Why Tilray Tumbled Today

Tilray (NASDAQ: TLRY) stock slid by more than 6.3% on Thursday as of 10:26 a.m. ET, driven by a worse-than-expected downward revision to the national consumer spending figures in the U.S. for the first quarter of 2022. Tilray is a consumer goods and cannabis company that competes in the U.S. via its Sweetwater Brewing beer business and its Manitoba Harvest business, which makes several hemp-based food and wellness products. When people's wallets are getting crunched by inflation, discretionary goods like beer are liable to get cut from household budgets, which is likely to continue putting a dent in Tilray's top line.