Reddit Posts
Looking for advice regarding my profile ($CGX, $CYBN, $FLT, $FTFT, $MMED, $NIO, $NUMI, $TLRY)
NICH - Introducing "The Republic" portfolio, Tover Spirits is set to make a splash in the Ready to Serve alcohol beverage segment.
Tilray Brands Seizes 40% Of Canada's Cannabis Beverages Market Share By Acquiring This Company - Tilray Brands (NASDAQ:TLRY)
NICH - Introducing "The Republic" portfolio, Tover Spirits is set to make a splash in the Ready to Serve alcohol beverage segment.
You can park that CASH Pile right into the Cannabis Sector. Thank you! Cannabis Fire "2024" SNDL, TLRY, MSOS, GTBIF
Panama Grants 7 Medical Cannabis Licenses: Which Companies Got Them? - (TLRY)
EBYH - "We are thrilled to conclude 2023 with our most substantial orders to date".
$TLRY $MSOS BREAKING: Feds Release Marijuana Documents, Confirming Schedule III Recommendation Based On ‘Accepted Medical Use’
TLRY SEC Filing Irwin Simon bough 53,700 shares. Not much, but it’s a positive sign and step forward.
$MSOS $TLRY BREAKING: Feds Will Release Marijuana Rescheduling Memo And Related Documents ‘In Their Entirety’ In Response To Lawsuit
Can someone who is really knowledgeable about short squeezes let me know what this report means? What is dark pool trading?
$MSOS $CGC $TLRY "US House Democrats Introduce Bill to Federally Legalize Cannabis"
TLRY bag holder Holding 26,202 shares into 2024 Presidential election and long.
Sponsored tiktok post advertising an "upcoming short squeeze"
TLRY pre market. *Record 02 Net Revenue of $194 Million, Increases 34% Over the Prior Year Period.
Tilray Brands Delivers Record Q2 Fiscal 2024 Net Revenue. Learn more ow.ly/4zvL50Qp792 $TLRY
$TLRY reports earnings tomorrow morning (Tuesday, Jan 9th @ 8:30am). Short interest is at an all-time high (no pun intended) and sentiment is at its most bearish since early 2020.
Going into TLRY earning 1/9/24 with 26,156 shares. Opinions?
MSOS TLRY "Congressman Tells DEA To Reschedule Marijuana ‘As Swiftly As Possible’"
Leaked Documents Suggest Significant Changes to Germany's Cannabis Act
TLRY preparing for big upside move. Decriminalization is coming
12/26 - 12/29 - Downtrend Breakout SETUP - $LUMN / $WULF / $SST / - TA + 🎯
Brilliant Strategy or Wall Street Roulette?
TLRY is lighting up- early entry looks good
This is an obvious bet right? Why isn't everyone doing it? Am I crazy?
How I feel when CGC and TLRY promote with US Cannabis legalization
$MSOS $TLRY - "Six Governors Push Biden To Ensure Marijuana Is Rescheduled By The End Of This Year" 🌿🔥😎
Ahoy TLRY i see you trying to go up with everyone
$MSOS $TLRY - "Cannabis ‘legalization is inevitable,’ says policy analyst—what to know before you invest" - CNBC 🌿🔥😎
$MSOS $TLRY $CURLF - "German Lawmakers Reach Agreement On Revised Marijuana Legalization Bill, With Final Vote Expected Next Week" 🚀🌕📈
2024 Doublers: Grab your share of the action with these 3 hot penny stocks!
Meme stocks you'll wish you'd bought sooner: November 2023
From Pennies to Benjamins: Multiply your $1 with these penny stocks!
$RGBP Must read mRNA #FDA in play!
Penny stocks with multi-millionaire potential: SOUN, TLRY, CURLF, and OLB
Tilray Stock: Is the plunge a buying opportunity or a cautionary tale?
Penny stocks poised to become multi-baggers: TLRY, AVTX, BITF, and OLB
Can you explain the TLRY 2018 weed stock story? I know a few bagholders and want to understand their thesis.
Make yourself the millionaire next door with these penny stocks: October edition (TLRY, OLB, CURLF, and BITF).
What would you choose as first time investor, MSOS, TLRY or CGC?
Analysts are betting on Tilray Brands, Inc. ($TLRY) with a big upgrade this week.
