ACB vs TLRY: How Aurora Cannabis and Tilray Brands Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ACB and TLRY share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ACB and TLRY exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Aurora Cannabis is a Canadian licensed cannabis producer that has spent the past several years reinventing itself. Once one of the most hyped names of the 2018-2019 cannabis boom, it has since exited low-margin Canadian consumer (recreational) cannabis and non-core operations to concentrate on global medical cannabis, which carries higher and more durable margins. In its fiscal 2026 the company reported record medical results: global medical net revenue grew sharply, international medical revenue rose even faster (led by Germany and Poland), and adjusted EBITDA and free cash flow turned meaningfully positive, a real shift from years of cash burn. International medical, its highest-margin segment, now makes up a majority of medical revenue. To feed that demand, Aurora acquired Safari Flower Company, an EU-GMP certified European cultivator, and in February 2026 it completed the divestiture of its controlling stake in Bevo Agtech, its plant-propagation business, further sharpening the focus on medical cannabis.

Full ACB guide

Tilray Brands, Inc. is a diversified consumer company best known for cannabis but now spanning four areas: cannabis (medical and adult-use, plus hemp-derived products) across Canada, Europe, and other markets; a large craft beverage business built through acquisitions of SweetWater, Breckenridge, and beer brands and breweries from Anheuser-Busch and Molson Coors; a wellness arm centered on hemp-based products; and a distribution segment. This makes Tilray unusual among cannabis names: it generates substantial real revenue from beer and drinks, giving it a foothold in regulated US consumer markets even where cannabis remains federally illegal. Its fiscal year ends May 31, so its reporting calendar differs from most companies.

Full TLRY guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ACB drivers: International medical cannabis growth; Path to sustained profitability.
• TLRY drivers: International medical cannabis growth; Craft beverage scale and diversification.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central risk is Aurora's capital-structure history: repeated equity raises and a cumulative reverse-split history (roughly 1-for-120 over time) have destroyed per-share value, and further dilution would do so again. For TLRY, the biggest risk is that Tilray remains unprofitable on a net basis and has repeatedly issued new shares, diluting existing holders, a major reason the stock trades at a very low absolute price.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ACB if you believe its drivers more; TLRY if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ACB and TLRY guides.

ACB. These points are qualitative and tied to the asOf date; verify live numbers before acting. For a stock like Aurora, headline revenue growth matters less than whether profitability is durable and whether the company can fund itself without issuing more shares, because dilution has repeatedly overwhelmed operating progress in the past. Be cautious with per-share comparisons across time given the reverse-split history, and always check the current share count, cash position, and latest guidance directly in the filings.

TLRY. These figures are approximate and tied to the asOf date; verify live numbers before acting, especially since full fiscal-year 2026 results are due July 28, 2026. Tilray is an unprofitable, speculative stock valued on revenue growth and legalization optionality rather than earnings, so traditional profit multiples do not apply. Watch net losses, share dilution, and cash burn closely.

Headline figures (approximate, Jul 2026): ACB shows business model Canadian cannabis producer pivoting to higher-margin global medical cannabis, with EU-GMP supply into Germany, Poland, and other international markets, revenue trend Medical (especially international) growing fast, but total revenue expected to ease toward earlier levels as low-margin Canadian consumer and non-core units are exited; verify latest figures, profitability Record fiscal 2026 medical results; adjusted EBITDA and free cash flow turned positive, a shift from years of losses, though management guides fiscal 2027 EBITDA lower, share count Around 59 million common shares as of early 2026, reflecting a heavy cumulative reverse-split history (roughly 1-for-120 over time); TLRY shows revenue trend Record net revenue ~$207 million in fiscal Q3 2026 (ended Feb 28, 2026), ~11% organic growth, led by international cannabis; beverage revenue declined, profitability Positive adjusted EBITDA in recent quarters, but generally net losses; sustained net profitability not yet established, balance sheet / liquidity Roughly $265 million in cash, restricted cash, and marketable securities as of fiscal Q3 2026, share count / dilution History of issuing new shares to fund acquisitions and operations, diluting holders; a reverse stock split was explored then paused.

ACB and TLRY are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ACB and TLRY exposure against your real portfolio. It is not an investment adviser.