Jefferies Raises Tilray (TLRY) Price Target on Potential Cannabis Rescheduling

Tilray Brands, Inc. (NASDAQ:TLRY) ranks among the best sin stocks to buy right now. On August 25, Jefferies lifted its price target for Tilray Brands, Inc. (NASDAQ:TLRY) to $2 from $1.50, while maintaining a Buy rating on the company’s shares. The price target hike represents Jefferies’ belief that rescheduling cannabis from Schedule I to Schedule III in the US serves as a substantial government policy change that could favor Tilray.

Although this possible shift fell short of legalization, Jefferies says it is a step forward as Congress considers legislation around banking, access, and cannabis regulation. According to the firm, rescheduling might offer cannabis companies easier research opportunities and lower taxation, among other secondary benefits.

While acknowledging that the company could be “the biggest potential beneficiary” of these regulatory developments, Jefferies also pointed towards Tilray’s mounting challenges in its alcohol division.

Tilray Brands, Inc. (NASDAQ:TLRY) is an American pharmaceutical, cannabis-lifestyle and consumer packaged goods company, incorporated in the United States, headquartered in New York City.

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Disclosure: None. This article is originally published at Insider Monkey.