Wednesday, June 02, 2021 11:04:43 PM
Don't trust the bearish worries about TLRY stock, positively embrace it
By Chris Tyler, InvestorPlace
Contributor Jun 2, 2021, 1:58 pm EDT
Tilray (NASDAQ:TLRY) has always been a big deal among cannabis stocks and recently TLRY stock has grown more impressive, except with Wall Street. And today that reeks of opportunity for buyers. Let’s check in with what’s happening off and on the price chart, then offer a risk-adjusted position to grow your trading account.
Canopy Growth (NASDAQ:CGC). Aurora Cannabis (NASDAQ:ACB). New Age Beverages (NASDAQ:NBEV). Sundial Growers (NASDAQ:SNDL) and many others. From the largest to the smallest, and for pot producers of all flavors, the past couple months have mostly proven a house of pain for investors.
On that front, Tilray shareholders can commiserate as a market leader, in the worst sort of way, with its peers. Three months after peaking at $67 in early February, shares were down as much as 80%. And today and nearly a month off its corrective low, shares are still off 75% from that relative high.
Issues Facing TLRY Stock
To be fair, Wall Street’s broader rotation out of higher multiple growth stories, which began in February, has barely loosened its grip. And I suppose TLRY, as well as other cannabis stocks, can empathize with others such as hard-hit SPACs. Churchill Capital (NYSE:CCIV). QuantumScape (NYSE:QS). Opendoor Technologies (NASDAQ:OPEN). There’s plenty of pain to go around.
But the smoking in TLRY shares still ranks among the best, in an ignominious sort of way. And behind that burden have been two other issues weighing on investors.
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First, there’s the overhang Tilray felt alongside other pot stocks. Optimism over quick-to-happen federal legalization under a pot-friendly Biden administration faded with the president’s well-watched first 100 days failing to find agreeable political will for cannabis. And it’s an issue.
Bottom line, Tilray, and other Canadian pot companies, can’t retain their publicly traded status and market marijuana in the U.S. until there’s a change at the federal level.
Secondly, size does matter. But it’s also two-way street and a challenging one for TLRY these days.
In early May, Tilray closed its deal with Aphria making the combined company the largest global grow outfit on a pro forma sales basis. But a valuation of around $7 billion compounded by disappointing quarterly results apparently left many investors gaging.
TLRY Weekly Price Chart
Tilray (TLRY) weekly bottoming completes massive corrective bear cycle in TLRY stock
Source: Charts by TradingView
Change in a beneficial sort of way is almost certain to happen as it relates to cannabis’ gridlock and sentiment surrounding TLRY’s place in the industry. And late last month, word of the House Judiciary Committee readying to reintroduce a bill for the federal legalization of marijuana did send TLRY stock higher.
What will tomorrow usher in? Cannabis cafes are still unlikely, of course. But shares of Tilray are leaving a fresh scent of growing profits on the weekly price chart.
And it’s one that looks worth sampling today.
Recent TLRY News
- Montauk Brewing’s Project 4:20 IPA Returns to Support Surfrider Foundation • GlobeNewswire Inc. • 04/18/2024 12:00:00 PM
- Good Supply Cannabis Brand Celebrates Earth Day and Unveils Environmental Impact of “Green You Can Feel Good About” Campaign • GlobeNewswire Inc. • 04/18/2024 11:00:00 AM
- Tilray Brands Lights Up 420 With Music Festivals and Celebrations Across The Country • GlobeNewswire Inc. • 04/17/2024 11:00:00 AM
- 10 Barrel Brewing Adds 'Juicy Drama' to Its Award-Winning HopBurst Family • GlobeNewswire Inc. • 04/11/2024 12:30:00 PM
- Montauk Brewing Releases Its First Non-Alcoholic Brew: Montauk N.A. IPA • GlobeNewswire Inc. • 04/11/2024 12:00:00 PM
- Tilray Brands, Inc. Reports Q3 Fiscal 2024 Financial Results • GlobeNewswire Inc. • 04/09/2024 11:00:00 AM
- U.S. Futures Show Mixed Movement, Crude Oil Prices Inch Up • IH Market News • 04/09/2024 10:42:21 AM
- Tilray Brands Announces 420 Activations Across Canada and Unveils Celebratory Product Lineup • GlobeNewswire Inc. • 04/04/2024 11:00:00 AM
- UPDATE – Redhook Brewery Announces New “Big Juicy Ballard” IPA and Revives IPA Daze Festival at the Brewlab on 4/20 Weekend • GlobeNewswire Inc. • 04/03/2024 06:02:00 PM
- Redhook Brewery Announces New “Big Juicy Ballard” IPA and Revives IPA Daze Festival at the Brewlab on 4/20 Weekend • GlobeNewswire Inc. • 04/03/2024 12:00:00 PM
- Tilray Medical Announces New Scientific Publication on Age-Related Patterns of Medical Cannabis Use • GlobeNewswire Inc. • 04/03/2024 11:00:00 AM
- Sweetwater Brewing Unveils New 420 Variety Pack • GlobeNewswire Inc. • 04/02/2024 11:00:00 AM
- UPDATE – Breckenridge Brewery Partners With Denver Nuggets to Launch Championship Edition Mile High City Golden Ale • GlobeNewswire Inc. • 03/28/2024 04:50:58 PM
- SweetWater Brewing Launches Hammer Red Amber Ale to Support Georgia Aquarium • GlobeNewswire Inc. • 03/28/2024 12:30:00 PM
- Breckenridge Brewery Announces Special Denver Nuggets Championship Edition Mile High City Golden Ale • GlobeNewswire Inc. • 03/28/2024 12:00:00 PM
- Tilray Brands, Inc. to Announce Third Quarter 2024 Financial Results on April 9, 2024 • GlobeNewswire Inc. • 03/28/2024 11:00:00 AM
- 10 Barrel Brewing Unveils Newest Ready-to-Drink Canned Cocktails • GlobeNewswire Inc. • 03/26/2024 11:00:00 AM
- Redecan Cannabis Launches New Spring Lineup • GlobeNewswire Inc. • 03/21/2024 11:00:00 AM
- Tilray Medical Receives Approval for First Medical Cannabis Extract in Portugal • GlobeNewswire Inc. • 03/14/2024 11:00:00 AM
- Tilray Wellness Introduces New Superfood Products Powered by Hemp at Expo West • GlobeNewswire Inc. • 03/13/2024 05:10:53 PM
- Tilray Introduces New Naturally Flavoured CBG Infused Cannabis Beverages • GlobeNewswire Inc. • 03/13/2024 11:00:00 AM
- Manitoba Harvest Hemp Foods Introduces Protein-Rich Breakfast Staples With New Superseed Instant Oatmeal • GlobeNewswire Inc. • 03/07/2024 12:00:00 PM
- Breckenridge Brewery Channels the Luck of The Irish With Nitro Irish Stout and Go Gold Sweepstakes • GlobeNewswire Inc. • 03/06/2024 12:00:00 PM
- Canada’s Broken Coast Cannabis Brand Expands Renowned Craft Flower Lineup • GlobeNewswire Inc. • 03/05/2024 12:00:00 PM
- Tilray Provides International Cannabis Update on Milestone German Cannabis Legalization • GlobeNewswire Inc. • 02/28/2024 12:00:00 PM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM