Brew Markets – April 1, 2026
Episode: Tilray Grows Beyond Cannabis & Iran Threatens U.S. Tech Giants
Host: Ann Berry
Featured Guest: Erwin Simon, Chairman & CEO of Tilray Brands
Overview:
This episode of Brew Markets unpacks two headline stories:
- Iran’s Revolutionary Guard threatening major U.S. tech and financial companies with attacks in the Middle East.
- Tilray Brands’ strategy to grow beyond its “cannabis company” reputation, highlighted through its acquisition of craft beer powerhouse BrewDog and ongoing challenges with U.S. cannabis legalization.
Ann Berry interviews Tilray’s CEO Erwin Simon for a deep dive into the company’s evolution, challenges, and vision.
Key Segments and Discussion Points
1. Escalating Middle East Tensions: Iran’s Threats Against U.S. Companies
[00:18 – 04:14]
- Breaking News: Iran’s Revolutionary Guard threatens attacks on “MAG7” tech giants (Nvidia, Apple, Microsoft, Google/Alphabet, Meta, Tesla), as well as Cisco, HP, Oracle, IBM, Dell, JPMorgan, GE, Boeing, and UAE firms G42 and Spire Solutions.
- Context: The threats are in retaliation for alleged involvement in assassinations of Iranian leaders since February 28.
- Warning Issued: Employees of listed firms told to evacuate; people advised to leave a 1km radius around their offices in the region.
- Market Reaction: Despite threats, the Nasdaq is up; the VIX (volatility index) has dropped below 24.
- Political Context: Contradictory signals from U.S. government—President Trump claims he’ll end the war “within two to three weeks,” whereas Secretary of State Marco Rubio says “the finish line is near,” and Defense Secretary Pete Hegseth vows to continue “negotiating with bombs.”
“Lots of conflicting signs. Lots of differences in volatility ... We're going to keep on watching.” — Ann Berry, [03:30]
2. Tilray Brands: Beyond the “Weed Company”
Interview with Erwin Simon, CEO
[04:17 – 22:39]
Who Is Tilray Today?
- Transformational Identity: Though widely seen as a “Canadian cannabis company,” Tilray positions itself as a broad-based consumer packaged goods (CPG) company.
“We are a consumer packaged goods company… over 40 plus brands, multiple manufacturing facilities. We sell our products in supermarkets, convenience stores, bars...and at cannabis stores, dispensaries.”
— Erwin Simon, [04:32]
BrewDog Acquisition: Motivation & Strategic Fit
- Recent Deal: BrewDog acquired March 2, 2026 ($53 million in cash).
- Why BrewDog?: BrewDog was admired for its brand and global distribution but previous valuations too high until it entered administration.
- What Was Acquired:
- Manufacturing in Aberdeen, Scotland
- 16 UK/Ireland/Scotland brewpubs (originally 11, added 5 more);
- Australia operations (facilities, pubs, franchises);
- U.S.: Columbus, OH brewery, hotel, Las Vegas brewpub, others;
- 18 franchises worldwide
- Scale Impact: Beverage revenue base nearly doubled—from ~$200M to nearly $500M annually.
“It basically doubled the size of our beverage business ... taking it from a 200 plus million dollar business to almost a 500 million dollar plus business.”
— Simon, [07:29]
Strategy Behind Diversification
- Rationale:
- Federally legal cannabis remains stalled in the U.S.—diversifying hedges that.
- BrewDog’s infrastructure grants Tilray instant global beer exposure.
- Earlier Moves: The 2023 purchase of Anheuser-Busch beer brands was also driven by U.S. cannabis legalization uncertainty.
“I’ve never wanted to be a one-trick pony ... If there was adjacency to the cannabis business, it would be through the beverage business.”
— Simon, [08:38]
Operational Goals with BrewDog
- Execution:
- Doubling beverage business size, aiming for 18–20 million cases of craft beer sold annually across 19 brands.
- Leverage BrewDog’s global pubs/distribution to expand Tilray’s U.S. beer brands internationally.
“When you have a business like BrewDog that has manufacturing, that has distribution, that has infrastructure in place ... it's going to be much easier.”
— Simon, [10:46]
Possibility of Cannabis-Infused Drinks
- Regulatory Hope:
- U.S. rules currently bar Delta-9 THC drinks after late-2025 legislation. Simon is optimistic for U.S. regulatory change.
“I hope ... we get the whole Delta 9 situation straightened away and be able to sell cannabis and our hemp infused drinks in the US... The size—let’s be honest with each other. Why is alcohol consumption down? Cannabis is the one cannibalizing this.”
— Simon, [12:17]- In Canada, cannabis drinks are a $50–55M business for Tilray, with over 55% market share.
Barriers to Federal Legalization
- Recent Progress: Trump’s December 2025 executive order to reschedule marijuana hasn’t resulted in actual change yet.
“I don’t think anything [is] stopping, but I think something called Epstein files, I think a war in Iran ... have become priority.”
