Expanding into new segments can present a business and its investors with more plentiful growth opportunities. It can also be an effective way to be less dependent on a particular market or industry.

For years, Tilray Brands (TLRY +0.14%) and other Canadian-based cannabis companies have been hopeful that the U.S. might soon legalize marijuana, which would open up a massive market for them. That hasn’t happened, and it has resulted in some cannabis companies disappearing, becoming leaner, or, in Tilray’s case, diversifying.

Now, the company makes significant revenue from other segments, including beverages. It’s no longer just its core cannabis business that will determine if Tilray will grow its operations. Does having a more…