Weed Companies Are Making More Money Selling Beer Than Cannabis

Tilray Brands Inc.’s big bet on legal cannabis is proving so overoptimistic it is now relying on the alcohol market it once aimed to disrupt.

A long-awaited easing in US cannabis laws, known as rescheduling, is still at least months away, leaving in place suffocating restrictions on sales due to marijuana’s classification alongside drugs including LSD and heroin. That’s led cannabis companies to find other businesses, including alcohol and hemp, undercutting boasts like Tilray’s in its debut 2019 filing that it would capture spending from brewers, distillers and wineries.