Germany surprise just one of many to come Adult recreational cannabis will increase the German cannabis market by 10x from a $400 million medical market to a $4 billion medical and recreational market within three years after legalized, which is similar to the pace of development observed in the Canadian recreational cannabis market. Tilray’s 5x 2023 forward EV/sales multiple suggests that investors have yet to price in the German opportunity. Tilray has a first-mover advantage with its leading production and distribution capacity in Germany. This represents a market opportunity similar to California's with $4 billion in sales, which is double the size of the Canadian recreational market at C$2.6 billion (in 2020). $$$