Betting big on the Canadian market, cannabis consumer packaged goods company Tilray Brands, Inc. (NASDAQ: TLRY) recently launched its first edible cannabis product, Solei Bites, in Quebec under the Solei brand.
Following the news, shares of the company declined more than 5.5% on Tuesday. The stock pared its losses slightly to close at $7.10 in the extended trading session.
Solei brand’s entry into the edible cannabis segment and ready to eat THC edible is expected to be beneficial, as the Canadian cannabis market has more than doubled in value from $1.2 billion in 2019 to $2.6 billion in 2020.
The products will be available at Société Québécoise du cannabis, the sole legal retailer for cannabis products in Quebec.
Management Commentary
The President of Tilray Canada, Blair MacNeil, said, “We’re proud to have collaborated with the SQDC in developing and commercializing a new edible product.
“Together, we remain committed to further developing a responsible and safe legal cannabis market while offering innovative new products that resonate with the consumer.”
Stock Rating
Recently, Canaccord Genuity analyst Matt Bottomley reiterated a Buy rating on the stock with a price target of $9, which implies upside potential of 28% from current levels.
Consensus among analysts is a Hold based on three Buys, seven Holds and one Sell. Tilray Brands’ average price target of $10.22 implies upside potential of 45.4% from current levels. Shares have declined 66.8% over the past year.
Positive Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on TLRY, as 5.3% of portfolios tracked by TipRanks increased their exposure to TLRY stock over the past 30 days.
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