Tilray advances as a diversified consumer company despite lowered earnings forecasts, shares rise 3%.

Tilray Inc is progressing in its shift to a diversified consumer products company, with Jefferies maintaining a 'Buy' rating but lowering its price target to $19 due to reduced earnings forecasts. The company reported quarterly revenue of $282 million, beating expectations, driven by growth in beverage alcohol, cannabis, distribution, and wellness sectors. Jefferies highlighted the impact of BrewDog's inclusion, expanding Tilray's beverage segment and noted ongoing opportunities from its Carlsberg partnership and international medical cannabis operations. While near-term earnings face pressure from integration and investments, the outlook remains positive over 18 months, supported by improving beer margins and potential benefits from US cannabis regulatory changes.