The bad news from cannabis company Tilray Brands really took its toll on the 5 constituents in the *Canadian Cannabis LPs Index and the 7 constituents in the **American Cannabis MSOs Index last week with all 12 declining by an average of 12.0%.

Tilray's Q3 financial results last week were dismal (see here) with its quarterly net loss increasing by 128%. Below are how all 12 constituents did, in ascending order (from worst to best) with any pertinent news that may have contributed to their declines.

1. Tilray Brands* (TLRY): down 29.6% last week; down 20.4% YTD
   •  Tilray's Q3 Financials Disappoint: Stock Declines 31%
2. Canopy Growth* (CGC): down 23.4% last week; up 52.6% YTD
3. Ayr Wellness** (AYRWF): down 15.6% last week; up 35.0% YTD
4. Verano Holdings** (VRNOF): down 13.6% last week; up 14.4% YTD
5. Curaleaf Holdings** (CURLF): down 13.3% last week; up 14.9% YTD
6. TerrAscend Corp.** (TSNDF): down 11.4% last week; up 9.8% YTD
7. Trulieve Cannabis** (TCNNF): down 10.4% last week; up 115.5% YTD
8. Cresco Labs** (CRLBF): down 10.2% last week; up 50.4% YTD
9. Organigram Holdings* (OGI): down 8.5% last week; up 48.1% YTD
10. Green Thumb Industries** (GTBIF): down 7.3% last week; up 14.6% YTD
11. Cronos Group* (CRON): down 6.3% last week; up 20.1% YTD
12. Aurora Cannabis** (ACB): down 0.5% last week; up 34.1% YTD
    • Is Aurora Cannabis Set to Take Off After Soaring +100% in the Past Month?

So where do we go from here?

Rich Smith asks in an excellent The Motley Fool article that, given the fact that Tilray is the fourth largest marijuana company by market capitalization (only CURL, GTBIF and TCNNF are larger) and it can't earn a profit in the cannabis business despite acquiring Aphria and Hexo and cutting costs, "[W]hat hope do Tilray's smaller competitors have?"

Conclusion  

Smith concludes in his article saying, "[T]he answer may be not much.....Aurora Cannabis won't turn FCF-positive before 2026, Canopy Growth...[not until] 2027, and Cronos may literally never generate positive cash profits for its investors. The sad truth is that Tilray may be the best of this bunch...[so] it's probably best to avoid the rest."

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