The most active penny stocks worth your time: FEMY, TLRY, OLB, NKLA
Penny stocks to watch for 10-bagger returns by 2025
CEO Irwin Simon to discuss $TLRY's Q1 FY24 results and the future of the company @ BNNBloomberg
TLRY SHAREHOLDERS (BAGHOLDERS) MUST UNITE AGAINST THE BOARD! [Retail Investor Q&A]
$SNDL >>> Visualize, what this actually means for Cannabis Companies and their exposure being front and center to all the X platform users. Yeehaw!! $TLRY $VFF $CGC
Visualize, what this actually means for Cannabis Companies and their exposure being front and center to all the X platform users. Yeehaw!! $TLRY $VFF $CGC
Penny stocks on the move: TLRY, NFTG, LRE, OLB
$TLRY $CURLF Bill To Legalize Marijuana In Germany Advances After State Representatives Fail To Block It
Is Tilray (TLRY) Worthy of Being the Most Shorted Cannabis Stock?
$MSOS $TLRY ‘God Almighty,’ No One Should Be In Prison Over Marijuana Possession, Biden Says At Congressional Black Caucus Event
420,000 TLRY Shares to the mf Moo00ooN 🚀🚀🚀🚀🚀🚀🚀🚀🚀
TLRY has a 450m convertible maturing this week
High Valuations? Exploring P/B Ratios in the Cannabis Sector
Beyond the Smoke: Unraveling Price-to-Book Ratios of Cannabis Stocks
Kerrisdale is a bunch of coked out hacks. TLRY to the moon
SNDL & TLRY Cannabis, what to know SEPTEMBER 27th is Next Wednesday! Also, Tilray ER >>> OCTOBER 4TH
Weedstock income statements comparison
$MSOS $TLRY SAFE BANKING: "following weeks of negotiations, senators have finally reached a deal."
$MSOS $TLRY- Here's The New Marijuana Banking Bill Text That Senators Negotiated As Committee Prepares To Vote Next Week
Kerrisdale Capitol continued fraud
$MSOS $TLRY 🔥 Congressional Committee Will Vote On Removing Marijuana As Barrier To Federal Employment Or Security Clearances
$MSOS $TLRY - BREAKING: The Senate Banking Committee has officially scheduled a vote on a marijuana banking bill for September 27 💣💥
$TLRY First LEAP ever. All my savings from the last 3 months. Here’s to it going tits up 🍻
White House Promotes Biden's Marijuana Moves As Part Of 'Fight For Our Freedom' Campaign To 'Mobilize Young People' - Marijuana Moment
Most overlooked stock in cannabis
Aight regards... lets start drumming up the frequency of these WEED STONK posts so that the hedge fund algos pick them up
TLRY - New Up-Trend. Down-Trend since 2021 Has Been Broken...Hourly & Daily Triggers Crossed Weekly (Bullish)
$TLRY - downtrend since Nov ‘21 Broken, New Uptrend Started
Curaleaf (CURLF) Analysis: The Rise of the Marrijuanas
Penny growth stocks that can triple your money in the next 12 months
NY Times - More than one-fifth of people who use cannabis struggle with dependency or problematic use, according to Journal of AMA
TLRY YOLO week 3 Update: I doubled down contracts
$TLRY - Medical Cannabis Oil May Help Cancer Patients...
Mentions
>2nd profitable Q in a row for TLRY. I feel like we have different definitions of "profitable"
2nd profitable Q in a row for TLRY. They’re turning the corner here and soon will be FCF positive. Non-cash charges probably need to be explained better bc it is confusing some people
TLRY already has distribution and shelf space in the US. Wont be hard for them to enter. They just buy some smaller company or something. Also shedule 3 does allow import after getting some paperwork approved. But i agree trump probably doesn’t want that, so we‘ll see.
I hear ya. One thing also that's interesting in the last few years is that the beverage business was the only thing going right for them, now it's the other way around. I know he bought into beverages to eventually be able to get cannabis beverages out in the market. And ppl seem to be shifting more to cannabis drinks so it will be interesting if it pays off for TLRY or if they'll have to eventually sell their beverage assets.
