Investing in turnaround plays isn't a strategy for the faint of heart, especially not when it comes to Canadian cannabis businesses. Major competitors like Tilray Brands (NASDAQ: TLRY) and SNDL (NASDAQ: SNDL) have lost a significant portion of their value over the last few years while the stock market has grown more than 30%, even amid the effect of a brutal bear market in 2022.

But at least one of these two companies has a credible chance of seeing its fortunes changing for the better -- potentially leading to solid investor gains. Here's how to figure out which of these stocks is an opportunity, and which is more likely to lose your money over the next couple of years. 

SNDL's turnaround is in full swing, and its progress is undeniable. Thanks to its purchase of a handful of liquor distributors and smaller cannabis businesses in Canada, its trailing 12-month sales are up 77% since this time last year, reaching $685 million.

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Source Fool.com