Catdadsworldwide

@MTGSecretLair 1 per person will prob mean it’s super limited.

A message from the Goblin Engineers of Secret Lair:

@BeppeCacio @MTGSecretLair No, this means that it’s gonna be super limited and will probably sell out even faster

@MTGSecretLair Am I seeing a big W finally?

@PeachFinancial @KOKUSIBONO They’re getting shares as compensation. When they are buying shares, It’s very little. They’re making so much money that it doesn’t matter. It’s all write offs to them.

@troncatdad @KOKUSIBONO Yes zero net debt but they clearly want to buy something or fund expansion They are also all shareholders so they wouldn’t want to dilute themselves

Look at Tilray (TLRY)’s ROE. It’s deeply negative — around -70% to -90%. This company is literally surviving on shareholders’ money. Constant losses, massive dilution, and equity raises just to keep the lights on. Not generating returns, but destroying value. $TLRY

@PeachFinancial @KOKUSIBONO @TilrayIR From what I read it would be a proxy fight that would cost millions. Since this is held by 95% retail it makes it impossible.

@troncatdad @KOKUSIBONO @TilrayIR Yeah I hold like 14,000 after split - I have been trying to get people to join forces and create a shareholder proposal - you just need to work together and get on these people

@PeachFinancial @KOKUSIBONO Also they have zero net debt and seem to be turning a small profit every quarter. All they wanna do is dilute and expand on shareholder money.

@troncatdad @KOKUSIBONO 2/ $280M last reported minus $60M for Brew dog $220M + option for $180M = $400M Save $100M for balance sheet / cash burn (2027 cash flow positive I.e accretive Brew Dog / Carlsberg) $300M spend on acquisition / USA expansion possibly accomplish both with acquisition

@PeachFinancial @KOKUSIBONO I thought Brewdog was 44 million. Would’ve been smart if they bought back the shares when they were all-time lows and then diluted when it hit three dollars. The float would still be drastically smaller without an rs and they would be sitting on twice the cash.

@PeachFinancial @KOKUSIBONO @TilrayIR Good luck trying to contact them. I’ve been sending them emails since 2022 with zero responses and I held over 80,000 shares before the split. There were people.There were people with 10 times more shares than me that couldn’t even get a hold of them.

@troncatdad @KOKUSIBONO 1/ I wish I knew - I have tried to contact @TilrayIR about 100 times They only have the option for the ATM $180M apparently they have not drawn on this. My next comment is my math for what I believe

@PeachFinancial @KOKUSIBONO If that were the case, why are they sitting on close to 300 million in cash and then plan on diluting more to raise $180? what the hell are they doing with that money.

@KOKUSIBONO ROE is a useless measure at this point especially with the massive write downs of intangible assets Cash burn isn’t terrible , in the past 5 years most of their dilution has been an equity raise that has almost dollar for dollar offset debt repayment Still a terrible CEO

@bcstearns_ @IrwinDSimon @tilray Haha he’s deleting your comments !

@jondecker76 @IrwinDSimon He’s getting paid to destroy this company. He only cares about his wallet but remember he has to answer to god! lol We all know where he’s going and it ain’t god. @IrwinDSimon @tilray @tilray 😂

$tlry @IrwinDSimon All $TLRY needs to do is communicate that they have no plans for dilution to help ease investor sentiment - but not a word from them. This is the most poorly run publicly traded company I've ever seen. Not a care in the world for investors #FireIrwin

@bcstearns_ @IrwinDSimon @tilray He waited for his chance to destroy everything. He’s like Palpatine lurking in the background.

Today we are pleased to announce that 99.38% of Shareholders voted FOR the previously announced arrangement with @Tilray. For more details bit.ly/32grV5l $APHA

@bcstearns_ @IrwinDSimon @thecannalysts @tilray Two scam artists one resign !

ICYMI: Our Chief Financial Officer, Carl Merton, did an #AskMeAnything last week on @TheCannalysts subreddit. He covered a wide range of topics, including our proposed merger with @tilray. For the full AMA click here: bit.ly/3cbkliq $APHA

@bcstearns_ @IrwinDSimon @tilray Haha bro forgot to disable comments from 2021. Share this! I’m share the community would blow this up !

@bcstearns_ @IrwinDSimon @tilray Yea then he diluted like 600M shares after lol.

We are excited to announce the completion of the @tilray and Aphria business combination, ushering in a new era in the global cannabis industry. Click the link to learn more bwnews.pr/3nM5ZZJ $TLRY $APHA #AphriaTilrayTogether

@bcstearns_ @IrwinDSimon @TilrayIR @tilray The thing is, they don’t know what they’re doing over there.

