder and president of Hemp Beverage Alliance. “A majority of the states in the country already have a hemp regulatory framework in place to protect public health, with several other states currently working on creating their own regulations. This commonsense bill will allow those states to continue building a flourishing hemp market that creates jobs and generates much-needed tax revenue.”

Analysis of the German patient market and consumption potential

2026-04-05 | The International Cannabis Business Conference (ICBC) published data on the structure of the German market.

Beau Whitney, founder of Whitney Economics, stated that the number of patients remains stable between 200,000 and 300,000. New telemedicine options have also driven growth among self-paying patients.

Whitney explained: “As a result of this new innovation, there are now an additional 500,000 to 600,000 self-paying patients participating in the legal market.”

While insurance reimbursements are relatively easy to track, capturing self-paying patients remains more complex.

Estimates for recreational consumption are based on data from the Federal Statistical Office and the Epidemiological Survey of Substance Abuse.

Accordingly, among approximately 70.36 million adults in Germany, there is a potential market of around 6.2 million consumers, based on 8.8% reporting cannabis use in the past year.

This is considered a conservative estimate, as the unreported figure is likely higher due to stigma. A large portion of this group still relies on the unregulated market.

France: Access to medical cannabis extended until 2027 – reimbursement decision pending

2026-04-08 | French Health Minister Stéphanie Rist has secured continued access for patients participating in the national medical cannabis pilot program. According to French media outlet newsweed, an extension of the exceptional framework has been signed until Q1 2027. This ensures continued care for approximately 700 remaining patients until integration into standard healthcare. The national medicines agency ANSM has already classified the system as safe and effective.

A concrete timeline for nationwide implementation is emerging: a draft decree is expected to be submitted to the Council of State by the end of June 2026. However, the assessment by the health authority HAS, expected in October or November 2026, remains decisive. This evaluation will determine whether and for which indications—such as cancer or epilepsy—cost coverage by health insurance will be granted.

If regulatory steps proceed as planned, up to 400,000 patients could benefit nationwide from 2027.

NOTE: Tilray Medical was the 1st approved supplier into this program in 2021. Unlike Germany this Permanent France Medical Cannabis program is all extracts.

Great news for veterans and medical research today!

The DEA just published the VA Cooperative Studies Program’s importer application for THC & CBD extracts in today’s Federal Register.

This is a solid step forward for high-quality clinical trials on PTSD and chronic pain—helping the heroes who served our country.

Progress is happening.

More research, better options, and real hope ahead.

One can hope this keeps the momentum going!

Tilray's Colorado "Fortress" Just Got a Major Tailwind – THC Beverages Could Soon Flow in Bars & Restaurants

Big news out of Colorado: Lawmakers just introduced SB26-164 (Regulation of Lawful THC Beverages, April 16, 2026) that would allow hemp-derived THC drinks (up to 10mg per serving) to be sold and served in licensed alcohol venues — think bars, restaurants, music venues, sporting events, and liquor stores — with a simple additional license.

Grocery and convenience stores could also carry lower-potency versions (up to 3mg).

The bill is projected to generate up to $55 million in new state tax revenue while bringing these products into mainstream hospitality settings, treating them more like alcohol than traditional cannabis edibles.

Why this matters for Tilray Brands:

Tilray already sits on one of the best-positioned beverage infrastructures in the entire U.S. cannabis space — right in Fort Collins, Colorado: A 50,000 sq ft licensed cannabis facility (originally developed through the Molson Coors/Hexo partnership) sitting essentially next door to their scaled-back brewery with significant excess capacity.

Some of the cleanest, freshest water in Colorado.

Nearby expertise from the Breckenridge Distillery team (which Tilray owns), already perfecting premium non-alcoholic spirits and RTD formulations that could easily pivot to high-quality infused versions.

MOCK ONE anyone or do you prefer it Infused?

This setup was built exactly for moments like this.

Once regulations align (whether through this bill, Schedule III progress, or hemp framework clarity), Tilray is positioned to “flip the switch” quickly and scale infused beverages into bars, restaurants, and beyond — potentially capturing a slice of a fast-growing, socially accepted category.

Colorado has long been a leader in cannabis innovation.

This bill could help keep it at the forefront by normalizing low-dose THC drinks in everyday social settings.

Excited to watch how this develops — especially with the bill heading to committee soon.

Tilray’s U.S. beverage platform (including existing hemp-derived Delta-9 lines like Fizzy Jane’s and Happy Flower) looks increasingly well-placed for whatever comes next.

What do you think — game changer for TLRY’s beverage strategy or just another step?

