Canadian marijuana giant Tilray (NASDAQ:TLRY) has had quite an eventful year so far. After completing its merger with rival cannabis operator Aphria, it became the largest cannabis company based on pro-forma revenues. More recently, it laid out its overly optimistic $4 billion revenue plan hoping to pull it off by 2024. However, given the state of the market and its past record, such a lofty goal is a tall order for TLRY stock.
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To be sure, TLRY stock has performed well since the beginning of the year. It has gained over 45% in value, trading at as high as $67 during the height of the February meme stock mania.
As we approach the end of the third quarter, the stock has pulled back considerably of late and has shed more than 15% of its value this month. Despite the pullback though, it trades at over nine times forward sales including beverages. Hence, its attractiveness is limited at this point.
Could Multi-Billions Plan Stoke TLRY Stock?
CEO Irwin Simon recently wrote a letter to Tilray’s shareholders, to issue additional shares to execute the management’s growth strategy. The proposal was to increase the authorized share capital by 250