Tilray Stock Is Trading Higher Thursday: What's Going On?

Tilray Brands Inc TLRY shares are continuing to trade higher on Thursday after rallying more than 18% on Wednesday. Here’s a look at what you need to know.

What To Know: Tilray shares are up nearly 75% over the last month. The stock has surged alongside several other cannabis stocks amid recent legalization in Germany and increased optimism surrounding potential rescheduling in the U.S.

The Florida Supreme Court on Monday approved a recreational marijuana constitutional amendment that is set to be voted on in November. The proposal would legalize”non-medical personal use” of cannabis for individuals 21 years of age and older. 

Tilray also made a series of announcements this week including a new Tilray-led scientific publication, a new IPA from its Redhook Brewery brand, a new 420 variety pack from Sweetwater brewing and a Denver Nuggets special edition ale from its Breckenridge brand.

Tilray on Thursday announced its latest product lineup and 420 celebratory activations across Canada. Tilray said a number of its brands will be activating a series of educational 420 budtender events in stores across Canada in partnership with over 1,000 Canadian cannabis retailers nationwide. 

The company highlighted several new flower products, beverages, pre-rolls and vape products that are set to be released this year in celebration of 420.

Tilray will report its third-quarter financial results before the market open on April 9. The company is expected to report a loss of 5 cents per share and revenue of $198.62 million, according to estimates from Benzinga Pro.

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TLRY Price Action: Tilray shares were up 3.86% at $2.96 at the time of publication, according to Benzinga Pro.

Photo: Nicky from Pixabay.