TLRY Stock Gained Over 70% In 5 Days, Retail Optimism Spikes Ahead Of Trump's Marijuana Order

The New York City-headquartered pharmaceutical company produces and distributes cannabis for medicinal and adult use.

• Tilray’s shares, as well as shares of other Cannabis producers, have been surging over the past few days.
• This comes amid reports that President Trump is set to reclassify marijuana, which would result in cannabis companies falling under different tax regulations.
• While awaiting the executive order, retail users on Stocktwits expressed optimism, noting that the TLRY stock could rally even further.

Shares of Tilray Brands Inc. (TLRY) have soared nearly 72% over the past five trading sessions as investors await President Donald Trump’s executive order on marijuana reclassification.

The New York City-headquartered pharmaceutical company produces and distributes cannabis for medicinal and adult use.

Tilray’s shares, as well as shares of other Cannabis producers, have been surging over the past few days amid reports that President Trump is set to reclassify marijuana, which would result in cannabis companies falling under different tax regulations.

Tilray shares were up nearly 5% in Wednesday’s pre-market trade. Retail sentiment on Stocktwits around the company trended in the ‘extremely bullish’ territory, with the stock being the top trending ticker on the platform at the time of writing.

Retail’s Excited

While awaiting the executive order, retail users on Stocktwits expressed optimism, noting that the TLRY stock could rally even further. One user expects Tilray’s shares to surge past $20 on Wednesday with ease.

Another user compared the reclassification of marijuana to a biotech company receiving fast-track approval from the U.S. Food and Drug Administration (FDA) for ten Phase 3 trials simultaneously.

One user expects the TLRY stock to surge past $50 by the end of the year.

Other Cannabis Stocks Surge

Apart from Tilray, expectations of marijuana reclassification have sent other cannabis stocks soaring, too.

Canopy Growth Corp. (CGC), an Ontario-based company, saw its shares climb nearly 62% over the past five trading sessions. Aurora Cannabis Inc. (ACB) shares have climbed over 20%, while the Amplify Seymour Cannabis ETF (CNBS) has soared nearly 71% during this period.

Marijuana Reclassification

According to a report by ABC News citing people familiar with the matter, President Trump is set to sign an executive order on Wednesday that would reclassify marijuana as a Schedule III drug.

Under the current Drug Enforcement Administration guidelines, marijuana is listed as a Schedule I drug. The DEA defines Schedule III drugs as having “a moderate to low potential for physical and psychological dependence.”

TLRY stock is up 5% year-to-date and 16% over the past 12 months.

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