One of the original meme stocks Tilray Brands (TLRY Quick QuoteTLRY - Free Report) is set to report fiscal third-quarter earnings results on Monday after the close. Tilray has missed the earnings mark in three of the last four quarters. With the legalization process taking a step back in recent weeks, is TLRY a buy?

Tilray Brands is expected to post a loss of -$0.05/share, which would reflect negative growth of -225% versus the same quarter last year. Estimates for the quarter have declined -25% over the past 60 days. Sales are projected to fall -1.45% to $149.7 million. TLRY has posted an average earnings miss of -72.26% over the last four quarters.

The United Nation’s drug control body recently criticized the U.S. federal government, asserting that the passive allowing of individual states to legalize marijuana violates a long-standing international drug treaty.

TLRY is a Zacks Rank #4 (Sell) stock. Industry headwinds still present a major challenge for Tilray Brands.