Tilray Inc (NASDAQ ticker: TLRY) and other cannabis stocks were on fire Thursday as U.S. lawmakers are set to vote on a bill to decriminalize marijuana at the federal level next week.

Tilray, along with most other major cannabis cultivators, is swimming against the current to due to the prospect of  legalizing marijuana soon

Tilray would be a major beneficiary of such a move thanks to its state-of-the-art medical cannabis center located in Neumunster, Germany

Tilray's stock is perhaps a strong buy candidate as the good news is that stocks in the cannabis industry can sometimes pop on news of legalization in a major market

. Part of Tiray's ambitious plan to get to $4 billion in annual revenue by the end of fiscal 2024 includes generating $1 billion from the European market

Tilray currently has a medical distribution business in Germany, CC Pharma, which could help accelerate its growth in Europe.

The cannabis sector looks like a sleeping giant right now. Investors look to have given up on it, but there are some mammoth opportunities there

Once optimism returns to the sector (and Germany legalizing marijuana may do the trick), stocks could soar, as many of them look overdue for some bullishness. Buying before that happens may set investors up for big gains later on.

Tilray has all the assets to become a marijuana powerhouse. In addition to its cannabis and brewery businesses, it also owns Breckenridge Distillery, which features a wide selection of bourbons, whiskeys, rums, and vodkas, and Manitoba Harvest, which makes hemp granola and some cannabidiol (CBD) products

If management can shift Tilray's sales mix to favor more-expensive goods, it'll be a big help to its share price in the long term.

Tilray only derives about 23% of its quarterly net revenue from beverage and wellness product

Tilray Medical, a medical cannabis division of Tilray Brands (TLRY) has expanded its medical cannabis offerings in the United Kingdom.

Tilray Medical supplies the UK and the rest of international business with EU-GMP certified medical cannabis from company's state-of-the-art facilities in Portugal, providing patients with safe and reliable access to high-quality medical cannabis