Unless some horrible news came out that we don't know about yet, today's PPS beatdown shall pass as an aberration.
Since early June, today's PPS is way below any mathematical adjustment related to the requested O/S increase.
I really do believe that Irwin is going to pull the trigger on another synergistic and accretive M&A that will add to Tilray's revenues and profits long before USA legalization. Once legalization occurs, he won't have to pay "the-cannabis-premium-multiple".
That was the strategy when acquiring Sweetwater (beverages). My guess is the next acquisition is in the edibles arena. That would follow The Hain Celestial Group growth profile. http://www.hain.com/brands/
Everyone thinks "candy" but it could be anything.
Simon appears to be perfecting what he did once before. He's not reinventing the wheel. He's copying what he already successfully did.