As a leader of the Canadian cannabis market, Tilray Brands (NASDAQ: TLRY) is in an enviable position. Between its collection of increasingly valuable cannabis brands and a large market to sell them in, it's well-positioned to grow -- and its work at home may eventually be overshadowed by its ongoing operations in even larger markets like the U.S. and the E.U.

Still, its shares are down by 70% in the past three years, and it continues to burn money every quarter. Is it a downwardly mobile dud, or a future winner that just needs a bit more time to cook? Let's investigate. 

The investing thesis for buying Tilray today is based on two assumptions. The first is that the company will eventually be able to become profitable and sell cannabis at industrial scale across the continents where it operates. The second assumption is that the ongoing combination of headwinds in the cannabis market and the stock market will abate, thereby allowing its sales and earnings to resume growth.

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Source Fool.com