Tilray Stock: Why Jim Cramer Says It's Time to Buy

$Tilray Brands(TLRY.US)$ Jim Cramer, host of CNBC's Mad Money, said on a recent show that it's time to buy shares of cannabis stock Tilray.

Tilray has been making a series of strategic acquisitions, especially in the liquor space, to profit while waiting for the U.S. legal cannabis market to expand.

On the potential verge of the legalization of cannabis for adult use in the U.S., now is a good time to invest in Tilray shares.

This isn't the first time the CNBC host has mentioned the cannabis company on his show. Last month, Cramer said that he was considering whether it would be worth owning TLRY during Joe Biden's presidency.

Recently, President Biden pardoned thousands of people who had been convicted of marijuana posession in federal courts. This caused cannabis stocks in general to rise. Tilray shot up 30% on the news.

But then Tilray reported fiscal first-quarter earnings results that failed to meet market expectations.

The company missed estimated losses per share by 1 cent. And revenue fell nearly 9% year over year. Wall Street had expected a drop of only 6%.

After these not-so-bullish results, Tilray's stock tumbled about 25%.

However, it's worth pointing out that the stock's drop wasn't related exclusively to Tilray's earnings results. The broader cannabis market experienced a sell-off as well.