— Simon, [14:11]- Expects medical cannabis to be federally legalized—recreational, less likely.
Persistent “Weed Stock” Label
- Investor Perception:
- Institutional investors, banks, and even UK partners balk at cannabis affiliation.
- Simon maintains the medical cannabis segment is a major opportunity and subject to excessive regulatory scrutiny compared to alcohol.
“My job ... is to legitimize cannabis and that we’re a pharmaceutical part of the cannabis business ... but right now, Canada is the only country in the world where recreational cannabis is legal.”
— Simon, [15:07] - Advocacy: Tilray and its peers do spend on lobbying and policy reform.
“We all do ... to get the message across to Congress, to the President...”
— Simon, [17:27]
Investor Guidance and Future Structure
-
Stock Performance: Despite strong Q3 numbers (cannabis business nearly doubled internationally; BrewDog acquisition seen as a bargain), stock price fell 5% due to cannabis legal uncertainty.
“It is frustrating ... either we're not getting the right message out or people are not understanding our message.”
— Simon, [18:46] -
Possible Corporate Split?: Open to spinning off cannabis and beverage into separate businesses, echoing moves by big CPG firms.
-
“Project 420” and Optimization: Rationalizing SKUs to drive scale, optimize procurement, and integrate BrewDog. More portfolio simplification likely.
“As we bring BrewDog in ... there's absolutely opportunities to optimize this business, take complexity out ... It's going to help the business tremendously.”
— Simon, [21:15] -
Synergy Targets: Not ready to share specifics yet, but expects substantial cost savings and operational synergies.
“If you’re doubling the size of your business ... and if we got $33 million out prior, if we cannot get a good number out, then we're not doing a great job.”
— Simon, [21:55] -
Lighter Note:
“We’d love to have a pint with you ... And it’s cold, not warm beer. Okay.”
— Simon, [22:25]
3. Market Headlines: Quick Hits
[23:34 – 26:59]
- Philip Morris (PM) Down 5%: FDA delays on nicotine pouch review.
- Eli Lilly (LLY) Up 4%: FDA approval of their first GLP-1 pill, "Foundeo."
- Allbirds (BIRD) Down 12%: Sells certain assets to American Exchange Group for $39M—market cap now close to $22M (down from a $4B peak).
Notable Quotes
-
On Tilray’s Identity:
“We are a consumer packaged good company… focused on brands and bringing people together for a lifestyle.” — Erwin Simon [04:32] -
On why BrewDog?:
“When BrewDog became available ... it was something myself and my team really stepped into ... very fortunate to acquire the assets within BrewDog.” — Simon [05:48] -
On Diversification:
“I’ve never wanted to be a one trick pony ... and if there was adjacency to the cannabis business, it would be through the beverage business.” — Simon [08:38] -
On Regulatory Frustration:
“Right now, Canada is the only country in the world where recreational cannabis is legal … it’s only legal within that state [in the US], has to be grown in that state, etc.” — Simon [15:07] -
On Medical vs. Recreational Legalization:
“Will it ever happen in the US that recreational cannabis will become legalized from a federal standpoint? I don’t believe it. Will it ever happen where it’s legalized from a medical cannabis? Absolutely.” — Simon [16:43] -
On Future Simplification:
“Is there a day that we spin off … from a cannabis and a beverage business? Potentially. But right now ... there is a lot of levers to pull within Tilray.” — Simon [18:46] -
On Portfolio Optimization:
“There’s absolutely opportunities to optimize this business, take complexity out ... and as you put these two businesses together ... it’s going to help the business tremendously.” — Simon [21:15]
Timestamps for Key Topics
- Iran Threatens U.S. Companies: 00:18 – 04:14
- Intro to Tilray & Erwin Simon Interview: 04:17 – 05:23
- What is Tilray? 04:32 – 05:23
- Details of BrewDog Acquisition: 05:29 – 07:49
- Strategy & Rationale for Diversification: 07:49 – 10:27
- Execution Plan for BrewDog Integration: 10:27 – 12:10
- Cannabis Drink Regulations & Potential: 12:10 – 13:47
- Federal Legalization: What’s Blocking Progress: 13:47 – 14:38
- Tilray’s Stigma as a “Weed Stock”: 14:38 – 17:20
- Industry Lobbying & Policy Reform: 17:20 – 18:17
- Investor Messaging & Potential Corporate Structure: 18:17 – 20:45
- Project 420 & Scale Optimization: 20:45 – 22:31
Conclusion
This episode delivered crucial analysis of geopolitical risks affecting global tech and financial stocks while spotlighting Tilray’s bold transformation into a diversified CPG company. Key insights from Erwin Simon showed strategic thinking around scaling, regulatory navigation, and resilience in the face of investor skepticism about “weed stocks.” Tilray’s journey from cannabis to global craft beer underscores the company’s ambition against a volatile regulatory and market backdrop.