Why Tilray Stock Is Up Nearly 30% This Week

Tilray Inc TLRY shares are trading higher by 28% to $3.00 over the trailing five sessions upward momentum and amid strength in the broader cannabis sector. 

Shares of cannabis stocks are trading higher following a report suggesting the Department of Health and Human Services (HHS) has called for moving marijuana to a lower-risk drug category.

See Also: Health Officials To DEA: Ease Federal Restrictions On Cannabis - Will This Set Stage For Legalization?

According to a letter dated August 29 seen by Bloomberg News, a high-ranking official from the Department of Health and Human Services has written to DEA Administrator Anne Milgram, urging the reclassification of marijuana from Schedule I to Schedule III under the Controlled Substances Act.

This shift reflects a significant change, as Schedule I substances include highly abused drugs like heroin.

The recommendation is informed by an FDA evaluation of marijuana's classification. The Controlled Substances Act categorizes substances based on medical usage, abuse potential and safety.

These shifting conditions facing the cannabis industry will be discussed at the Benzinga Cannabis Capital Conference so you won't want to miss out. Join us in Chicago this September 27-28. 

Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

According to data from Benzinga Pro, TLRY has a 52-week high of $5.12 and a 52-week low of $1.50.