Tilray Brands (NASDAQ: TLRY) stock plunged over 4% in the early trading hours of Friday.
Tilray (TLRY) shares soared nearly 75% over the past month, reflecting growing investor optimism surrounding the cannabis sector. This surge coincides with recent legalization developments, including Germany’s legalization and heightened expectations for potential cannabis rescheduling in the United States.
On Monday, the Florida Supreme Court has greenlit a recreational marijuana constitutional amendment slated for a November vote. If passed, the proposal would legalize the “non-medical personal use” of cannabis for individuals aged 21 and older.
Adding to the positive momentum, Tilray has made several noteworthy announcements this week. These include the release of a new scientific publication led by Tilray, alongside new offerings such as an IPA from its Redhook Brewery brand, a 420 variety pack from Sweetwater Brewing, and a special edition ale from its Breckenridge brand in partnership with the Denver Nuggets.
Moreover, Tilray has unveiled its latest product lineup and 420 celebratory activations across Canada. The company plans to host educational budtender events in partnership with over 1,000 Canadian cannabis retailers nationwide, introducing a range of new flower products, beverages, pre-rolls, and vape products set for release this year in celebration of 420.
Tilray is scheduled to release its third-quarter financial results on April 9 before the market opens. Analysts expect the company to announce a loss of 5 cents per share alongside revenue of $198.62 million, as per Benzinga Pro.
Tilray Brands (NASDAQ: TLRY) Stock Movement
TLRY stock dropped 4.47% to $2.56 on Friday. The traders have exchanged hands with 17,519,237 (17.51 million) shares compared to the average daily trading volume of 27.76 million.
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