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U.S. legalization could add $250 million to Tilray’s books

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Despite delays in cannabis legalization efforts in the U.S., Tilray (NASDAQ: TLRY) still has its eyes on that prize.

The company’s CEO, Irwin Simon, told investors on the company’s earnings call that if the U.S. legalized medical marijuana, it would “represent an additional $250-million opportunity for Tilray.” He based that figure on expectations that Tilray could capture 2-3% of the market if such an event occurred.

Tilray reported its earnings on Jan. 10 before the markets opened, and the stock plunged 10% based on the company’s missed expectations. The stock dropped another 3% on Monday after investors considered the company’s comments on the earnings call. 

Simon estimated that the current medical marijuana market in the U.S. is $8 billion-$10 billion, meaning a 2%-3% market share would deliver $160 million to $250 million business. Of course, cannabis can’t cross state lines in the U.S., much less country borders, but that didn’t stop Simon from speculating on the opportunity.

“We ship EU-GMP products all throughout Europe coming out of Canada, and some of the best cannabis grown today comes out of Canada … If anything is going to be legalized, it’s medical cannabis. I think medical cannabis ultimately would be sold through drug stores through the medical market and would be prescribed,” he said.

Simon also said that U.S. demand likely would require more supply of medical marijuana than is available.

Much of the call was focused on its alcoholic beverage segment, which has been growing rapidly thanks to acquisitions, but cannabis still makes up a larger percentage of the company’s revenues. However, the company’s beverage revenue is growing rapidly as it continues to make acquisitions.

Cannabis falls flat

Cannabis revenue for the company was essentially flat as sales dipped.

“Revenue from Canadian medical cannabis grew 6% despite the category being impacted by competition from the adult-use market, while revenue from Canadian adult-use decreased 18%, which was a result of our increased focus on preserving gross margin and maintaining a higher average selling price in categories with high excise tax,” Simon noted.

For example, Tilray said it was backing away from low-margin cannabis products, like vapes and infused pre-rolls, and prioritizing other categories at the expense of market share.

High hopes for hemp beverages

The company still sees potential in the cannabis beverage industry, despite THC drinks being expensive and restricted to being sold in cannabis stores in Canada.

“If we could sell that today in beer stores, if we could sell it on tap, how big a business that would be?” Simon mused. However, he did say he believed that sales would pick up as a result of “dry January.”

At the same time, hemp-derived beverages continue to be a growing market in the U.S. Ty Gilmore, president of Tilray Beverages North America, said the company anticipates that the broadest opportunity for such products would be brick-and-mortar stores, like convenience and liquor stores, rather than direct-to-consumer sales.

“There’s a big national chain that’s leaning into HDD9 in a really, really strong way. We absolutely are exploring and are taking part of DTC, but we see the much bigger opportunity in brick-and-mortar,” he said. “When you look at the consumer and what’s happening in this segment, and you can look at some big chains in Louisiana or what’s happened over the last couple of years in Minnesota, you can clearly see that there’s a consumer demand in brick-and-mortar stores to go to be able to look at brands.”

Simon made it clear he wished he could sell THC-infused beverages in the U.S., but in the meantime, the company will make hemp beverages instead. He also thinks Trump will be more friendly to the industry and may reduce regulations because he will look at the potential tax revenue.

“My thing is the Trump organization will look at this here just because of the dollars that will contribute to bringing in more to the tax dollars and also eliminating from the illicit market and eliminating all the confusion and helping with safe banking,” Simon said.



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2025

Brighten up your morning with Uncle Ned’s Wake and Shake

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Uncle Ned not required.


Serves: 4 Time: 5 minutes Doseage: 3mg per glass

Jump to the recipe

Upgrade your hum-drum breakfast smoothie to Uncle Ned’s Wake and Shake, an energizing, citrus-forward a.m. favorite with creamy macadamian nuts and a twist of THC. This recipe comes to us from the eponymous Uncle Ned via his niece, leading canna-chef Vanessa Lovorato, and her new cookbook, How to Eat Weed and Have a Good Time.

Vanessa’s Uncle Ned originated his Wake and Shake smoothie at his shop on the sun-soaked island of Kauai. An OG hippy with a passion for natural food, Ned developed the recipe using fresh tropical fruit, homemade honey, produce from his macadamia farm, and absolutely no unnecessary add-ins to make this wholesome way to wake and bake. He’s still out there now—making honey in a shack built out of a guava tree, catching some rays, and drinking a Wake & Shake every morning.


