Is Tilray Brands Stock a Buy, Sell, or Hold in 2026?

Core Viewpoint - Tilray Brands (NASDAQ: TLRY) presents a mixed investment opportunity, with potential upside linked to U.S. marijuana legalization, but hindered by poor financial performance and stock returns [1] Group 1: U.S. Marijuana Reform - There is renewed optimism regarding marijuana reform in the U.S. as President Trump considers rescheduling marijuana, which could change its classification from a Schedule I substance [2][4] - Rescheduling marijuana may acknowledge its medical benefits, but does not equate to legalization, which is crucial for Tilray to enter the U.S. market effectively [6][7] Group 2: Tilray's Financial Performance - Despite the optimism surrounding potential marijuana reform, Tilray's financial results indicate a decline in marijuana revenue in its most recent fiscal year [7] - The company's stock performance is closely tied to the outlook for marijuana reform in the U.S., with recent developments causing some bullish sentiment among investors [7]