TLRY - Tilray Brands Will Still Be in Acquisition Mode in 2024: Is That a Good Thing for Investors?
2024-02-11 14:22:00 ET
There hasn't been room for much organic growth in the cannabis industry, particularly in the Canadian market. That has led many marijuana producers to pursue acquisitions to bolster their top lines. Tilray Brands (NASDAQ: TLRY) , a leading producer in Canada, has been no stranger to that in the past. It acquired rival Hexo last year and has also expanded into alcohol to help diversify its operations and make it less dependent on cannabis.
Tilray is looking at doing more deals this year. But will that help the business and its struggling stock price, or could that be bad news for investors?
In an interview with MarketWatch last month, CEO Irwin Simon said that more deals could be coming soon. "I will look to do more acquisitions in 2024," the chief executive said. While Simon did not specify which categories or industries he may be looking at, the priority is to explore opportunities that will resonate with younger customers, including millennials and Generation Z.
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Tilray Brands Will Still Be in Acquisition Mode in 2024: Is That a Good Thing for Investors?