Could Tilray Brands Stock Help You Become a Millionaire?
Tilray Brands (NASDAQ: TLRY) and other pot stocks have made for abysmal investments in recent years. But when it comes to investing in cannabis, it's all about the future. The prospects for legalization in the U.S. and other parts of the world are what get investors excited about how much growth there could be. Although it's down big right now, could Tilray Brands potentially be an investment that makes you a millionaire in the future?
In August 2021, Tilray's CEO Irwin Simon made a roadmap of how the Canada-based marijuana company might get to $4 billion in annual revenue. It was based on many assumptions and included progress with respect to legalization in the U.S. That unfortunately hasn't panned out, and the company has since pulled that forecast.
But the argument still has merit. If the U.S. legalizes marijuana and if key European countries follow suit, the growth opportunities could be massive. Tilray's advantage is that it already has a strong presence in Europe with CC Pharma, a German-based pharmaceutical distributor that it owns. Tilray also has multiple U.S.-based alcohol companies that give it a way to quickly expand in the U.S. market should opportunities open up there. Plus, it has acquired convertible debt in multi-state marijuana operator MedMen, which provides it with another way to accelerate its growth strategy if and when the U.S. lifts the federal ban on marijuana.
Source Fool.com
