Tilray Brands shareholders had little to celebrate this week as the cannabis industry marked 4/20 Day and tlry stock stayed more than 60% below its 52-week high. The shares are also down more than 20% year to date, underscoring how far the stock has fallen even as parts of the business have improved.
Earlier this month, Roth Capital analyst Bill Kirk upgraded Tilray from neutral to buy and set a 12-month price target of $10, giving investors one of the few upbeat calls in a stock that remains under pressure. Kirk's view rests on a business that is still showing signs of life: Tilray's Canadian cannabis operation remains the market leader in the country, and combined adult-use and medical cannabis net revenue rose 8% year over year in the quarter ending Feb. 28, 2026.
Tilray also posted its highest international cannabis net revenue on record in the recent quarter. Those sales climbed 70% year over year to $24.1 million and accounted for 37% of the company's total revenue, a sign that the international arm is becoming a larger piece of the company even as the domestic market stays dominant.
The company said it holds No. 1 market share in Canada across flower, pre-rolls, beverages, chocolate edibles and oils. Beverage net revenue also jumped 22% year over year to $42.6 million in the latest quarter, helping offset some of the weakness elsewhere in the business. Chairman and CEO Irwin Simon said the acquisition of BrewDog and the partnership with Carlsberg are accelerating the buildout of a scaled global beverage platform.
That optimism comes with a catch. Tilray still missed consensus revenue estimates in its latest quarter, and Simon said industry headwinds persist. The company is showing progress in Canada, abroad and in beverages, but the stock remains volatile and the latest results were not strong enough to erase the market's skepticism. For now, the bullish case for tlry stock is built on a better mix of growth, not on a clean turnaround.
