Tilray Brands (TLRY) Jumps 23% as Analyst Goes Bullish on Cannabis Prospects

We recently published 10 Big Names With Surprising Gains. Tilray Brands, Inc. (NASDAQ:TLRY) is one of the top performers of last week.

Tilray Brands soared by as much as 22.6 percent on Monday as investor sentiment was bolstered by an investment firm’s higher price target and bullish rating for its stock.

In a market note, Jefferies raised its price target for Tilray Brands, Inc. (NASDAQ:TLRY) to $2 from $1.5 previously, while maintaining a “buy” recommendation on expectations that a potential rescheduling of cannabis to Schedule II from I at present would largely benefit the company moving forward.

Drugs under Schedule II are classified with a high abuse risk but also have safe and accepted medical uses in the United States. These include certain narcotics, stimulants, and depressant drugs.

Meanwhile, Schedule I drugs, where cannabis currently falls under, are those with a high abuse risk, which means that it has no safe, accepted medical use in the United States.

Earlier this month, President Donald Trump said that his administration was looking to loosen federal restrictions on the use of cannabis and would make an official decision in the coming weeks.

Tilray Brands, Inc. (NASDAQ:TLRY) is a pharmaceutical company focusing on the production of medical and adult-use cannabis, craft beer, and beverages, among others.

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