(Bloomberg) -- Canadian cannabis titan Tilray Inc. fell for a third straight day, surrendering much of a rally posted earlier this week after earnings that were buoyed by acquisitions and a rebranding -- moves aimed at strengthening its global reach in the face of stiff competition at home.Most Read from BloombergDjokovic Loses Shot at Tennis History as Australia Deports StarOne of the World’s Wealthiest Oil Exporters Is Becoming UnlivablePutin’s Troops Wouldn’t Get Cheers in This Once Pro-Russi
Tilray (NASDAQ:TLRY) has been one of the most disappointing cannabis companies . TLRY stock initially shot up to $300 following its initial public offering (IPO). Since then, however, the stock has lost roughly 97% of its value. Source: Jarretera / Shutterstock.com The company has experienced a comedy of errors. The Canadian retail cannabis market took far longer to develop than expected. Tilray was plagued with excess inventory, and it made questionable capital allocation decisions. The company
Cannabis stocks and ETFs were massively downbeat in 2021. However, strong sales backdrop, growing medical usage and still-alive chances of a federal approval may cause a bounce back in pot ETFs in 2022.