We’ve seen a lot of new products from Tilray (TSE:TLRY) lately, and this cannabis stock hasn’t been remiss in rolling out the new goods to keep customers’ attention. Its latest product, meanwhile, seems to be causing much more stir than normal, and Tilray shares are up over 2% in Wednesday afternoon’s trading as a result.
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The latest product will, of course, feature cannabis, or rather cannabinoids. It also doesn’t involve any alcohol, which is unusual, as alcohol was a major sidebar for Tilray. No, this time around, it’s a line of three new cannabis-infused non-alcoholic seltzers. Part of the Mollo brand, the three new seltzers will be available in lemon, mango, and pineapple flavors.
They’ll also feature “high cannabigerol (CBG) minor cannabinoid content.” This is a first not just for Tilray but for the Canadian market in general. No other seltzer, as yet, focuses on minor cannabinoids and high cannabigerol together in the same batch.
A Major New Market Opening Up?
Tilray’s growing product line could be an asset, though it could be a liability. After all, a product line that tries to be too many things to too many people often finds that it can’t focus very well. It’s like a restaurant that has too big of a menu; you can’t take advantage of economies of scale if you’re forever fielding a handful of odd requests. But a larger product line can be useful when you’re going into a new market and aren’t quite sure what the customer will want.
That’s especially helpful here, as Tilray is looking to break into the German market, a move which could mean big things. Europe, reports note, is potentially a $45 billion market just for medical marijuana.
What Is the Price Target for Tilray in 2024?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TLRY stock based on two Buys and five Holds assigned in the past three months, as indicated by the graphic below. After a 30.09% loss in its share price over the past year, the average TLRY price target of C$3.54 per share implies 54.09% upside potential.
