Just when things seemed like they might be looking up, Tilray Brands (NASDAQ: TLRY) shareholders got a nasty but not entirely unexpected jolt: One of its portfolio companies devoted to selling medicinal marijuana in the U.S. is now no more, after experiencing a lengthy period of decline.

But not all is lost, and despite its struggles, Tilray stock could still be a decent long-term play under the right conditions. So let's take a closer look at what happened, and why there's also a new hope for the future.

Tilray's home market is in Canada, where it sells both cannabis and alcohol, but it also competes in the craft beer industry in the U.S. as well as in the medicinal cannabis industries of a handful of E.U. countries.

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Source Fool.com