We recently compiled a list of the 10 Best Pot Stocks To Invest In According to Analysts. In this article, we are going to take a look at where Tilray Brands, Inc. (NASDAQ:TLRY) stands against other pot stocks to buy according to analysts.
The global marijuana market is growing and the market for legal cannabis is expected to rise at a CAGR of 25.7% and reach $102.2 billion by 2030, according to Grand View Research. Despite regulatory limitations, the cannabis industry is getting attention from investors, suppliers, and researchers. If we want to know how hedge funds feel about pot stocks, we recently covered 11 Best Cannabis Stocks To Invest In according to hedge fund sentiment.
A total of 38 states and the District of Columbia have legalized marijuana for medicinal use. In addition, 24 states and the District of Columbia allow cannabis for adults’ recreational use. As the push for legalization continues to grow, more people are accepting the idea of legalizing marijuana across the US.
The US is the leading country with the highest weed consumption in the world. If you want to know where most weed is consumed in the US (See Here: 30 Cities with the Highest Weed Consumption in the US).
The American legal cannabis industry experienced notable growth in 2023 as legal sales across the US were $28.8 billion, up by 10.3% year-over-year. Consequently, the legal cannabis market added 22,952 new jobs in 2023, reflecting a better business atmosphere, especially in the cannabis industry. In 2024, the legal cannabis industry supported over 440,445 jobs, an increase of 5.4% from 2023, as per the 2024 Vangst Jobs Report. The major driver for the cannabis industry remains the rising demand for its use for medical purposes. In the coming years, new markets are expected to fuel growth in the cannabis industry. One such example is Nebraska’s vote in favour of legalizing medical marijuana last month.
As we write this article, 24 states have legalized recreational weed in America, in addition to the District of Columbia. However, selling or possessing marijuana remains a crime under federal law.
In November, Florida voters rejected a ballot measure to legalize recreational marijuana, which was a major setback for the legal cannabis industry in the US. Amendment 3 fell short of the required 60% threshold for legalization, despite historic funding levels and an endorsement from President-elect Donald Trump.
Florida remains home to the country’s largest medical marijuana market, adding around $2 billion in annual revenue. Amendment 3 could have boosted the cannabis market to a projected $6 billion by 2026. Florida voters will have to wait for two more years until cannabis legalization gets back on the ballot.
Florida has disappointed cannabis investors and consumers and it has had an impact on cannabis stocks. One of the first cannabis ETFs, Amplify Alternative Harvest ETF, has plunged over 45% since November 4, as of December 23.
You can also visit and see 12 Cheap Chinese Stocks to Buy According to Hedge Funds.
A close-up of a package of cannabis accessories, displayed on a brightly-lit retail shelf.
To collect data for the 10 best pot stocks to invest in according to analysts, we scanned the lists of cannabis stocks and ETFs on the internet. We shortlisted the pot companies and ranked the 10 best pot stocks to invest in according to analysts’ upside (at least 25%), as of December 23, 2o24.
Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
Share Price (As of December 23): $1.42
Analyst Upside: 41.29%
Tilray Brands, Inc. (NASDAQ:TLRY) is a New York-based cannabis firm with a diversified global portfolio. The company operates in over 20 countries with businesses in medical adult-use cannabis, beverages, spirits, wellness products, and a vast array of consumer-connected lifestyle brands. The company’s cannabis operations range from the production, and distribution, to the sale, co-manufacturing, and advisory services of both medical and adult-use cannabis.
Tilray Brands, Inc. (NASDAQ:TLRY) is among the early names in the cannabis industry that made a mark following the marijuana boom. The company has diversified its portfolio by acquiring other industry players. It has a core presence in Canada, operating a medical business across Europe, and the top branded hemp business in North America. The company’s acquisition game has been a success. For instance, its acquisition of Redecan in June 2023 gave it a strong position in categories such as pre-rolls, oils, and capsules. This has helped Tilray to establish Redecan as one of the best cannabis brands in Canada. According to Hifyre data, the company had the highest market share of 9.8% in Canada, as of September 2024.
In September 2024, Tilray Brands, Inc. (NASDAQ:TLRY) switched to a promising lucrative US THC beverage market with a range of Delta-9 THC mocktails and seltzers through its recently established Tilray Alternative Beverages business unit. The company is diversifying to ensure that it has other sources of income and does not rely solely on cannabis. However, Tilray Brands still has a major presence in cannabis and in the first quarter of its fiscal year 2025, the company posted net revenue of $200 million, up by 13% year-over-year. The revenue from cannabis operations accounted for 32% of the net revenue, second only to its distribution business.
Overall, TLRY ranks 10th on our list of Best Pot Stocks To Invest In According to Analysts. While we acknowledge the potential of TLRY to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TLRY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
