Shares of cannabis company Tilray Brands (TLRY) are sliding in Tuesday's pre-market trading and into the session open after reporting a fiscal third-quarter revenue miss. The cannabis-pharmaceutical stock, which is still regarded as a meme stock, has seen year-to-date gains of over 12%.

Morning Brief Anchors Seana Smith and Jared Blikre monitor Tilray's stock, comparing it to the overall performance of the cannabis industry in 2024.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

SEANA SMITH: Tilray shares are moving to the downside after reporting a wider than expected loss in the third quarter. Revenue also fell short of the Street's expectations. Shares though, despite today's drop, are still up since the start of the year.

And this is another stock we were just talking about, DJT. This is another stock that moves pretty wildly. We have seen wild price action, pretty volatile pricing action here over the last several months, really the last several years here.

But when you take into account some of these numbers that we're getting out from Tilray this morning, obviously, a disappointment. A lot of that because of the guidance that's putting pressure on shares here in pre-market trading.

But beyond that, though, I wanted to bring up what we're seeing in beverage, alcohol because this is something that Tilray has talked about. We have the CEO on later--

JARED BLIKRE: I'd charge for all of this in the show.

SEANA SMITH: --later in the show, later on in Yahoo Finance's and the programming. And that's actually where they are seeing some strength. $54.7 million was total revenue in the most recent quarter that. That was up from $20.6 million on a year-over-year basis. Also slightly better than what the Street was looking for. So a bit of a silver lining within this report, Jared.

JARED BLIKRE: Yeah, beverages, that staples, not really that exciting usually. But let's go to the Wi-Fi interactive. I have a year-to-date heat map for beverages. You don't see a lot of action except in one name. That's Celsius Holdings right there.

When I look over to weed, now look at the difference here. Those are some impressive numbers. You see Tilray, that's kind of towards the bottom. That's only up 12%. But you have names up-- like TRUL up 145%, CGC basically doubling its price.

But now if I go to a five-year, you see a much different story here. I'm going to by performance. Just about two thirds of these are down 85% or more. So this is an industry that has just been decimated.