Core Viewpoint - Tilray Brands has seen a 20% increase in stock value this year, marking a significant turnaround after years of decline, driven by renewed expectations for marijuana reform in the U.S. [1][2] Company Performance - Despite the current year's positive performance, Tilray's stock has plummeted 99% over the past seven years, with a market cap dropping from nearly $42 billion in 2018 to under $2 billion today [5]. - In the most recent fiscal year ending May 31, Tilray reported net revenue of $821.3 million, a 4% year-over-year increase, although its cannabis business declined by 9% [7]. Market Conditions - The Canadian cannabis market has become saturated, while the U.S. market remains inaccessible due to federal restrictions, limiting growth opportunities for Canadian producers like Tilray [6]. - The hope for U.S. cannabis reform, including potential rescheduling from Schedule I to Schedule III, has generated optimism among investors [10]. Valuation and Investment Appeal - Tilray's current price-to-sales ratio is below 1.8, suggesting it may be undervalued, making it an attractive option for investors looking for bargains [11]. - The diversification into alcohol has provided some stability, although the cannabis segment's performance remains weak [11].