Cannabis producer Tilray Brands (NASDAQ: TLRY) saw its shares increase by 5.5% during the afternoon session following the launch of three new medical cannabis strains certified under EU-GMP in Germany.
The new offerings, part of the company’s supply brand, aim to enhance access for patients and pharmacies in Europe’s largest medical cannabis market. This move aligns with Tilray’s broader strategy to expand its global influence. The stock’s upward trend may also be bolstered by recent events. For instance, on August 25, Jeffries raised Tilray’s price targets, alluding to possible shifts in U.S. cannabis policy. Plus, on August 27, the company declared it had regained compliance with NASDAQ’s minimum bid standards.
Tilray’s stock has experienced significant volatility, with 66 movements of over 5% in the last year. So, today’s upswing indicates that the market considers this news important, though it doesn’t drastically alter the overall business outlook.
A noteworthy change occurred just a day earlier when the stock dipped by 5.8% after investors took profits following a substantial gain in the previous session. This pullback followed a remarkable 17% rise on Tuesday, fueled by speculation around potential policy changes for cannabis classification. Notably, Jeffries analysts recently adjusted their price target to $2.00. Given the absence of negative news to explain the decline, it seems that traders are simply cashing in on quick profits.
Since the beginning of the year, Tilray has increased by a mere 0.2%, with shares currently priced at $1.46, which is 19.2% below its 52-week high of $1.81 recorded in September 2024.
