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Canadian cannabis stocks have fallen hard this year, and net debt, the amount a company owes after subtracting its cash on hand, is the number that separates the two biggest names.
Tilray Brands (NASDAQ: TLRY) holds roughly $700,000 in net debt. Canopy Growth (NASDAQ: CGC) carries about CA$126 million. Canopy's shares are down more than 12% this year. Tilray's have dropped more than 49%.
Those declines look dramatic, but they don't tell you what is actually happening inside each business. What the revenue numbers show Tilray no longer positions itself as a pure cannabis company.
It owns more than 40 brands across craft beverages, hemp-based foods, and cannabis, including SweetWater Brewing, Breckenridge Distillery, and several former Anheuser-Busch craft brands.
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