Down 70% in 2026, Has Tilray's Stock Finally Bottomed Out?

How much lower can Tilray Brands(NASDAQ:TLRY) stock go? In the past five years, it has lost a whopping 97% of its value, and since the start of 2026, it's already down around 70%. Although the business has grown and diversified its operations, investors haven't seen a payoff from its efforts, as Tilray continues to struggle with overall profitability.

Has its decline been so significant that now can be a good time to buy the stock, despite its risks? Here's what investors need to know.

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Tilray's been growing via acquisitions, but its fundamentals remain underwhelming

At its core, Tilray is a Canadian-based cannabis company . Like many of its peers, it's been eagerly waiting for and hoping for the day the U.S. market opens up, so that it can enter it and generate much more revenue from that area of its operations.

Legalization, however, isn't on the horizon. In the meantime, competition is fierce, and growth opportunities are limited in Canada. Some cannabis producers have gotten leaner to trim costs, but Tilray has gone the route of expansion via acquisitions, loading up on beverage and alcohol brands. By doing so, its business has become larger, and it's expanded its presence in the U.S., potentially putting itself in a stronger position if and when marijuana legalization takes place.

But the businesses and brands it has been acquiring aren't exactly all that strong. And over the trailing 12 months, Tilray has generated more than $963 million in revenue but has still incurred an operating loss of $60.5 million.

There hasn't been much consistent growth; organically, the business is struggling, and instead, acquisitions and entering new markets have been the main drivers. It's also difficult to see a path to profitability, particularly given that acquisitions remain a key part of Tilray's growth strategy.

Investors shouldn't assume Tilray's stock can't go lower

Tilray's stock may look cheap , with a valuation of around $400 million and annual sales approaching $1 billion, but that doesn't mean it's a good buy or that it's overdue for a rally. It's still unprofitable, its growth prospects aren't all that great, and it's still burning through cash from its day-to-day operations.