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Why Is Tilray (TLRY) Stock Soaring Today

TLRY Cover Image

What Happened?

Shares of cannabis company Tilray Brands (NASDAQ: TLRY) jumped 17.8% in the afternoon session after the stock rallied on growing optimism regarding federal marijuana reform. The move comes as investors anticipate the potential reclassification of cannabis from a Schedule I to a Schedule III substance under federal law. Such a change would be a significant catalyst for the industry, as it would acknowledge the medical use of cannabis and could ease the severe tax burdens currently imposed on cannabis companies.

Is now the time to buy Tilray? Access our full analysis report here, it’s free.

What Is The Market Telling Us

Tilray’s shares are extremely volatile and have had 52 moves greater than 5% over the last year. But moves this big are rare even for Tilray and indicate this news significantly impacted the market’s perception of the business.

Tilray is down 52.9% since the beginning of the year, and at $0.69 per share, it is trading 66.2% below its 52-week high of $2.03 from July 2024.

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