This Is Bad News for Tilray's U.S. Expansion Plans
Tilray Brands (NASDAQ: TLRY) has big plans for expansion into the U.S. market. That was a key piece of its strategy when it announced plans to hit $4 billion in annual sales by fiscal 2024. And although legalization in the U.S. is still nowhere in sight, the cannabis company has made efforts to be ready to go if and when that does happen.
One way it has given itself indirect exposure to the U.S. market has been by investing indirectly into a multi-state marijuana operator: MedMen (OTC: MMNFF). Unfortunately, that company isn't doing well at all.
In early February, MedMen reported its latest quarterly results (for the period ended Dec. 24, 2022), and they weren't good. The company's sales of $29.6 million were down 17% year over year and it was still deep into the red with a net loss of $17.3 million.
Source Fool.com
