This cannabis growth stock is looking up in 2023

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Tilray Brands is a good target for investors ready to get a jump on cannabis investments

The year 2022 is about to end, and it is doing so with too many open issues and uncertain closure. The risks that analysts are seeing are many, from the housing slump halfway around the world and underlying inflation in the US. At this point, investors will now, more than ever, have to be very selective in adding stocks to portfolios. The price of a stock is nothing more than a projection of the income streams that those stocks will generate over the next few years. And for the cannabis industry, select Wall Street analysts have their sights set on a stock with great potential in 2023.

Cannabis investors expect 2023 to be a better year for the markets after stocks disappointed to the downside in 2022. A great answer can be found in Tilray Brands, which, according to experts, has an implied upside potential in 2023 of 223%.

A new year is about to begin, and the Canadian marijuana stock has been listed as one of the growth options with the potential to soar. Cannabis enthusiast Vivien Azer of Cowen believes Tilray is worth $9 per share, indicating that it will lead to a tripling or more of its shares.

Optimism like this is a clear reflection of both Tilray’s improving operating performance and the growth potential of marijuana globally. When it comes to performance, the company has reported 14 consecutive quarters of positive adjusted EBITDA while reducing its expenses enough to attempt to achieve positive free cash flow this fiscal year.

While some operating expenses were part of Tilray’s latest moves, the firm has held firm on the pricing of its cannabis products. Tilray has been unwilling to reduce the prices of its products, and while that’s a major driver for consumers, the strategy has resulted in margin expansion in recent quarters.

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