Why did Tilray stock jump today? Anticipation of rival's earnings
May 16, 2022 3:32 PM ETTilray Brands, Inc. (TLRY)CRON, GRWG, ACB, SNDLBy: Jonathan Block, SA News Editor6 Comments
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- Shares of Canadian licensed producer Tilray Brands (NASDAQ:TLRY) are up ~8% in Monday afternoon trading in line with several other cannabis suppliers, such as Sundial Growers (SNDL), Aurora Cannabis (ACB), GrowGeneration (GRWG), and Cronos (CRON).
- Today's rally could be a result of upcoming quarterly earnings for Sundial (SNDL), which is scheduled for release after Monday's closing bell.
- However, the rally could be short lived. Trading in cannabis companies has been extremely volatile in 2022. Despite today's gains, Tilray (TLRY) shares are down ~16% over the last month.
- Canadian cannabis companies have been battling inflation and well as a drop-off in demand following a pandemic surge.
- They would also likely face additional competition from U.S. multi-state operators should pending legislation involving marijuana legalization and access to the banking system win approval. This would likely grow the market for these American companies.