Partnerships, strategic alliances, mergers, and acquisitions. If you're looking to invest in Tilray Brands (TLRY -1.62%), these are the terms you should get accustomed to hearing frequently as the company focuses on growing its presence across the globe.

In an effort to hit $4 billion in annual sales by fiscal 2024, Tilray is looking for ways to quickly expand its top line via partnerships and acquisitions since it isn't likely to reach that target by just growing organically. The company has already partnered with multiple cannabis businesses, and this month, added another to the list: Charlotte's Web (CWBHF -1.88%).

Tilray will be able to sell Charlotte's Web products in Canada

Charlotte's Web currently sells products in Canada, but they aren't easily accessible. Customers need special medical exemptions through Health Canada. Under a strategic alliance with Tilray, however, all of the company's CBD products will now be available through Tilray's distribution network, which will make it easier for consumers to access them.

Manufacturing of the products will actually take place in Canada, with Tilray following "the same proprietary methods and specifications Charlotte's Web employs in the USA." They'll be hemp-based cannabis products and contain low levels of tetrahydrocannabinol (0.3% or less).

These aren't products that will give users a high. Instead, they'll be suitable for the medical market. Tilray plans to make them available early next year.

Is this a good move for Tilray?

This will complement the company's hemp business, as it already owns Manitoba Harvest, a leading company of hemp-based foods. But financially, it can be difficult to estimate the impact of the Charlotte's Web deal, as the press release announcing the partnership didn't specify financial details, including how costs or revenue will be split between the two companies.

But it's fair to say this deal won't likely lead to a significant amount of revenue for Tilray. Over the trailing 12 months, Charlotte's Web has generated a modest $87 million in sales.

The company's operations aren't vast and they predominantly come from the U.S. market. Although Charlotte's Web doesn't break out revenue by country, given the limitations Health Canada has put in place on the company's products, it's not likely that a significant amount of revenue comes from outside of its home market.

However, the greater takeaway from this is that Tilray has partnered with another U.S.-based cannabis company, which can help give it an advantage should the U.S. legalize marijuana and Tilray can enter the market. Last year, it acquired convertible notes of multi-state operator MedMen Enterprises. CEO Irwin Simon has hinted that it could lead to a possible acquisition of the business once the laws in the U.S. change (i.e., legalization takes place) and Tilray can convert the notes into stock without running afoul with regulators and the exchanges.

By adding more partners into the mix, Tilray is strengthening its overall position in the cannabis industry. While the partnership with Charlotte's Web won't instantly send Tilray's sales soaring, it's still an overall positive move for the company in building out its partnerships in the U.S. market.

It's not just cannabis businesses that the company is targeting -- any footprint into the U.S. is a valuable one for Tilray. On Monday, the company also announced that it would be acquiring brewing company Montauk Brewing, which it says is, "the #1 craft brewer in Metro New York." Late last year, Tilray also acquired Breckenridge Distillery, a Colorado-based company known for its award-winning whisky.

Does this make Tilray a better buy today?

Right now, Tilray is expanding its presence and reach in the cannabis industry and the U.S., but it still has a lot more work to do if it wants to get to $4 billion in annual revenue. With the company's $614 million in sales over the trailing 12 months and net losses of $509 million, there's still no shortage of risk with investing in Tilray. Until the company makes a more significant move or shows how it can realistically reach its goal for 2024, this is a stock that can still fall lower (its shares are down 51% year to date) and one that I would avoid.