It's Been 5 Years Since Tilray Merged With Aphria to Create a "Global Cannabis Leader." Here's How It's Done Since Then

In May 2021, Tilray Brands (NASDAQ: TLRY), which was then known as just Tilray, merged with low-cost cannabis producer Aphria, in what was a massive deal in the marijuana industry. The press release announcing the deal said the combined businesses would create "a global cannabis leader." The expectation was that the entity would be able to grow into new markets and be profitable.

Today, Tilray Brands is one of the leading cannabis companies in the world, but it's been a volatile five years since this merger was completed. Let's take a look at how the business has performed since then, how the stock has done, and whether it's a good investment to consider for growth investors today.

Will AI create the world's first trillionaire? Our team just released a report on a little-known company, called an "Indispensable Monopoly," providing the critical technology Nvidia and Intel both need. Continue »

Tilray has expanded over the years by entering new international markets and also by acquiring beverage companies. With the marijuana market in the U.S. remaining off-limits and significant challenges in the Canadian market, Tilray has needed to pursue other opportunities. Acquiring craft brewers has been one that it has taken advantage of. Today, beverages account for roughly one-quarter of its business.

Tilray's revenue has been choppy, and although it has risen considerably over the years, it may have fallen short of the type of growth that investors may have expected from the business. Potentially more troubling is the lack of profitability and continued challenges in staying out of the red. Its bottom line has fluctuated, and at this stage, it's difficult to make the case that it has a path to the sustained profitability it was aiming for with its merger five years ago.

With limited growth and a poor bottom line, it's little surprise that the stock hasn't performed well; shares of Tilray are down more than 96% in the past five years.

Tilray hasn't been a good buy for a long time. This year, its shares are down 38% as it continually struggles to attract investors. There isn't a big growth catalyst waiting in the wings to help the business turn things around. While its valuation has declined significantly, that alone isn't necessarily a reason to buy the stock, given the risk that it contains.

This is a highly risky stock to invest in, and while speculators may be able to generate gains due to its volatility and during brief periods of bullishness and excitement (such as when there's hope of marijuana reform in the U.S.), Tilray has unfortunately not given investors much of a reason to trust the stock as a long-term investment.

Before you buy stock in Tilray Brands, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Tilray Brands wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $471,827!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,319,291!*

Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

*Stock Advisor returns as of May 11, 2026.

David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool recommends Tilray Brands. The Motley Fool has a disclosure policy.

It's Been 5 Years Since Tilray Merged With Aphria to Create a "Global Cannabis Leader." Here's How It's Done Since Then was originally published by The Motley Fool