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.
Related News: What’s Going On With Lucid Group Stock?
TLRY Price Action: According to Benzinga Pro, Tilray Brands shares are up 7.75% at $2.01 at the time of publication.
Image: Fun Free Art from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.