OGI vs TLRY: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
TLRY is the larger of the two ($618.36M market cap): the incumbent the market prices for continued execution (10.09x forward earnings, beta 1.89). OGI is the smaller challenger ($132.23M), actually pricier on forward earnings (42.70x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
OGI vs TLRY: the tie-breaker metrics
Same yardstick, side by side (as of August 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 | OGI | TLRY | What it tells you |
|---|---|---|---|
| Market cap | $132.23M | $618.36M | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 42.70 | 10.09 | 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 | 1.85 | 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 | 6% of range | 4% 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 | 0.48 | 1.50 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: TLRY is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how OGI 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. OGI 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 OGI 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 Organigram Global (OGI) do?
Organigram Global Inc. is a Canadian cannabis company that cultivates, processes, and sells adult-use and medical cannabis products, including dried flower, pre-rolls, vapes, edibles, and a fast-growing lineup of cannabis and hemp-derived beverages. It changed its name from Organigram Holdings to Organigram Global in 2025, keeping the ticker OGI, and trades on both the Nasdaq and the Toronto Stock Exchange (it reports in Canadian dollars). By recreational market share it is Canada's number-one cannabis company, and it has been expanding beyond Canada into international medical markets and the US hemp-derived THC beverage space.
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.
OGI 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.
- OGI drivers: British American Tobacco partnership; Scale, Motif synergies, and market share.
- 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 overarching risk is that cannabis remains federally illegal in the United States, which locks Organigram out of the largest potential market, limits access to US banking and exchanges for the plant-touching business, and caps the sector's valuations. 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.
OGI or TLRY: which should you pick?
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 OGI 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 OGI and TLRY guides.
OGI vs TLRY: the full fundamentals
OGI. Figures are approximate, reported in Canadian dollars, drawn from Organigram's fiscal 2026 reporting, and tied to the asOf date; verify live numbers before acting. For a cannabis company, revenue growth, adjusted EBITDA, and cash are more telling than headline net income, which can swing on non-cash fair-value adjustments to biological assets and investments. Cannabis stocks also trade heavily on sector sentiment and regulatory headlines, so traditional earnings multiples are of limited use here.
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): OGI shows gross revenue (q1 fy2026, reported feb 2026) Approximately C$97 million, up roughly 46% year over year (figures in Canadian dollars), net revenue (q1 fy2026) Approximately C$63.5 million, up roughly 49% year over year, adjusted ebitda (q1 fy2026) Approximately C$5.3 million, a sharp improvement (up roughly 273%) year over year, international revenue (q1 fy2026) Approximately C$5 million, up about 51% year over year; 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: OGI vs TLRY
OGI 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 OGI and TLRY exposure against your real portfolio. It is not an investment adviser.
Wondering how OGI or TLRY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Organigram Global with AI
Connect the broker you already use and ask Walnut's AI how OGI 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 OGI and TLRY?
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Organigram Global Inc. 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 OGI or TLRY the better stock?
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Neither is universally better. TLRY is the larger incumbent; OGI is the smaller challenger and looks pricier on forward earnings. 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, OGI or TLRY?
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On forward P/E (as of August 2026), OGI trades at 42.70x and TLRY at 10.09x, so TLRY 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 OGI 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 OGI vs TLRY?
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OGI: The overarching risk is that cannabis remains federally illegal in the United States, which locks Organigram out of the largest potential market, limits access to US banking and exchanges for the plant-touching business, and caps the sector's valuations. The Canadian and global cannabis industry is oversupplied and intensely price-competitive, so pricing pressure and heavy excise taxes squeeze margins even as volumes grow. Profitability has been inconsistent, and reported earnings can be distorted by non-cash fair-value changes on biological assets and investments. The large BAT stake concentrates ownership and influence, and future financings or share issuance could dilute existing holders. Regulatory change, international-market execution, and the early, unproven economics of the THC-beverage push all add uncertainty, and cannabis stocks as a group tend to be volatile and sentiment-driven. 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 OGI or TLRY; figures are approximate and dated (as of August 2026). Verify current data before investing.