No state program allows importation of marijuana, and that won't change by schedule III. Ain't no way in hell Trump admin going to welcome a flood of marijuana from the north, either. This is going to be an opening of a mystery box in how to deal with medical marijuana, but one thing I'm certain on is it's not going to create a quick pathway for TLRY or others to export their biomass into the states.
sOmEoNe LoSt mOnEy. SYBAU you sound dumb when he’s clear right. For 1/9/2026 $11 strike option, you need TLRY to open +12% to break even. Any less and you’re in the red due to 340% IV.
TLRY summary: Net revenue increased 3% to $217.5 million in the second quarter compared to $211.0 million. Gross profit was $57.5 million in the second quarter compared to $61.2 million. Gross margin was 26% in the second quarter compared to 29%. Cannabis net revenue increased 3% to $67.5 million in the second quarter compared to $65.7 million as a result of a 36% increase in international cannabis and a 6% increase in Canadian adult-use cannabis, offset by a lower presence in Canadian wholesale cannabis in anticipation of deployment in international markets. Beverage net revenue was $50.1 million in the second quarter compared to $63.1 million. Wellness net revenue was $14.6 million in the second quarter and was flat. Distribution net revenue, which includes Tilray Pharma, grew to our highest revenue quarter ever to $85.3 million in the second quarter compared to $67.6 million. Net loss improved $41.8 million to $(43.5) million in the second quarter compared to a net loss of $(85.3) million Adjusted EBITDA3 was $8.4 million in the second quarter compared to $9.0 million. Adjusted EBITDA Outlook for Fiscal 2026 Reaffirmed at $62 Million – $72 Million
Bad thing about having 2027 TLRY LEAPS is pumps like this will barely move the needle.
Cope... the list of TLRY bag holders is long and distinguished
I'm surprised beverage revenues were down for TLRY, thought this was market was growing crazy fast (from RYM/GTI reporting) but maybe that's just in the US... this kinda surprises me though.
Kinda meh if you ask me TLRY Depending on the 4:30 call, I wouldn't be surprised to see red on tomorrow morning's open .. cause as well know, AH means squat
Someone here said they could smell the 50 baggers on TLRY. What the fuck did they know.
I'm not even in it but i LOVE when TLRY rips
Only when you actually short TLRY, will it rip
oh goodie TLRY is doing the opposite of what I need
Earnings season doesn't really start until TLRY
Not touching TLRY. AEHR tho
TLRY calls full port or full port puts?
Hopefully TLRY dies tonight
Sooo after hours TLRY financials has me thinking they won’t be good… hoping to be surprised
$TLRY earnings, they gonna flunk or pass
4% withdrawal rate gives you about 50k, if you can make do with that that’s a yes. Or you could buy TLRY calls and become a baller next quarter.
going to take a shot lol, 100 10$ calls on TLRY at .10 and 100 $8 puts at .10
Going full tard after cashing on APLD calls - TLRY $9 calls for earnings
Mmmmmm can’t wait for TLRY earnings. Going to be shit per usual.
Based on all the news around S3 after years of talk during the last administration- which companies do you think are actually best positioned to benefit if rescheduling moves forward? I’ll be honest, I’ve lost almost my entire life’s savings on this sector. Please go easy on me- I know it was a huge mistake putting so much into TLRY and CGC since 2020. It’s been incredibly tough living with those choices. That said, I’d still like to try and recover some of what I’ve lost, if possible. Would appreciate any insights or thoughts on which names (MSOs, Canadian LPs, ETFs) could truly prosper from these developments. Thank you for your input.
Haunts me every day. But what’s worse, I sold my META and Palantir to reallocate those funds in TLRY and CGC in December 2022. Yep- embarrassing, humbling and humiliating
What are the odds of 🥭 calling for a new War on Drugs tomorrow morning, waiting until closing bell, and then announcing weed legalization before TLRY earnings
Would be amazing if TLRY could start a hype train!! I think if the earnings beat again and the US market entry starts opening up, it could happen!
Good luck TLRY holders tomorrow
It's all garbage TLRY is barely profitable and I'm GAMBLING on earnings being solid
Bought an assload of TLRY today Sold at 13.80 Back in it to win it
Can we just legalize dope already. These TLRY and SNDL bags I've been carrying for years are killing my buzz....
I hope Irwin does another RS when you buy so you can feel what it’s like to be a TLRY bag holder.
