Tilray (NASDAQ:TLRY) shares are trending marginally higher today after the medical cannabis product maker said it would acquire the remaining 57.5% stake in Truss Beverage Co. from Molson Coors Canada (NYSE:TAP).
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Truss, a wholly-owned subsidiary of Tilray, produces cannabis products as well as non-alcoholic cannabis beverages. The cannabis market in Canada offers nearly 10.6 million untapped potential consumers, and the acquisition provides Tilray a 36% combined market share.
Tilray expects a favorable regulatory environment in Canada to help boost beverage distribution and drive growth in the cannabinoid-based beverages market. Importantly, the move adds some of the fastest-growing beverage brands, including XMG, Mollo, Little Victory, and House of Terpenes, to Tilray’s portfolio.
Overall, the Street has a $2.47 consensus price target on Tilray alongside a Moderate Buy consensus rating. This points to a 7.1% potential downside in the stock. Tilray shares have tanked nearly 34.4% over the past year. At the same time, short interest in the stock remains elevated at about 12.1%.
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