Can you explain the TLRY 2018 weed stock story? I know a few bagholders and want to understand their thesis.

They are sitting on total losses. $2 stock means 90%+ loss regardless of entry about $20. What is the future for the industry? Weed is legal-ish so are these stocks coming back ever? Were these weed stocks the equivalent of a pizzeria with a market cap of $1B ?

​

I asked GBT and it said this. What can you add?

Tilray Inc. (TLRY) is a Canadian pharmaceutical and cannabis company that has gained significant attention in the stock market, particularly due to the legalization and growing acceptance of cannabis for both medical and recreational use. The TLRY story involves several key aspects:

Early Entrant in the Cannabis Industry: Tilray was founded in 2013 by Brendan Kennedy, Christian Groh, and Michael Blue. It quickly became one of the early players in the cannabis industry, focusing on medical cannabis initially.

Canadian Legalization: Canada became the first G7 country to legalize recreational cannabis in October 2018. This move led to a surge in cannabis-related companies like Tilray, as they were positioned to benefit from the newly regulated market.

Partnership and Investment: Tilray made strategic partnerships and received investments from major companies. In 2018, it secured a partnership with pharmaceutical giant Novartis, which was seen as a validation of the medical cannabis industry's potential. Furthermore, in December 2018, it received a substantial $100 million investment from Privateer Holdings, a private equity firm focused on cannabis investments.

IPO and Stock Surge: Tilray went public on the NASDAQ in July 2018, becoming one of the first cannabis companies to do so. The stock price surged dramatically following its IPO, reaching an all-time high in September 2018.

Expansion and Acquisitions: Tilray expanded its operations beyond Canada, establishing a presence in other countries with legalized medical cannabis and exporting its products. It also engaged in mergers and acquisitions, including the acquisition of Manitoba Harvest, a hemp food producer, and a merger with Aphria in May 2021, creating one of the largest cannabis companies by revenue.

Speculative Frenzy: The cannabis industry attracted significant speculative interest, with many investors hoping to capitalize on the potential for global legalization and exponential growth. This speculative fervor led to extreme price volatility in Tilray's stock.

Regulatory Challenges: The cannabis industry faced and continues to face regulatory challenges, as laws and regulations surrounding cannabis vary widely by jurisdiction. Investors in companies like Tilray have to navigate these uncertainties.

Competitive Market: As the cannabis industry grows, it becomes increasingly competitive, with more companies entering the market. This competition can put pressure on established players like Tilray.

Volatile Stock Price: Tilray's stock price has been highly volatile, experiencing significant price swings over the years. This volatility can be attributed to factors like market sentiment, changes in cannabis laws, and financial performance.

It's important to understand that the "thesis" for investing in Tilray or any cannabis stock can vary significantly among investors. Some might see it as a long-term play on the potential global expansion of the cannabis market, while others may view it as a short-term speculative opportunity. However, investing in volatile stocks like Tilray can be risky, and it's essential for investors to conduct thorough research, consider their risk tolerance, and stay informed about the evolving legal and regulatory landscape for cannabis. As of my last knowledge update in September 2021, the cannabis industry was still evolving rapidly, and the market dynamics may have changed since then.