CGC vs TLRY: How Canopy Growth Corporation and Tilray Brands Compare (2026)
Last updated July 2026
Short answer
CGC (Canopy Growth Corporation) and TLRY (Tilray Brands) share investment themes but are different businesses. The right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme.
CGC vs TLRY: the tie-breaker metrics
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.
| Metric | CGC | TLRY | What it tells you |
|---|---|---|---|
| Market cap | $390.30M | $473.00M | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | -7.23 | 5.18 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 2.41 | 1.89 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 2% of range | 1% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 0.74 | 1.27 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how CGC and TLRY affect your concentration
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. CGC 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 CGC 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.
What does Canopy Growth Corporation (CGC) do?
Canopy Growth Corporation is one of Canada's largest cannabis companies, based in Smiths Falls, Ontario. It sells recreational (adult-use) and medical cannabis in Canada, exports medical cannabis to international markets in Europe and Australia, and owns Storz & Bickel, a maker of premium vaporizer devices. Its revenue comes mainly from selling cannabis flower, pre-rolls, vapes, edibles, and beverages under brands like Tweed and Doja, plus device sales. In fiscal 2026 the company completed its acquisition of MTL Cannabis, a move it says makes it Canada's leading medical-cannabis provider by revenue, and reported that its core cannabis business returned to growth after years of contraction.
What does Tilray Brands (TLRY) do?
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.
CGC vs TLRY: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- CGC drivers: Core cannabis business back to growth; MTL Cannabis and medical leadership.
- TLRY drivers: International medical cannabis growth; Craft beverage scale and diversification.
Which fits which kind of investor
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 that Canopy is still unprofitable in a brutally competitive industry. 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.
CGC or TLRY: which should you pick?
CGC vs TLRY: the full fundamentals
CGC. These figures are qualitative and tied to the asOf date; verify live numbers before acting. Because Canopy is unprofitable, standard earnings multiples do not apply, and the stock trades on revenue trajectory, cash runway, and expectations for cannabis reform rather than on profits. Reported financials are also in Canadian dollars, so US-dollar figures depend on exchange rates. Treat any single quarter with caution: cannabis results swing on pricing, one-time charges, and restructuring.
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): CGC shows revenue trend (fy2026) Modest annual growth (roughly mid-single-digit percent), the first sustained return to growth after years of contraction, growth drivers Double-digit gains in Canadian adult-use, Canadian medical, and international cannabis; device sales (Storz & Bickel) were softer, profitability Still net-loss-making, but fiscal 2026 net loss from continuing operations narrowed roughly by half versus the prior year, balance sheet Shifted to a net-cash position after a January 2026 recapitalization, reducing near-term financing risk; 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.
The bottom line: CGC vs TLRY
CGC 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 CGC and TLRY exposure against your real portfolio. It is not an investment adviser.
Investing in Canopy Growth Corporation with AI
Connect the broker you already use and ask Walnut's AI how CGC fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between CGC and TLRY?
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Canopy Growth Corporation is one of Canada's largest cannabis companies, based in Smiths Falls, Ontario. Tilray Brands, Inc. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CGC or TLRY the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, CGC or TLRY?
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On forward P/E (as of July 2026), CGC trades at -7.23x and TLRY at 5.18x, so CGC is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both CGC and TLRY?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of CGC vs TLRY?
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CGC: The central risk is that Canopy is still unprofitable in a brutally competitive industry. Canadian adult-use cannabis suffers from oversupply and price compression, which squeezes margins even as volumes grow. The company has a long history of large writedowns (BioSteel, Wana, and others) and heavy share dilution, so existing shareholders have repeatedly been diluted to fund losses. Its US upside through Canopy USA depends on federal reform that has been promised for years without arriving, and remains outside the company's control. Canopy also restated prior-period financials for non-cash technical errors tied to certain US-dollar share-settled warrants. As a small-cap cannabis stock, CGC is highly volatile and sensitive to sentiment, financing conditions, and regulatory headlines, with no guarantee the turnaround reaches sustained profitability. 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. Cannabis legalization, the core long-term catalyst, has stalled in the US and moves slowly elsewhere, so the biggest addressable market may stay closed for years. The Canadian adult-use market is oversupplied and price-competitive, and the craft beer segment faces industry-wide volume softness. Currency swings affect large international sales, and the company relies on acquisitions that carry integration risk. The stock is highly volatile and speculative, sensitive to legalization headlines, and the company explored a reverse stock split to maintain its Nasdaq listing, a reminder of the low share price.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CGC or TLRY; figures are approximate and dated (as of July 2026). Verify current data before investing.