Should You Buy Tilray Stock Before July 15?
Key Points
Long-term reform matters more than short-term headlines.
Strong liquidity gives Tilray valuable financial flexibility.
July 15 won't determine Tilray's long-term value.
On July 15, the Drug Enforcement Administration will conclude its public hearing on the proposal to move cannabis from Schedule I to Schedule III. The hearing won't actually legalize marijuana, and it won't guarantee rescheduling. But it does represent the most significant federal review of cannabis policy in more than 50 years.
Does this make Tilray Brands (NASDAQ: TLRY) a buy before then? Not necessarily. Let me explain.
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Be wary of speculation
If cannabis moves to Schedule III, the biggest immediate beneficiaries are likely to be U.S. operators because the change would eliminate the punitive tax treatment imposed by IRS Section 280E. Tilray doesn't currently operate U.S. plant-touching cannabis businesses, so it wouldn't receive that same direct financial benefit.
Image source: Getty Images.
That said, the company is still well positioned if federal policy continues to move in a more favorable direction. You see, Tilray has spent the past several years expanding its international medical cannabis business while diversifying into craft beer, spirits, and wellness products.
During the first nine months of fiscal 2026, the company generated around $630 million in revenue, and it ended its most recent quarter with approximately $265 million in cash and marketable securities, giving it significantly more financial flexibility than many of its competitors. But the bigger investment case isn't July 15 itself.
It's whether the hearing signals that cannabis reform is finally moving forward after years of delays. A favorable outcome could improve investor sentiment across the sector, even if Tilray isn't the biggest near-term beneficiary.
So should you buy before July 15? If you're hoping for a one-day pop based on headlines coming out of the DEA hearing, that's speculation. But if you believe cannabis reform will continue progressing over the next several years, Tilray remains one of the industry's stronger long-term players thanks to its diversified business model, international footprint, and relatively healthy balance sheet.
And that's a much better reason to own the stock than anything that happens on a single day.
Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool recommends Tilray Brands. The Motley Fool has a disclosure policy.