Rolling vs annual is irrelevant. You can clearly see the long-term trend is a decline. No, they didn't suddenly reverse this. They have a history of sugarcoating their numbers through acquisitions, not through actual, organic growth. You keep bragging about top-line as though it's all that matters(it doesn't), but doesn't SNDL beat them there anyway? TLRY press release says: "Maintaining the number one position in revenue" This would imply they had been leading before last earnings, but looking at the numbers this doesn't seem to be the case. It looks like SNDL has $244m compared to the $206 or whatever from TLRY. They also seem to have lost to SNDL in the previous quarter. What am I missing here? I'm going to ignore the fact that you keep giving pre-excise revenue stats too lol Again, I'm not saying that they won't have a solid q2. I'm saying there are better investments out there imo.
Why did you ignore my evidence of massively declining market share in favor of puff pieces they releases themselves, while using the same hifyre data that zuanic uses to spread misinformation about their performance elsewhere? No, dude. Nobody enjoys their brands. They just had the benefit of good distribution and scale. I say that as someone that has worked closely with budtenders here. Have you ever actually purchased their product? People go and buy other brands, but most have been supply constrained. They buy TLRY brands when there aren't other options. That is why market share has fallen from 13% to 9%. Their beverage revenue has fallen, and all other revenue is up only 5%. I'm not saying it's a terrible company. I just think it's overvalued at current prices.
Per November 2025 https://imgur.com/a/yphn43x Here is the most recent data from zuanic, as of November 2025. As you can clearly see, TLRY has gone from 13.3% market share in 2023, to 9.3% in 2025.
They turned a profit of $1.5m on an accounting technicality and bro is losing his mind lmao. They managed to grow revenues by a whopping 5% last quarter. Nobody enjoys their product. They just have the advantage of scale and distribution that some others are catching up on. Most revenue gains have not been organic and simply due to acquisitions. Also, regarding your market share statements... https://imgur.com/a/yphn43x Here is the most recent data from zuanic, as of November 2025. As you can clearly see, TLRY has gone from 13.3% market share in 2023, to 9.3% in 2025.
>TLRY uses it to get profitable Why are you investing things? They lost billions last year and don't even have profitable operating margins. Nobody enjoys their product. They're just a snicklefritz factory that had the benefit of strong early distribution and scale.
Since I'm Canadian and enjoy microcaps, I'll focus there. My biggest 3 of the last year have been Auxly, Cannara, and Rubicon and I'm still very bullish on each moving forward. All 3 are actually profitable and still quite undervalued imo. They also make products that people actually enjoy and have strong brand reputations throughout the country. Auxly (and soon Rubicon) have just started exports/export testing. TLRY has never even turned an operating profit. I realize these businesses are substantially smaller than TLRY but they are focussed, efficient, and I believe the investment returns will be substantially higher. In the case of Rubicon, I believe they'll be bought out at a big premium, eventually. For some valuation context, Auxly profited $12m last quarter on a $195m valuation and Rubicon made just under $3m in the quarter on a $30m valuation. Needless to say, you don't often see cannabis companies that are profitable, consistently growing revenue, and trading at a 3-5 PE. Now, I'm not going to lie and say that these companies currently have major exposure to American markets, because they don't. They do have great facilities, great management, good business models, growing revenues, profitability, and products that people keep coming back to. I'd argue that these businesses provide a great margin of safety and I think they'll continue to expand. Auxly, in particular, is heavily owned by Imperial Brands and will benefit from their distribution channels.
Check out HITI. TLRY is a joke around here.
I dumped TLRY bc of the Ceo.. better leaders at other companies.
TLRY just ain't for me. I feel like there are much better cannabis plays available.
I don’t consider Tilray an investment at all. Too many years of demonstrating inefficiency, poor operations, dilution, and shareholder destruction. Further, there is zero certainty S3 benefits them in anyway. And no, I don’t care about the “Tilray establishes Tilray USA” headline or whatever. At best, TLRY is a trading instrument, but still, not for me personally. I’ve been doing this too long and would only have myself to blame if I lose my money by choosing Tilray.
TLRY will take you there :) . great shot :)
TLRY earnings Thurs, lol
TLRY should not be as hyped as it is. Every quarter has been wretched for years.
