**The past few days I've looked on a number of sites to see if Irwin Simon maybe booked for a post earnings interview. None booked.**

**I find that very odd of Irwin and wondered why the delay?**

# The Big Picture:

**While the headlines have been quiet this week, Tilray’s internal moves tell a much louder story.**

**They aren't just growing more cannabis; they are strategically repositioning their entire global supply chain.**

**This "silence" feels like the calm before a major storm.**

**Here is the evidence:**

1. **The Production Pivot (Follow the Product)**

**Tilray recently flipped the switch at the former Hexo Masson-Angers facility, moving from "cukes to cannabis." Add in the Panama JV and increased output in Portugal and Germany, and you have a massive amount of pharmaceutical-quality product coming online.**

**They aren't growing this for the low-margin Canadian "bargain bin"—they are building a global "refinery" for medical extracts.**

**2. The USA: Seniors and Veterans (The Extract Play)**

# The U.S. strategy is moving fast under the radar.

# The VA: 

**The VA Cooperative Studies Program has already moved to seek DEA approval for importing THC and CBD extracts.**

**Medicare for Hemp: With the $500 SABEI pilot launched on April 1st, Tilray is perfectly positioned.**

**Tilray just updated their Seniors Pricing and increased income eligibility to $65k—they are clearly clearing the path for a massive influx of elderly and veteran patients.**

# 3. Europe: 

# The Shift to "Permanent" (June Milestone)

# France:

**The 5-year pilot is over. The new permanent regime starting this June is built almost entirely on standardized extracts.**

**Tilray is one of the only players with the EU-GMP capacity to meet these strict pharmaceutical requirements.**

**Tilray was the 1st firm awarded to supply to the Trial program in 2021. Its increasing from 3000 trial patients to 100,000 patients by 2027, projected, then it grows.**

# The UK:

**While the "wellness" market is stuck in a "cliffhanger" over the 10mg CBD limit (with a final decision due in June), Tilray has bypassed the noise. By partnering with Smartway Pharmaceuticals, they are focused on the medical import side where they can provide high-potency oils that doctors actually prescribe.** [**https://tilraymedical.eu.com/tilray-expands-uk-pharmaceutical-access-through-strategic-agreement-with-smartway-pharmaceuticals/**](https://tilraymedical.eu.com/tilray-expands-uk-pharmaceutical-access-through-strategic-agreement-with-smartway-pharmaceuticals/)

* **The "BrewDog" Bonus:** The timing of the **BrewDog Ellon Distillery** partnership seems perfect for the Infused Beverage rollout.
*  **Who would have thought?**

# The Bottom Line:

**You don’t ramp up premium production, switch facilities to high-potency flower, and update senior pricing unless you already know exactly where that product is going. Whether it’s a VA Import deal or the French pharmaceutical rollout, the infrastructure is now in place.**

**Remember Denise dropped the news in the earnings CC the Italian Cancer Drs were over to Cantanhede Portugal Medical Cannabis facility in February. Then Tilray was awarded the ONLY flower supply for Italy to go along with their extracts contract.** 

This was the Italian Ministry of Defence tender, which Tilray recently won as the sole supplier for high-THC flower. It’s a huge "moat" they’ve built there.

**Tilray knows these Drs want to see the medicine pre-award.**

**Is the silence actually the sound of Tilray filling the global pipeline?**

**Keep your eyes on June.**

The "Quiet Build-Up" – Is Tilray Preparing for a Global Surge?