Tilray’s Plan to Move Beyond Pot Takes Shape as Beverages Boom

Tilray Brands Inc. made progress on its plan to become a leader in cannabis drinks in the third quarter, helping to fuel a share rally, while the Canadian pot company’s chief executive officer said a supermarket deal will spark new opportunities.

The company, which is mostly known for Canadian marijuana, has expanded into beverages with recent acquisitions. The drinks segment was the standout of the quarter, with sales surging 64% from a year earlier to $19.6 million, exceeding expectations. Tilray reiterated its target for $4 billion in revenue by the end of fiscal 2024.

Tilray shares surges as much as ...