Tilray Brands (TLRY) is enduring one of its worst stretches in recent memory, with shares collapsing 57% so far in 2026.
For some investors, a drop of that magnitude can look like a compelling buying opportunity, a chance to scoop up beaten-down shares before a potential recovery.
However, history suggests that dip-buying in Tilray has been a losing strategy more often than not, and the pattern is worth examining closely before committing capital.
Looking back at any calendar year since the start of the decade, Tilray has consistently underperformed the broader market by a wide margin.
In one early example, the stock actually surged more than 600% at a certain point during the year, briefly capturing the attention of momentum traders and cannabis bulls alike.
Despite that extraordinary intra-year rally, Tilray surrendered all of those gains and ended the year down almost 15%, while the S&P 500 climbed nearly 27% over the same period.
The underperformance did not stop there, as 2022 brought even sharper losses, with Tilray declining nearly 62% even as the broader market fell a much more modest 19%.
Some investors might argue that 2022 was an unusual year driven by macroeconomic pressures that hurt the whole market, but Tilray’s troubles continued well into the recovery period that followed.
In 2023, the S&P 500 roared back with a 24% gain, yet Tilray managed to lose another 14% of its value, making it clear the company’s struggles were not purely cyclical.
The pattern extended through 2024 and 2025, with Tilray again lagging broader equities despite brief moments of momentum that ultimately faded before year-end.
In total, Tilray has shed more than 90% of its value since early 2021, a period during which a simple investment in an S&P 500 ETF would have more than doubled an investor’s money.
Tilray bulls will be quick to point out that the past is no guarantee of the future, and the cannabis industry remains one where regulatory shifts could rapidly change the business landscape.
Still, the burden of proof falls heavily on those arguing that this time will be different for a stock that has consistently rewarded patience with further losses.
Investors considering a position in TLRY should weigh the stock’s historical track record carefully against any optimism about a potential sector-wide turnaround.
