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

Detail of canadian flag with cannabis leaves

rgbspace/iStock via Getty Images

  • 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.
To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.