By Sheeba M. | April 15, 2026
Why Tilray Brands Could Be the Cannabis Stock Bargain of 2026
When Tilray Brands (NASDAQ: TLRY) completed its merger with Hexo in late 2024, skeptics questioned whether size would translate to profitability. Eighteen months later, the answer is becoming clear — and it’s bullish.
The Numbers Tell a Story
Tilray reported Q2 fiscal 2026 revenue of $188 million, with adjusted EBITDA turning positive for the third consecutive quarter. The company’s Canadian recreational business has gained market share for four straight quarters, while its German medical cannabis distribution arm is now operating in all 16 federal states following legalization expansion.
What makes Tilray particularly interesting for U.S. investors is its Curaleaf (CURLF)-adjacent positioning. While Curaleaf dominates U.S. dispensaries, Tilray has quietly built infrastructure in Canada, Europe, and Latin America that could become invaluable if U.S. federal cannabis reform materializes.
What the Analysts Are Missing
Wall Street’s average price target for Tilray (TLRY) sits at $3.50 — but floor prices at major options exchanges imply a 40% upside scenario by Q4 2026. The disconnect stems partly from legacy skepticism about Canadian LPs, but Tilray’s debt load has fallen from $1.2 billion to $340 million over 18 months.
For comparison, Green Thumb Industries (GTBIF) trades at 8x sales while Tilray sits at just 2.4x. That gap makes sense if you’re only looking at U.S. operations. It makes considerably less sense when you factor in international revenue streams that U.S.-centric investors can’t easily replicate.
The Catalyst Watch
With DEA rescheduling deliberations ongoing and bipartisan COMPETES Act provisions potentially including cannabis banking reform, the window for Tilray to leverage its international infrastructure is opening. The company’s $50 million share buyback program — announced in January — signals management confidence in exactly this thesis.
Investors hunting for cannabis exposure without the premium valuations of Trulieve (TRSSF) or Curaleaf (CURLF) should keep Tilray on their short list.
Sources
- Tilray SEC Filings — Q2 FY2026 earnings and debt restructuring disclosures
- Health Canada — Recreational cannabis market share data
- Tilray Investor Relations — Share buyback program details
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