Cannabis company Tilray Brands, Inc. (TLRY) is set to unveil its second-quarter earnings after the market closes on Thursday, January 8, 2025, and Wall Street analysts have been adjusting their expectations in the lead-up to the announcement.

The Leamington, Canada-based company faces some tough comparisons. Analysts are projecting a quarterly loss of 20 cents per share, a notable deterioration from the 3-cent per share loss reported in the same quarter last year. On the revenue front, expectations call for $210.95 million, which would represent flat growth compared to the prior-year period.

The regulatory landscape for cannabis companies has been shifting lately. After what many in the industry describe as years of regulatory stagnation, President Donald Trump signed an executive order in December aimed at speeding up the rescheduling of marijuana to a Schedule III substance. That's a potentially significant development for the sector, though the full implications remain to be seen.

Tilray shares closed Tuesday's session at $9.26, down 2.5% for the day.

Recent analyst coverage has been decidedly cautious. Zelman & Assoc analyst Pablo Zuanic, who carries a 52% accuracy rate, maintained a Neutral rating on the stock back on July 29, 2025. Meanwhile, Piper Sandler analyst Michael Lavery, who boasts a 63% accuracy rate, also kept a Neutral stance but made a more dramatic move on April 9, 2025, slashing the price target from $2 all the way down to $1.

The mixed analyst sentiment reflects broader uncertainty about Tilray's path forward as the cannabis industry continues to navigate challenging market conditions and evolving regulatory frameworks. With earnings just days away, investors will be watching closely to see whether management can provide any clarity on the company's strategy and outlook in this shifting environment.