2 New Reasons to Buy Tilray Brands Stock in August
With the market's warm reception to Tilray Brands' (NASDAQ: TLRY) latest earnings report, the marijuana conglomerate's outlook is looking better and better. After weathering the brutal doldrums of the marijuana market over the past year and a half, business is finally starting to pick up.
And over the next couple of years, this company might finally start to blossom into the multinational marijuana powerhouse that investors have been hoping for. So let's take a minute to learn about two new reasons it might be worth buying a few shares in August.
The biggest new reason to buy Tilray stock soon is that it's (finally) growing again after a difficult couple of years in the marijuana industry. In the fiscal fourth quarter ended May 31, Tilray brought in sales of $184 million, up 20% from the same period last year. Importantly, while its cannabis segment looks like it's starting to recover from the prolonged slump of 2022, alcohol sales grew the fastest, increasing by 43% to reach roughly $32 million. That suggests its subsidiaries, Montauk Brewing Company, Breckenridge Distillery, and SweetWater Brewing, are finding traction in their North American markets.
Source Fool.com