Also the next potential inhibitor, pretty sure that's the track record when looking at TLRY earnings. GLTA
TLRY is gonna punch me in the dick I can already tell
I didn't ask for your philosophical viewpoint. As of today, weed is still a schedule 1 drug, and is illegal in many states and federally. Put it in the same category as other "sins" such as gambling, watching nekkid people get busy, etc. It fits the criteria perfectly for what OP was asking for. Are you high right now? What's wrong with TLRY?
Calls for our yerk-toting, frisbee-chucking cheeba-monkey frends at $TLRY?
Who’s ready for another TLRY earnings beat!
TLRY guidance or speculation. Either way IV gonna be nuts
Unsurprisingly, the worst performing LPs of 2025 were TLRY (-35%) and CGC (-60%). Gotta love all that dilution.
If we get it, I might gamble on some TLRY at $11.60 for their Jan 8 earnings Only problem is some very strong downside risk, all the way down to $9 cdn
Why hasn't anyone named the weed stocks? TLRY
Getting into TLRY like two months ago , literally went all downhill. I have 2 year call options and I’m down like 50%
Broke fucking even because I bet on cannabis stocks at the end of year and lost all my gains. Fuck you TLRY!
All Canadian companies red (CGC, ACB, HITI, OGI, TLRY, SNDL) yet, American MSOS green, big green... Any explanation?
Me, not so much! But I have faith in the medium/long term business of TLRY
Anyone in X follow this account? https://x.com/fl0wg0d/status/2005663248658608284?s=46 A few times he’s posted large options volume some have been right like $TLRY before it squeezed
CGC and TLRY are terrible choices no matter what the standpoint is.
Looking at Canadian weed stocks, which one would be good bet? ACB, CGC, SNDL, TLRY? Any bulls there can explain? From valuation standpoint acb look very attractive, but many people call em scam
I'm pretty ashamed of it guys....I bought TLRY calls.
Let us not forget the unspoken martyrs of today... TLRY and potheads in general
Is TLRY gonna crash for earnings or did they get their shit together
TLRY Holding long term but did two swing trades last few weeks got me 12K :) easy money from EO
Merry Christmas bread gang! Bought more TLRY today. May 2026 be our year.
I was homeless during the covid lock down as I lost everything. Was living in my car 2020-2021. I was blessed with a new career in 2022, which finally broke 6 figures for me this past year. I give this context because I could lose everything in my portfolio today and be okay. Emotionally of course I would be sad, but I started out small on purpose because I didnt know much about this stuff. My background is a Senior Research Analyst, so I view due diligence as practice for work when I look at what to buy or sell. To answer your questions, it depends. I try to make sure I always look at what I have exposed compared to what I would like to make and if the numbers don't add up I don't buy. So penny stocks for instance, sure I could dump 1k into them and try to sell when it jumps 5 cents but the risk there is too insane for the potential gain. An example I like to give is my very first trade. I actually ended up getting in good with TLRY when it was at $10. I bought 25 shares and sold at 14.40 knowing the EO hype would drive it up. Didn't care that it rose to 15. Dont care that it might go back up now. I can revisit it if it makes sense later. I started with less than 5k total on purpose and make small trades to learn. I've previously been a professional wargamer, so the questions you're asking are just my normal overthinking brain. I could replace my portfolio within 3 months if needed. I generally keep 3-4 positions open at any time and try not to do more. I keep a good cash reserve for intraday opportunities. My mindset right now is turn 2k into 5, then 10, then 25 and just keep growing. My current self awareness is focusing on not letting my current rate of growth, blind any future decisions when I get more capital. I really like the hustle and research to do day to day trading, but nothing that I trade in has an assumed ROI of going to the moon. My assumption is that as I get a bigger portfolio, my risk can increase as far as position sizing but not in terms of betting on a bad company.
Yes. The same investors that consume BYND also I vest and consume the TLRY.
Buy TLRY. Seems more your speed.
Hope bottom is in?? Soon things start to get better Thursday, December 18, President Trump announced that he would allow seniors on Medicare to receive medical marijuana (cannabis) if it's necessary -by reclassifying cannabis as a Schedule 3 drug. He will also allow Medicare to fully cover CBD (a chemical derived from the cannabis sativa, or hemp plant) products for patients if it's medically needed. Trump had been quietly urging lawmakers to include cannabis banking legislation in a government funding bill. Up next in batter’s box SAFER Banking Act, S.2860. Earnings starts in weeks, CGC, TLRY and GTBIF all best last report.
