Why Tilray Stock Is Moving
Portfolio Pulse from Henry Khederian
Shares of Tilray Inc (NASDAQ:TLRY) are trading higher by 3.8% amid strength in the broader cannabis sector. This follows a report suggesting the Department of Health and Human Services (HHS) has called for moving marijuana to a lower-risk drug category. The reclassification of marijuana from Schedule I to Schedule III under the Controlled Substances Act is a significant change, as Schedule I substances include highly abused drugs like heroin.
August 31, 2023 | 2:27 pm
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Tilray's stock is trading higher due to the potential reclassification of marijuana, which could positively impact the cannabis industry.
The potential reclassification of marijuana to a lower-risk drug category by the HHS could lead to increased acceptance and usage of cannabis, positively impacting companies like Tilray that operate in the cannabis industry. This explains the rise in Tilray's stock.
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