Tilray Lining Up Their Ducks

– Production Ramp for USA/EU, Extra Cash Ready, VA Parallel to Italy

Hey folks,

Graham Farrar flagged the latest VA filing — the Cooperative Studies Program is pushing forward with their DEA application to import Marihuana Extract and THC for veteran research and clinical trials.

The notice hit Public Inspection and drops officially tomorrow (April 21).Link: https://public-inspection.federalregister.gov/2026-07697.pdf

• This feels like Tilray is quietly lining up their ducks: Production is increasing right where it counts for USA and EU medical markets — former Hexo Masson-Angers site now fully on cannabis, plus ramped output from Portugal, Germany, and the low-cost Quebec facility. All GMP-certified and built for higher-margin medical/export supply, not just Canadian rec.

• They just organized extra cash through the $180M ATM equity offering and debt-for-equity exchange — dry powder available exactly if/when needed, right after the BrewDog and Lyphe deals.

• Denise’s recent measured update on evaluating the CMMI seniors/oncology pilot (hemp-derived products for pain, arthritis, cancer patients) has that same calm “tell” vibe as when the Italian cancer doctors visited Cantanhede last year.

That visit led straight to the Italy flower win and Molteni partnership.

I’d bet Tilray has already met with these VA officials in a similar low-key way — building relationships before the approvals hit.

It really does look like steady, patient-first progress.

Infrastructure in place, U.S. medical doors starting to open, Europe permanent regimes kicking in soon.

Anyone else seeing the pieces come together? Or am I connecting dots that aren’t quite there yet?

NOTE: The 1st is the VA Import of THC CBD Extracts, Comment period ended Oct, 2025. I consider Graham Farrar a reliable source.

Graham Farrar @grahamfarrar

These are both schedule to publish tomorrow... the gears are turning:

https://federalregister.gov/documents/2025/09/08/2025-17210/importer-of-controlled-substances-application-va-cooperative-studies-program federalregister.gov

Bulk Manufacturer of Controlled Substances AJNA Biosciences AJNA Biosciences has applied to be registered as a bulk manufacturer of basic class(es) of controlled substance(s). Refer to Supplementary Information listed below for further

NEW YORK and LEAMINGTON, Ontario, April 20, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. ("Tilray" or the "Company") (Nasdaq: TLRY; TSX: TLRY), a global lifestyle and consumer packaged goods company at the forefront of the cannabis, beverage, and wellness industries, today marked 4/20 by reinforcing its leadership in medical cannabis and its commitment to advancing patient care through a science-driven global platform.

Irwin D. Simon, Chairman and Chief Executive Officer, stated:

“4/20 reflects how far this industry has evolved, from an emerging category into a global opportunity grounded in science, innovation, and patient impact. At Tilray, we’ve built a diversified international platform designed to lead that evolution.

Today, we serve hundreds of thousands of patients worldwide with pharmaceutical-grade medical cannabis products that meet the highest standards of quality, consistency, and safety. Our focus is clear: advancing a medical-first, science-driven approach that supports patients, physicians, and healthcare systems globally.

As regulatory frameworks progress, including the significant opportunity ahead in the United States, Tilray is uniquely positioned with the infrastructure, expertise, and credibility to lead the next phase of growth.”

As a cannabis leader in Canada, Tilray holds a leading position across both adult-use and medical markets, supported by a strong portfolio of trusted brands, scaled operations, and deep regulatory expertise.

Tilray Medical offers more than 150 medical cannabis products internationally and has supported over 400,000 patients globally. The Company continues to invest in clinical research, physician education, and pharmaceutical distribution to expand access to safe, consistent treatment options.

With operations across multiple continents, Tilray’s integrated model, spanning pharmaceutical-grade cultivation, production, clinical services, and distribution, positions the Company to scale a fully connected, patient-centric global platform.

Tilray remains focused on disciplined execution, advancing innovation, and expanding access to high-quality care as the global medical cannabis market continues to evolve.

About Tilray Brands

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

April 20, 2026 Axios Vitals newletter

President Trump on Saturday ordered the administration to speed reviews of certain psychedelic drugs, including ibogaine compounds that have been promoted as alternative mental health treatments but are now classified as having no accepted medical use.

Why it matters: It's the strongest endorsement yet of alternative therapies that veterans groups have campaigned to take mainstream.

Driving the news: Trump's order directs the FDA to issue priority vouchers that cut review times to psychedelics designated "breakthrough therapies."

• It also targets $50 million for psychedelics research and lays the groundwork for human clinical trials.

Between the lines: Trump was joined in the Oval Office by podcaster Joe Rogan, who said he texted Trump about ibogaine's benefits.

