Given that Tilray’s (TSE:TLRY) (TLRY) bread and butter is marijuana and marijuana-related products, it shouldn’t exactly be a surprise to see this cannabis stock put out a new product in that vein. However, investors weren’t pleased with the outcome, sending shares down over 3% in Wednesday afternoon’s trading.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
It may have something to do with the cannabis product in question, specifically, a hemp-based fiber supplement from Manitoba Harvest, a subsidiary of Tilray. The fiber product in question turns to the outer hulls of hemp seeds, which—according to some internal research led by, brace yourself, an artificial intelligence—is a largely untapped resource for getting fiber back in people’s diets.
Manitoba Harvest has long been doing things with hemp in the foods market, including a line of hemp-based “wellness bars.” Since Tilray likely has no shortage of marijuana seeds, using their hulls as a fiber product is a natural extension.
Taking Advantage of the Super Bowl
Tilray is piggybacking on a tradition from its southern neighbor – the Super Bowl. The upcoming Super Bowl game has Tilray rolling out all its best cannabis-infused food and drinks, from the Chowie Wowie line of chocolate edibles to the RIFF Boost, XMG+, and Mollo lines of drinks. Tilray looks to have a variety of choices on hand for anyone who wants a little something extra during the game.
What Is the Future Price of Tilray Stock?
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 36.61% drop in its share price over the past year, the average TLRY price target of C$3.53 per share implies 36.82% upside potential.
