Tilray’s (TLRY) debt remains high, while tangible book value remains low relative to the market-cap, notes Alan Brochstein. He and Andrew Hunzicker discuss outlook for TLRY and other cannabis stocks. TLRY’s adjusted EPS came in at -$0.10 versus an estimated -$0.05 and revenue came in at $176.95M versus an estimated $175.12M. Alan highlights how the stock remains very expensive at about 25X projected adjusted EBITDA for the year ending 5/31/24. They then look at the cannabis banking bill which cleared Senate committee last week and versions of the bill have passed the house seven times, but this is the first time it advanced in the Senate. This would provide safe harbor for legal state-level dispensaries and growers to access federally regulated banks and credit unions. Andrew still expects industry that took 10 years to get to almost 50% of states fully legal/$30 billion market to double in next 5 years, maybe quicker if Congress acts. They then go over what investors should know about