What's Going On With Marijuana-Producer Tilray Stock?

Tilray Brands, Inc. TLRY shares are trading higher Tuesday. The U.S. government released documents Friday related to its ongoing review of the status of cannabis under federal law.

What To Know:

The 252 pages of documents confirm that the Department of Health and Human Services has recommended the DEA reschedule cannabis as Schedule III under the Controlled Substances Act. The documents explain that cannabis "has a currently accepted medical use in treatment in the United States" and that it has a "potential for abuse less than the drugs or other substances in Schedules I and II,” as first reported by Marijuana Moment. 

Federal health officials also acknowledged in the documents that they have conducted an analysis which found that more than 30,000 health care professionals "across 43 U.S. jurisdictions are authorized to recommend the medical use of marijuana for more than six million registered patients for at least 15 medical conditions."

Last week, Tilray also received approval from the Panamanian Ministry of Health to cultivate, process, and distribute medical cannabis in Panama.

According to data from Benzinga Pro, shares of TCKR are trading just above the stock’s 50-day moving average of $1.94 and below its 52-week high of $3.59.

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TLRY Price Action: According to Benzinga Pro, Tilray Brands shares are up 7.75% at $2.01 at the time of publication.

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