Canopy Growth or Tilray Brands: Which Stock Is More Likely to Be a Millionaire Maker?

Cannabis stocks have not performed well over the past five years, to say the very least. However, with some recent positive regulatory developments in the U.S., and given that these stocks have been largely forgotten by investors, they could potentially soar over the long run, provided the marijuana market grows significantly.

Tilray Brands (NASDAQ: TLRY) and Canopy Growth (NASDAQ: CGC) are two of the biggest players in this niche. Which one is more likely to turn average investors into millionaires? Let's find out.

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The case for Canopy Growth

Canopy Growth is a leading player in the Canadian cannabis market with a deep portfolio of products, including dried cannabis flower, vapes, edibles, and more. It also has a presence across several countries, including through a subsidiary in the U.S.

With President Donald Trump recently signing an executive order to make cannabis a Schedule III substance, Canopy Growth could see some opportunities for expansion in the U.S.

And its financial results have improved, especially on the bottom line. During its 2026 third quarter, ending on Dec. 31, net revenue came in at $54.62 million, down about 0.3% compared to the year-ago period. The company's net loss per share of $0.13 was much better than the $0.81 loss reported in the year-ago quarter.

If Canopy Growth can seize the potentially huge opportunities in the U.S. to boost its net income while continuing to narrow its losses, the stock could deliver strong returns from here on out.

The case for Tilray Brands

Tilray Brands also has a deep portfolio of cannabis products and a presence in many countries, including the U.S., Germany, and Portugal. It has broadened its operations and is now one of the largest craft brewers in the U.S., while offering a portfolio of hemp-based products. This diversification is a strength.

Its financial results also seem to be improving, at least somewhat. Net revenue in the second quarter of its 2026 fiscal year, ending Nov. 30, grew 3% year over year to $217.5 million, while its net loss fell to $0.41, down from the $0.99 reported in the year-ago period.

Tilray has positioned itself to capitalize on the emerging opportunities in the cannabis market in the U.S. and could see its shares soar over the long run if it is successful.

The verdict

Even with the recent changes in the U.S., cannabis remains illegal at the federal level. If that changes, there will be other challenges, including the same ones Canopy Growth and Tilray faced in Canada: remaining regulatory oversight, stiff competition, oversupply, and others. All this is to say that both of these companies have uncertain outlooks and are very risky investments.

However, Tilray Brands looks like the better buy right now, in my view, because it is more diversified operationally and geographically, while still having footprints in enough important markets like the U.S. to profit from potential opportunities. Tilray is more likely to be a millionaire maker between these two, but neither is likely to be one at all. Investors should stay away from both, but if you must choose one, pick Tilray.

Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool recommends Tilray Brands. The Motley Fool has a disclosure policy.