Tilray Brands (NASDAQ: TLRY) stock was up 25% at its peak on July 26 before pulling back a bit after the company reported some smashing earnings for its fiscal fourth quarter of 2023 ended May 31. The results are a breath of fresh air for shareholders, who've seen the stock decline by 70% in the past three years.

But was Q4 a blip, or does it foreshadow further strengthening of this cannabis conglomerate that might support a case for buying the stock? Let's figure it out. 

Per its earnings release, Tilray's sales were $627 million for its 2023 fiscal year, down by $1 million from 2022. So its cannabis operations didn't exactly experience a bumper crop. Still, the larger context of the cannabis industry makes its lack of revenue growth excusable, for now. Last year and 2023 so far have been brutal for North American marijuana businesses as a result of a consumer market that's been swamped with inexpensive legal cannabis, which has kept prices low and put serious pressure on margins.

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Source Fool.com