I want to get back into TLRY but going to need a lot better entry price to feel comfortable about the downside
average TLRY holder right here. it was a joke number meant to highlight their dilution. how many shares did they have in 2019/2020? they've been printing those out and handing them off like it's a fucking party.
Short: SAM Long: TLRY
MSOS was trading at \~$3.8 USD before the leak - we're sitting at $4.63 USD today. We have almost given up all the EO gains. Incredible.. Sticking with the plan and holding CGC/TLRY and building out green thumb. Cannabis is currently 6% of my portfolio so the swings are not as violent as they used to be. During Biden era when HHS said they recommend S3, my portfolio was closer to 40-50% cannabis. After the election dump, I created strict rules to follow and one of them is no single sector over 7% weighting. Trading around a core has really helped me mitigate risk/secure profits and I suggest everyone here to consider doing the same. Even with MSOS sitting near lows again, my cannabis portfolio is near the highs we saw during the pump to $11. What really fucked me in 2021-2023 was believing politicians, having no risk management and diamond handing garbage stocks.
Please stop pumping garbage. We're already stuck with other meme stocks like TLRY and CGC. Take a look at HITI if SNDL attracts you. They have a lot of similar assets but better management and financials. HITI = Smart, organic growth SNDL = Thoughtless dilution-driven M&A with lots of cash.
Can someone tell me why a stock like TLRY is now trading at 11.16 instead of 1.16? Why would a company do this?
I have bunch of TLRyY short order at 20. It never filled. Trash sector with TLRY being the worst loser if US ever decriminalize it.
Excellent post! The American companies employ many more and are on more solid financial footing than the Canadian stocks. The Canadian companies TLRY and CGC that many people got burned on are not included in the MSOS ETF. The main US players (Trulieve,Cura, Greenthumb etc..) have all had an uptick in analysts initiating coverage on them in the last few months. Financial analysts do not typically cover OTC stocks. Risk/reward for sure but the reward now looks more promising than it used to.
When officially rescheduled from level one to three it opens the door for the US stocks to move from OTC on to Nasdaq, Russell 2000 etc. Currently major institutional investment companies cannot and will not invest in OTC. This article explains the possibilities. It's a risk/reward hinging on rescheduling. Biden started this and now Trump has signaled he will not get in the way of rescheduling. TLRY and CGC don't have a quarter of the employees Truelieve, Cura and Greenthumb have. Plus the huge implications of 280E.... [https://sherwood.news/markets/marijuana-rescheduling-could-mean-more-investment-in-us-weed-stocks-there/?utm\_source=robinhood&utm\_medium=referral](https://sherwood.news/markets/marijuana-rescheduling-could-mean-more-investment-in-us-weed-stocks-there/?utm_source=robinhood&utm_medium=referral)
Also they will convert some breweries to make CBD drinks which is big. I think TLRY is a good LP and they’ve been beaten down.
TLRY is the only name in the sector with a nutty CTB right now. Lenders are tightening fast, why? Shorts are still gobbling up the pool, why? 22m shares remain from the 27' convertible bonds that convert at roughly $42 post split. Could be a factor? Idk all the mechanics there, still reading. We don't know what assets the $30m gain came from last Q. Could be something sector related, and could be more sales this Q of rising assets as the sector flipped positive recently. Or back to no sales of investments. Tilray carries equity investments on the balance sheet and records fair value changes. Another big sale there would make headline EPS look great. Guidance and explanation of TLRY USA Medical will be interesting. As a long I want to see cash flow purely from ops continuing to trend less than a $30m loss. Cap ex slowing down. TLRY dilutes to keep cash on hand, once we close that $30m gap it should stop, and future dilutions SHOULD be limited to accretive asset buys or partner buy ins. Insiders need to step the fuck up and start buying here too. Were they waiting for RS?
Some guy in here said he has a penis PLTR ASTS UEC TLRY DJTU AAPL TSLA PUTS
High risk/high reward, but it’s Tilray Brands (TLRY) and Nike and Constellation Brands for a rebound. Salesforce.com could also rebound as it always has over the years.
SNDL and TLRY buyers - "This time is different" 😂🤣
AMC, BB, NOK, GME, BBBY, TLRY, all pump and dumps that aren't really viable companies. GME kind of is now but that took a bunch of shareholder dilution to get there.