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Sunday, October 2, 2022

Tilray Inc declines as the cannabis sector continues its downward trend

  • Nasdaq: TLRY is down 0.40% during Monday’s trading session.
  • Investors will be looking forward to international growth on Tilray’s earnings call later this week.
  • Moore’s Act is set to go before the Senate for federal legalization.
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NASDAQ: TLRY started the week in a slump despite a broader market rally, particularly from the NASDAQ index. On Monday, TLRY shares fell 0.40% and closed the trading day at $7.45. It was another bearish session for the cannabis industry which does not appear to be gaining any momentum despite the passage of the MORE Act vote in the House of Representatives during Friday’s session. Conversely, all three major US indexes closed higher on Monday as broader markets were supported by a massive rally in technology stocks. The Dow added 103 basis points, the S&P 500 rose 0.81%, and the Nasdaq broke through 1.9% gains during the session.


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Tilray is due to report its quarterly earnings on Wednesday, and Wall Street will be looking to increase international expansion and revenue. In the most recent quarter, Tilray reported $155 million in total revenue, with more than 75% of that revenue coming from its Canada business. As Tilray continues to expand into Europe and Australia, investors will likely be looking at how much of the company’s potential growth overseas. The passage of the MORE Act didn’t really move the needle for Tilray, so perhaps a solid earnings report could.

TILRAY stock forecast

While the MORE Act passed a House floor vote on Friday, a tougher challenge awaits the Senate. The vote will need much more support than it got in 2020 when it stalled in the Senate, and will likely need the support of all Democrats as well as at least ten Republicans. So far, the Senate vote has not yet been set.

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