Why Tilray Brands Stock Is Moving

Tilray Brands Inc TLRY shares are trading lower by 9.5% to $3.00 during Tuesday's session, pulling back following recent strength. Shares of cannabis stocks have seen marekd strength this month amid U.S. efforts to reschedule marijuana.

Cannabis stocks have mainly risen over the past 2 weeks on news that the Department of Health and Human Services (HHS) proposed reclassifying marijuana to a lower-risk drug category.

See Also: Cannabis Valuation Jumps Post-Rescheduling Recommendation, Viridian Report Reveals

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, Tilray Brands has a 52-week high of $5.12 and a 52-week low of $1.50.