Top Canadian cannabis producer Tilray Brands (NASDAQ: TLRY) recently reported earnings. But despite the record sales numbers, the stock hasn't been soaring in value. Instead, it has been falling in recent days following the release of the company's earnings. Here's a closer look at why investors haven't been rushing to buy the stock.

For the second quarter of Tilray's fiscal 2024, which ended Nov. 30, 2023, the company reported net revenue of $193.8 million, up 34% from a year ago. Many cannabis producers have been struggling to generate meaningful year-over-year growth, and so that is definitely a positive for Tilray.

But the stronger top-line results were largely due to acquisitions; within the past year, the company has closed on multiple transactions, including that of rival cannabis producer Hexo. In October, it also acquired eight beverage brands from beer giant Anheuser-Busch as it looks to strengthen its presence in the U.S. craft beer market, where it is now the fifth-largest craft brewer.

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Source Fool.com