Zacks.com users have recently been watching Tilray Brands, Inc. (TLRY) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Tilray Brands (NASDAQ: TLRY) CEO Irwin Simon is no stranger to making lofty projections. Simon's goal to hit $4 billion in annual revenue assumes that legalization takes place in Europe and the U.S. And in a recent interview with CNBC, he said that once that happens, there won't be another company out there "that will have the assets and the ability to grow and build brands like we will." Tilray also has convertible notes in multi-state marijuana operator MedMen Enterprises that it could seek to convert and take a stake in once legalization takes place (currently it would run into issues owning a stake in the business given the federal ban on pot in the U.S.).
After tumbling on Friday following a lousy earnings report from Canopy Growth (NASDAQ: CGC), shares of fellow Canadian marijuana stocks Tilray (NASDAQ: TLRY) and Aurora Cannabis (NASDAQ: ACB) -- and Canopy Growth, too -- are rebounding sharply today. As of 11:30 a.m. ET, Tilray shares are gaining 10.2%, Aurora is up 12.3%, and Canopy Growth is doing best of all, jumping 16.4%. The opposite is more accurate, with investment bank Piper Sandler coming out with a lower price target on Canopy -- $2.50 per share, down from $3 previously -- and an underweight rating to boot.