If smoothies aren’t your jam but you’re looking for a morning boost, pick up a bottle of Rare Cannabinoid Company’s delta-9 THC+CBC Mood Oil. You just need a few drops of the flavorless tincture to add some bliss to any food or drink.

2.5mg THC per bottle


The Wake and Shake is Uncle Ned’s impeccable vibe distilled down to a drinkable form, a tropical sunrise that fits in a tall glass. The tangy citrus blends deliciously with the macadamia nuts, making for a velvet-smooth treat that’ll have you looking forward to rolling out of bed in the morning. While the recipe calls for oranges and limes, feel free to experiment with all sorts of citrus. Uncle Ned has only one stipulation—make sure your juice is fresh-squeezed. 

Check out the video and recipe, and be sure to grab your own copy of How to Eat Weed and Have a Good Time for even more infused treats.


Uncle Ned’s Wake and Shake Recipe

(Adrienne Allen/Leafly)
Serves: 4 Time: 5 minutes Dosage: 3mg per glass

Ingredients:

  • 2 cups freshly squeezed orange juice (about 8 oranges)
  • 1 large banana, frozen
  • 2 cups crushed ice
  • ½ cup macadamia nuts
  • 2 tablespoons Whipped Weed Honey (How to Eat Weed and Have a Good Time pg. 78)
  • 2 tablespoons freshly squeezed lime juice (about 1 lime) 

Instructions:

  1. In a blender, puree all of the ingredients together on high until smooth, about 2 minutes. 
  2. Pour into tall glasses and enjoy immediately, or refrigerate in a lidded container for up to 2 days. 




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2025

Beat the heat with a Bong Island Iced Tea

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Serves: 5 Time: 20 minutes Doseage: 6mg THC per cup

Jump to the recipe

Beat the heat with a Bong Island Iced Tea, a fizzy, lifted twist on the classic Long Island that trades five liquors and regret for an energetic cannabis buzz. 

This summer upgrade comes to us from Bong Appétit alum and canna-chef extraordinaire Vanessa Lovorato. Her brand-new cookbook, How to Eat Weed and Have a Good Time, is a colorful guide to getting high with fanciful twists on classic treats.

Unlike its boozy predecessor, this stoney mocktail features caffeinated black tea, a hefty dose of pot, and nostalgic notes of cola gummies and childhood wonder. It’s a bubbly, slightly sweet, slightly tart drink that hits with the refreshing satisfaction of soda and the relaxing body high of weed. AKA all the fun with none of the hangover. 


If you like the sound of such a high-flying beverage, but aren’t much of a mixologist, then these delightful drinks are up your alley. Snag a pack and let Cycling Frog do the bartending.

50mg THC | 4 pack


Check out the video and recipe, and be sure to grab your own copy of How to Eat Weed and Have a Good Time—because edibles just got a little more elevated. 


In How to Eat Weed and Have a Good Time by Vanessa Loverato, you’ll find a treasure trove of sweet and savory dishes from cupcakes to taquitos, with highly tested instructions to get the infusion just right. Be the stoned Suzy Homemaker you want to see in the world.

Find recipes like the bong island iced tea in How to Eat Weed & Have a Good Time, a cannabis cookbook by Vanessa Loverato


Bong Island Iced Tea recipe

Bong Island Iced Tea
(Photo by Julia Stotz)

Video: Vanessa Lovorato

Serves: 5 Time: 20 minutes Doseage: 6mg THC per cup

Ingredients:

  • 2 cups water
  • 2 black tea bags
  • 2 cups Coca-Cola
  • ½ cup ginger beer
  • ½ cup freshly squeezed lime juice (about 4 limes)
  • ½ tablespoon Turnt Tincture (How to Eat Weed and Have a Good Time pg. 70)
  • 5 to 10 dashes of orange bitters
  • Fresh mint, for garnish
  • Sliced lemon, for garnish

Instructions:

  1. In a small saucepan or kettle, bring the water to a boil. Remove from the heat, add the tea bags, and steep in the hot water for 3 to 4 minutes. Discard the tea bags, pour the tea into a large jar or cup, and let the hot tea cool in the fridge before using, about 10 minutes.
  2. In a pitcher, stir together the cooled tea, Coca-Cola, ginger beer, lime juice, Turnt Tincture, and bitters until fully combined. Set out 5 glasses, fill with ice, and pour the tea mixture over it. Top each glass with a few sprigs of mint and a slice of lemon.
  3. Serve and enjoy.

