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Tuesday, May 24, 2022

Tilray earns as struggling cannabis sector rises ahead of 4/20

  • Nasdaq: TLRY is up 1.57% during Tuesday’s trading session.
  • Cannabis stocks rise ahead of the 4/20 holiday on Wednesday.
  • Cannabis investors are waiting for a postponed Senate-wide MORE law vote.
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Nasdaq: TLRY reversed its recent downtrend on Tuesday, with the cannabis sector rallying in tandem with the broader market rally. TLRY shares rose 1.57% and closed the trading day at $5.83. It’s been a tough year for Tilray and the cannabis industry, and shares of the Canadian company are down more than 21% year-to-date and 63% over the past 52 weeks. The stock is currently trading below its 50-day and 200-day moving averages, and any momentum it gained from the successful vote on the MORE Act in the House has since completely dissipated.

The consolidation on Tuesday was due to the broader market rally which saw the major averages post one of their best sessions in April. Cannabis stocks received an additional jolt from the unofficial marijuana holiday that fell on Wednesday, April 20, or 4/20. Traditionally, history has been a rallying point for cannabis stocks, although it is generally short-lived. Other cannabis stocks that rose on Tuesday included GrowGeneration Corp (NASDAQ: GRWG), Aurora Cannabis (NASDAQ: ACB), and Sundial Growers (NASDAQ: SNDL).

TLRY share price

Cannabis investors will have to wait at least another month to vote on the MORE Act in the US Senate as this month’s vote was recently postponed. The Democratic Party, led by Majority Leader Chuck Schumer, is actively working with other senators to advance the federal marijuana legalization proposal as well as to disqualify those currently serving prison terms for possession of cannabis. No date has been set for the vote in the Senate.

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