Is Tilray Brands Planning More Acquisitions?
Tilray Brands (NASDAQ: TLRY) is eyeing lots of growth in the years ahead in the Canadian, U.S., and European pot markets. The cannabis producer is the largest one in Canada, but a lack of legalization in other parts of the world is limiting its growth today, with the company's top line struggling in recent quarters to give growth-oriented investors much of a reason to buy its shares.
However, the company has been making moves to expand its position in the Canadian market as well as prepare for the possibility of a legal U.S. cannabis market becoming accessible in the future. And on the company's latest earnings call, investors also learned where future acquisitions may come from ahead.
Earlier this month, Tilray reported its first-quarter numbers for its fiscal 2023 (ended Aug. 31). The company's cash balance grew from $415.9 million to $490.6 million over the past three months. Tilray's cash burn has been improving with negative free cash flow of $47.8 million over the past three months coming in at less than half the $101.8 million in negative free cash it reported a year earlier.
Source Fool.com
