Core Insights - The U.S. government is set to impose stricter regulations on hemp-based THC products, potentially banning most hemp-derived products by November 2026, which poses significant challenges for the industry [1][10] - Cannabis companies, including Tilray Brands, have relied on hemp to enter the U.S. market since the 2018 Farm Bill, which created opportunities for growth [2][5] Company Overview: Tilray Brands - Tilray has been expanding its portfolio through acquisitions, particularly in the alcohol sector, and aimed to leverage hemp-based beverages for growth [4][6] - Despite its ambitions, Tilray's management acknowledges that hemp-derived products have not significantly contributed to its business thus far [6][10] - The company has faced difficulties in achieving consistent growth due to a highly competitive Canadian cannabis market and complex international regulations [7][9] Market Performance - Tilray's stock has experienced a significant decline, down approximately 86% over the past five years, with a recent drop of around 37% in the last month [9][11] - The current market capitalization of Tilray is $1 billion, with a stock price of $0.81, reflecting a challenging financial environment [8]