@donzalski54374 @IgniteItNews @tilray @IrwinDSimon @AJHerrington1 He only knows how to dilute shareholders. Sitting close to $300 million in cash and you approve an ATM for $180M

🚨EXCLUSIVE: @tilray CEO @IrwinDSimon says Schedule III could be a turning point for U.S. medical cannabis. Key themes: 🏥 Medical legitimacy 💰 Institutional capital access 🔬 Research expansion 🌎 Long-term U.S. market opportunity 🖊️@AJHerrington1 igniteit.com/news/tilray-ce…

@TLRY_Happy Buying btc at ath while diluting to pay down debt is comical. @IrwinDSimon @tilray @TilrayIR

According to Tilray’s latest SEC filing, the company purchased about 9.16 Bitcoin during fiscal 2026. The filing shows: Quantity: 9.16 BTC Total cost basis: about $1.0 million USD That works out to an average purchase price of roughly $109,000 per Bitcoin. ir.tilray.com/node/15191/htm…

@__OuttaControl_ To your point though it’s even worse that the stock is tanking right now. Because they haven’t even hit the ATM and the ATM was already factored into the last drop. The lower, the stock, the higher, the dilution, the higher, the stock the lower the dilution.

Could be wrong here, but my read is the $180M ATM was announced on April 15 when TLRY was at $7. Stock sits at $5.57 today, down ~20% in three weeks. History suggests they'll tap it (agreed there). But there's no guarantee they hit it in full, or anywhere close. The question I was wrestling with before writing the post: how much of this dilution is already priced in? If the move from $7 to $5.57 is the market pricing the full $180M at issuance levels, the asymmetry shifts. If they tap less than expected, that's upside. If they tap more aggressively, more downside. Curious if you've heard anything about the ATM beyond what's been made public?

I'm buying Tilray here. I want to be clear about what this thesis is and isn't, because the bull case for $TLRY is usually presented in ways I don't believe. I'm not buying because Tilray is well run. judging from the sentiment of this platform, Irwin Simon is widely considered the weakest CEO in the public sector. The dilution track record is bad. Capital allocation has been erratic. Strategy has rotated from medical cannabis to wellness to beverages to hemp depending on which quarter you're reading. I'm not buying because it's a pure cannabis play. It clearly isn't anymore. SweetWater, Breckenridge, Atwater, Montauk, Alpine, Green Flash, Hi-Ball, plus the BrewDog deal that closed last year. Add Manitoba Harvest in hemp foods. Cannabis is closer to half the revenue mix than the dominant business. I'm buying because the footprint Tilray has assembled is genuinely interesting to an acquirer who isn't Irwin Simon. The portfolio includes: - The largest medical cannabis producer in Canada - The #1 cannabis platform in Germany via Aphria RX - Production in Portugal and Italy serving the EU medical market - A craft beer portfolio with national distribution and recognizable regional brands - Manitoba Harvest hemp foods with US grocery shelf placement - A growing hemp-derived THC beverage business running through existing brewery infrastructure That stack is roughly what Constellation paid $4B for with Canopy, except built across diversified alcohol-adjacent and hemp-adjacent revenue streams, and currently valued at $716M market cap with $265M of cash. EV is roughly $711M on TTM revenue around $830M. That's 0.86x EV/Sales. CPG comps trade 1.5-3x. Even distressed cannabis trades 0.5-1x. The setup: - Stock down ~92% from all-time high - Reverse split in December 2025 reset the float (~112M diluted shares now) - Short interest 14.8% of float - Net cash position, basically debt-neutral - Sentiment is washed out in a way I don't see in any other cannabis name The bear case is real and worth acknowledging. ATM dilution continues. Diluted share count grew 24% YoY post-split. Irwin Simon is not a willing seller. He appears to fancy himself an empire-builder and continues to buy more assets. Constellation already burned billions on Canopy, so big alcohol's appetite for cannabis M&A is impaired. The take-out thesis for TLRY has been articulated since 2019 and nothing has come of it. What changes the math is the price: You don't have to believe in Irwin Simon to make money on TLRY. You have to believe the assets exist, that they're worth more in someone else's hands than his, and that the price has gotten low enough that even a mediocre outcome generates a return. At 0.86x sales with $265M of cash and 14.8% short interest, the asymmetry favors the long. A re-rate to 1.5x sales (still below CPG comps) puts the stock around $13. A take-out premium puts it higher. Continued grinding lower is the bear scenario, but the floor is closer than the ceiling because cash plus brand portfolio provides a real backstop. This is a buy on sentiment and valuation, not operating quality. I'm long, sized small relative to the portfolio. Removal of Simon or some form of strategic transaction isn't off the table. The board has the authority, activists have circled before, and beaten-down small caps have surprised in stranger ways. You don't need to underwrite the catalyst for the trade to work. The price is forgiving enough either way. Last thing. TLRY brings out the worst of cannabis Twitter. The replies on this will surface the same complaints I've already factored in: Irwin, the ATM, the dilution, going to zero. I've heard all of it. Most of it I agree with. The position is small for a reason. The bears could be completely right and this stock could go much lower from here. That's the trade. No need to convince me one way or the other. Small position, OTM LEAPs, lottery tickets. NOT ADVICE -- DO YOUR OWN RESEARCH

@__OuttaControl_ I meant lower the dilution*

@__OuttaControl_ The ATM is controlled by Jefferies. The goal is that they hit the ATM a little bit at the time to raise 180million in capital. They’re hoping the stock flies up drastically and then they’ll dump all the shares. If they do that, it will lower the float substantially.

@__OuttaControl_ As of today no shares have been added from that ATM. When they add shares for the ATM, they’re supposed to report it. You can check the filing.