• "The text message came back: 'Sounds great. Do you want FDA approval? Let's do it.' It was literally that quick," Rogan said.

• Ibogaine, which is derived from a plant native to Africa, is offered in clinics in Mexico that have become destinations for some veterans who have suffered traumatic brain injuries.

Yes, but: The Schedule I controlled substance can trigger serious heart problems, which prompted NIH to discontinue research in the 1990s.

• "It's been incredibly difficult to study ibogaine in the U.S. because of its known cardiotoxicity," Frederick Barrett, director of the Johns Hopkins Center for Psychedelic and Consciousness Research, told AP.

• "If the executive order can pave the way for doing objective, scientific research with this compound, it would help us understand whether it is truly a better psychedelic therapy than others."

I was just watching the Orlando @ Detroit NBA game and wonder about Tilray Beers during this major playoffs period.

NBA & NHL, MLB is also playing their lengthy season. Tilray Brands is now the 4th largest craft brewer in the country, and their lineup is basically a "who's who" of local favorites.

If you’re heading to the arena or the ballpark this summer, here’s the roadmap for where to find them:

🍺 The 2026 Sports Fan’s Guide to Tilray Craft Beers

Detroit: Atwater Brewery

• The Scene: NBA Playoffs (Pistons vs. Magic)

• The Spot: Little Caesars Arena

• The Beer: You have to try the "Triple Double" lifestyle ale. It’s a 3.2% ABV light ale they co-branded with the Pistons. It’s perfect for the "start of summer" vibe. Even though the Red Wings missed the NHL playoffs this year, Atwater is still a staple for the Pistons' home games and the summer concert season.

Denver: Breckenridge Brewery

• The Scene: NBA Playoffs (Nuggets), NHL Playoffs (Avalanche), & MLB (Rockies)

• The Spot: Ball Arena & Coors Field

• The Beer: Breckenridge is everywhere in Denver. At Ball Arena, look for the "Mile High City" Golden Ale while the Nuggets and AVs make their runs. If you’re over at Coors Field for a Rockies game, hit up the Breckenridge Brewery Bar behind the bleachers for a fresh draft.

• Las Vegas: BrewDog Las Vegas (The Playoff Hub)

• The Scene: NHL Playoffs (Vegas Golden Knights)

• The Spot: BrewDog Las Vegas – Right across from T-Mobile Arena.

• The Beer: If you’re in Vegas for the Knights' playoff run, this is the absolute "go-to" spot. It is located right on the Strip, directly across from the arena, making it the perfect home base for pre-game and post-game celebrations. With a massive rooftop deck and plenty of Elvis Juice and Hazy Jane on tap, it’s the best place to soak in the playoff atmosphere.

Atlanta: SweetWater & Terrapin

• The Scene: NBA Playoffs (Hawks) & MLB (Braves)

• The Spot: State Farm Arena & Truist Park

• The Beer: SweetWater 420 is the go-to at Hawks games. If you’re catching a Braves game, the Terrapin Taproom at the Battery is the place to be. Their Hopsecutioner IPA is basically the unofficial beer of a Georgia summer.

New York: Montauk & Blue Point

• The Scene: NBA Playoffs (Knicks) & MLB (Yankees & Mets)

• The Spot: Madison Square Garden, Yankee Stadium, & Citi Field

• The Beer: NY hockey is quiet this postseason with the Rangers and Islanders missing the cut, but the Knicks are keeping MSG jumping. Grab a Montauk Wave Chaser IPA there. For baseball, Blue Point Toasted Lager is a classic at both Citi Field and Yankee Stadium.

Southern California: Alpine & Green Flash

• The Scene: MLB (Padres & Dodgers)

• The Spot: Petco Park & Dodger Stadium (1st yr Tilray in LA)

• The Beer: Tilray has a massive footprint here. Alpine Beer actually has a dedicated rooftop taproom inside Petco Park. A great view of the game and the Bay. You can also find Green Flash and 10 Barrel at the "Think Blue" craft bars at Dodger Stadium (1st year. Moving UP).

The Pacific Northwest: 10 Barrel & Hop Valley

• The Scene: MLB (Mariners & Angels)

• The Spot: T-Mobile Park & Angel Stadium

• The Beer: Tilray is now the #1 craft brewer in the PNW. Hop Valley and 10 Barrel are the dominant craft cans in Seattle and Anaheim as fans settle in for a long summer of baseball.

• Pro Tip: Look for the 19.2 oz "Stovepipe" cans. Most of these stadiums carry them now—they stay colder longer in the heat and you don't have to worry about spilling a plastic cup when your team hits a big play.

Drink local Craft Beers and enjoy the games!