Tilray Brands (TLRY) Goes 12.36% High as Senator Files New Cannabis Bill

We recently published Small But Savage: 10 Stocks Delivering Outsized Gains. Tilray Brands, Inc. (NASDAQ:TLRY) is one of the best performers on Tuesday.

Tilray Brands bounced back by 12.36 percent on Tuesday to close at $8.09 apiece as investor optimism was bolstered by the submission of a new Senate bill, which aims to legalize home cultivation of marijuana in Florida.

On Friday, Sen. Carlos Smith filed the legislation seeking to permit qualified patients aged 21 and above to cultivate up to six flowering plants for personal and therapeutic purposes in the state.

“A qualified patient who cultivates cannabis shall ensure that the plants are secured in a manner to prevent access by unauthorized persons,” the bill read.

The legislation sparked a buying activity on shares of Tilray Brands, Inc. (NASDAQ:TLRY), supported by President Donald Trump’s earlier backing of the reclassification of cannabis to Schedule II from I at present.

Drugs under Schedule II are classified with a high abuse risk but also have safe and accepted medical uses in the US.

Meanwhile, Schedule I drugs, where cannabis currently falls under, are those with a high abuse risk, without any safe and accepted medical use.

Earlier, investment firm Jefferies issued an encouraging coverage for Tilray Brands, Inc. (NASDAQ:TLRY), saying that it would highly benefit from the potential rescheduling of cannabis use to a lesser federal restriction.

While we acknowledge the potential of TLRY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.