Is Tilray Brands Stock a Buy?

The global cannabis market, while currently out of favor with many investors, is projected to experience explosive growth in the coming years. Industry analysts forecast the market could reach $444 billion by 2030, representing a compound annual growth rate (CAGR) of 34.03% from 2023. This potential for rapid expansion might pique the interest of contrarian growth investors willing to weather near-term volatility for possible long-term gains.

One company that stands out in this space is Tilray Brands (NASDAQ: TLRY). Once a high-flying darling of the cannabis industry, Tilray has seen its stock price plummet a staggering 92% since its 2018 initial public offering (IPO), significantly underperforming the S&P 500 over this period. This dramatic fall from grace has left many investors wary, but for those with a contrarian mindset, Tilray's current position could present an intriguing opportunity.