What happened
Canadian cannabis company Tilray Brands (TLRY 1.81%) hasn't been a great stock for shareholders over the last year, with shares down more than 70%. Part of the reason for that has been the lack of progress toward legalizing cannabis in the U.S. But Tilray has established a presence south of the Canadian border and has profitable beer and spirits businesses there. An expansion of one of those businesses had investors pushing Tilray stock 4.6% higher as of 12:40 p.m. ET Friday.
NASDAQ: TLRY
Key Data Points
So what
Tilray isn't sitting still waiting for federal marijuana legalization to become a reality in the U.S. It is also working to grow its other business segments. Yesterday the company announced its Breckenridge Distillery wine and spirits business has renewed and expanded a distribution agreement that will make its products available nationwide.
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Now what
The distribution agreement with Republic National Distributing Company (RNDC) provides access to RNDC's full network in 38 states and the District of Columbia. It includes Breckenridge Distillery's entire portfolio of products, such as bourbon whiskey, whiskey, rum, vodka, and gin.
Tilray also owns craft brewer SweetWater Brewing and hemp products company Manitoba Harvest in the U.S. Tilray added Breckenridge Distillery to its U.S. portfolio in December 2021 and said in its fiscal 2022 third-quarter report for the period ended Feb. 28 that its U.S. businesses are profitable contributors to the company. The company and its shareholders hope that the new distribution agreement will only add to that profitability.
