10 Overlooked Penny Stocks to Buy Right Now

7. Tilray Brands, Inc. (NASDAQ:TLRY)

Number of Hedge Fund Holders: 10

Upside Potential: 58.01%

Tilray Brands, Inc. (NASDAQ:TLRY), backed by significant analyst-implied upside, ranks among the overlooked penny stocks to buy right now. A fresh acquisition aimed at deepening its medical cannabis footprint in Canada is giving investors a new angle on the stock despite a steep year-to-date selloff.

On June 29, 2026, Tilray Brands, Inc. (NASDAQ:TLRY) announced the acquisition of HelloMD Corporation, a digital healthcare and patient engagement platform. Following court approval granted the same day, the company plans to acquire HelloMD’s Canadian medical cannabis assets after emerging as the successful bidder in its formal sale process. Tilray said the deal creates a fully vertically integrated medical cannabis framework in Canada, linking cultivation, clinical expertise, practitioner support, product access, and fulfillment.

Blair MacNeil, President of Tilray Brands, Inc. (NASDAQ:TLRY) Canada, said the combination of HelloMD’s digital healthcare platform with Tilray’s medical cannabis portfolio and national fulfillment capabilities builds a more connected pathway for patients and healthcare practitioners. HelloMD CEO Larry Lisser said the platform has supported hundreds of thousands of patients through telehealth consultations and personalized guidance since its founding.

Tilray Brands, Inc. (NASDAQ:TLRY) also pointed to potential opportunities in adjacent wellness categories such as sleep support and pain management, areas where over-the-counter products represent a large market the company is not yet meaningfully part of. The press release did not disclose the financial terms of the transaction.

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) are down more than 50% in 2026 so far.

Tilray Brands Inc. (NASDAQ:TLRY) is a leading global lifestyle and consumer packaged goods (CPG) company that operates at the intersection of the cannabis, beverage alcohol, wellness, and medical industries. Operating in over 20 countries, they focus on diversified revenue across four main business segments.