Why Is Tilray (TLRY) Stock Soaring Today

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.

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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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