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

Tilray Brands, Inc. TLRY shares are trending Wednesday, and the stock has gained more than 45% over the past month. Here's a look at what's going on.

The Details:

Cannabis stocks have rallied recently amid legalization in Germany and renewed optimism on the possible rescheduling of marijuana in the United States. 

Florida’s Supreme Court ruled on Monday to allow an initiative that would legalize recreational marijuana to appear on the state's ballot in November. If approved by 60% of voters, it would legalize recreational, adult-use marijuana in the state. 

The Tilray Medical division announced a new Tilray-led scientific publication, "Age-related Patterns of Medical Cannabis Use: A Survey of Authorized Patients in Canada," on Wednesday. Tilray highlighted that 53.8% of medical cannabis patients in the study reported a decrease in their use of prescription opioids. 

“Our role in this initiative exemplifies our commitment to medical research, leading us one step closer to unlocking the full therapeutic potential of medical cannabis,” said José Tempero, Tilray’s Medical Director.

Related News: Aurora Cannabis And Canopy Growth Stocks Get Higher: What’s Going On?

TLRY Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Tilray Brands, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Tilray Brands, the 200-day moving average sits at $2.05, according to Benzinga Pro, which is below the current price of $2.5. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

TLRY Price Action: According to Benzinga Pro, Tilray Brands shares are up 4.34% at $2.51 at the time of publication Wednesday.

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