Tilray Brands Inc (NASDAQ:TLRY) stock is soaring today, after the Washington Post reported that U.S. President Donald Trump plans to reclassify marijuana and dramatically loosen restrictions. TLRY was last seen up 29% to trade at $10.87.
Gapping above recent pressure at the descending 20-day moving average, TLRY is trading at its highest levels since mid November. Should these gains hold, the equity will mark its largest daily percentage gains since a 60.9% pop in September.
Options traders are chiming in straight out of the gate. So far, Tilray stock has seen 49,000 calls and 18,000 puts exchanged -- six times the amount typically seen at this point. The weekly 12/12 11-strike put is the most popular, followed by the 12-strike call in the same series, with new positions being opened at both.
Meanwhile, short interest has been unwinding, down 88.8% in just the last two weeks, yet it still makes up a large 9.6% of the stock's available float. It would take shorts nearly two days to fully cover their bets, at TLRY's average pace of trading.