How to Make Marijuana Kombucha | Leafly (bong island iced tea stock)
(Elena_Ibragimova/iStock)



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2025

Shop LGBTQIA+ brands and dispensaries this Pride Month

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Shop with Pride all year long by supporting these queer-owned cannabis brands & retailers.


For decades, the cannabis and LGBTQIA+ communities have organized, protested, educated, and advocated for their rights to exist and thrive. And often, their goals overlapped. Lest we forget: Dennis Peron opened the first medical cannabis dispensary in San Francisco, the Cannabis Buyers Club, to help service queer people coping with AIDS and other medical conditions. Brownie Mary Rathbun’s main clientele were AIDS patients.

If not for the combined activism of these two communities, Prop 215 might not have existed, and set off the nation’s slow and ongoing journey towards safe and legal access to cannabis. This June, Leafly is highlighting the fire from authentic torchbearers of this great gay movement.

Use our shopping filter to browse LGBTQIA+ owned dispensaries in your area and place an order for pickup or delivery this June and all year long.

Find dispensaries like SWAY in the Northalsted/Boystown gayborhood of Chicago—the first and only queer-owned dispensary in Illinois.

“SWAY is built on the strong, sassy shoulders of those who came before. The queer rule-breakers who fought for medicinal weed as a remedy against HIV. The Black and Brown activists breaking down barriers to weed, despite bearing the brunt of over-criminalization and prosecution.”

From Flore Dispensary in San Francisco’s Castro District to Massachusetts’s Tree House Craft Cannabis, there are LGBTQIA+ owned dispensaries from coast to coast that you can support this Pride Month and beyond.


Shop queer-owned cannabis brands

Check out our curated list of products from queer cannabis brands who have made the cannabis landscape a better, danker place.

LGBTQIA+ brands and dispensaries like FLAMER, pictured here with their Pillow Talk jarred flower
(/FLAMER)

FLAMER

Available in New York

New York’s FLAMER crafts high-quality, high-style pre-rolls and whole flower, featuring cheeky names and clear effect and terpene information, so you have all the information you need to find your best fit. The queer brand is “chosen-family-owned-and-operated” and draws inspiration from the gritty glamour of New York nightlife. Their newest release, Sasha Colby Kush, is a must this Pride season.

Drew Martin

Available in California & New York

Queer-owned Drew Martin combines sun-grown cannabis and botanicals to create terpene-rich, perfectly mellow, low-dose pre-rolls. Joints as unique as you are.

LGBTQIA+ brands and dispensaries like Stone Road, pictured here with their Bubble Hash pre-rolled joint four pack
(/Stone Road)

Stone Road

Available in California & New York 

Stone Road has something for every smoker, from single joints to hash-infused pre-roll packs to eighths to pre-ground ½ ounces to dabbables. As with life and love, there’s no wrong way to be.

Grass Queen

Available in Vermont

The woman- & queer-owned Vermont cannabis company, Grass Queen, makes small-batch flower and botanical blends while creating space for communities underrepresented in today’s cannabis industry.

Available in Oregon

Founded by two queer women, Katie Stem and Kate Black, Peak Extracts makes tinctures and topicals, though most know them for their vape pens and strain-specific chocolates, extracted using an eco-friendly and proprietary CO2 process. Their chocolates have six categories that cycle through strains chosen for their terpene profiles and medicinal benefits.


Shop queer-owned hemp

These queer-owned hemp brands make fabulous products that you can shop online and have shipped right to your door.

Xula Herbs

Queer- and Latinx-owned Xula Herbs is on a mission to help folks feel good. Xula makes plant-powered formulas combining botanicals, adaptogens, and hemp to address everything from period support to unwinding.

LGBTQIA+ brands and dispensaries like CANN social tonics, pictured here with a mini can of their Blood Orange Cardamom with a cocktail glass featuring a THC mocktail and slice of blood orange
(/CANN)

CANN

CANN prides themselves on concocting exciting, limited-edition THC drink flavors that tantalize the tastebuds. CANN’s roster of social tonics are infused with a microdose of THC per can, making their delightful beverages an ideal partner for any sort of gathering. 




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